Ultimate Income Tax Relief Guide for Malaysians (2024)

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Күн бұрын

Learn how you can pay less taxes to the government while filing your income tax this year (2024)!🟠 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗺𝗼𝗼𝗺𝗼𝗼 ➡️ j.moomoo.com/00JRcf
🟠 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗺𝗼𝗼𝗺𝗼𝗼 ➡️ j.moomoo.com/00JRcf
👉🏻 𝗦𝗶𝗴𝗻 𝘂𝗽, 𝗗𝗲𝗽𝗼𝘀𝗶𝘁 𝗮𝗻𝗱 𝗴𝗲𝘁 𝗟𝗶𝗺𝗶𝘁𝗲𝗱-𝗧𝗶𝗺𝗲 𝗿𝗲𝘄𝗮𝗿𝗱𝘀 𝗿𝗶𝗴𝗵𝘁 𝗻𝗼𝘄!
⬇️ Timestamps:
0:00 → Introduction
0:29 → What is Taxable?
1:55 → Am I Required to Pay Tax?
4:35 → Ad break
5:36 → How Much Do I need to Pay?
7:49 → Types of Tax Relief You Can Claim for YA 2023
8:34 → Category A - Tax Reliefs for General Expenses
8:38 → (1) Individual and Dependent Relatives
9:08 → (4) Disabled Individual
9:27 → (15) Disabled Husband / Wife
9:35 → (5) Education Fees
10:31 → (6 & 7) Medical Expenses (Self, Spouse, Child)
11:11 → (8) Children with Learning Disabilities
11:48 → (9) Lifestyle Purchases
12:41 → (10) Sports Equipment / Facilities
14:04 → (14) Husband / Wife / Payment of Alimony to Former Wife
15:01 → (17) Life Insurance and EPF
16:13 → (18) Deferred Annuity and Private Retirement Scheme (PRS)
18:17 → (19) Education and Medical Insurance
18:42 → (20) Contribution to the Social Security Organization (SOCSO)
19:04 → (21) Expenses on Charging Facilities for Electric Vehicle (NOT for business use)
19:25 → (20) Purchase of Basic Supporting Equipment for Disabled Self, Spouse, Child, or Parent
19:58 → Category B - Tax Reliefs for Parents' Related Expenses
20:04 → (2) Medical Treatment, Special Needs and Carer Expenses for Parents
21:01 → Category C - Tax Reliefs for Child Related Expenses
21:16 → (16a) Unmarried Child below 18 Years Old
21:30 → (16b) Unmarried Child of 18 Years and Above
22:01 → (16c) Disabled Child
22:28 → (11) Breastfeeding Equipment
22:53 → (12) Child Care Centre / Kindergarten
23:15 → (13) SSPN
23:42 → Conclusion
*The section numbers are labeled in accordance to LHDN Tax Relief Guide*
In this video, I break down everything you need to know about tax relief this 2024 tax season in a super easy-to-understand way, ensuring you keep more of your hard-earned money in your pocket. At it's core, I will uncover what counts as taxable income and the different sources it can stem from. Most importantly, I will tell show you all the different areas you can claim back money from all the eligible purchases and expenses from the last year.
I will cover the full spectrum of available reliefs and offer practical examples, actionable insights to help you pinpoint and claim the deductions most suitable to your financial circumstances. Hopefully by the end of this video, you have a solid understanding of the tax relief system and are ready to maximize your tax savings.
❗️USEFUL LINKS❗️
➡️ How are Malaysians Taxed for Buying US Stocks? → • How are Malaysians Tax...
➡️ LHDN 2023 Tax Relief →www.hasil.gov.my/en/individua...
➡️ 🟠 Moomoo Complete Playlist 🟠 → • Moomoo Trading
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Disclaimer: All views expressed in this video are the independent opinions of Ziet, which are not necessarily shared by Futu Malaysia Sdn. Bhd. (“Moomoo MY”). No content shall be considered financial advice or recommendation. Moomoo MY links are included in this post, through which referrals are made and Ziet may receive certain commissions. Please contact Moomoo MY for more information.

Пікірлер: 134

@OhCheePeng 2 ай бұрын

Very informative. Just I am going to rant again here: the relief for having kids is a joke. The daycare didn't account for the number of children, and 2000 per children is not logical, as the GDP that we contributed as a parent is easily 10x of that. No one is helping the parents in this shrinking population society.

@ZietInvests 2 ай бұрын

Hey no problem at all, in fact I think it is a GREAT thing to do for commenting it out here - i'm pretty sure some of the authorities are silently reading the comments 🤭 (the more likes you guys give to a certain comment, the higher likelihood of it being bumped up the comment section for attention)

@jemiez9383 2 ай бұрын

Provide us the statistic that shows you guys contributed 10x the GDP as parents? and how many kids do you have? and how much more tax relief do you expect the gov should give per children then? 20k per children? or 50k? or 100k? if you wanted higher tax relief then be prepared to pay higher income tax and other type of taxes. if nope then do some family planning to reduce your cost of live.Also dont be one of those people that always spew shit and rant when the gov reverted back from SST to GST then. GST fills more gov coffers and in turn will provide them with more funds for infrastructures and for the citizens.

@OhCheePeng 2 ай бұрын

@@jemiez9383 I paid RM7200 for kids insurance per year, RM21000 per year for kids school fee, and RM12000 per year for their food, not include their clothes, travel, books, etc. and only get back 2000 relief. I never regret having more kids, and I believe more kids is good for the family and society. All the spending is not for my own enjoyment, but to the children's wellbeing. All governments should acknowledge the dropping fertility rate of the country and give enough support to parents, to make having kids a rewarding thing.

@cant461 2 ай бұрын

may as well you say the same logic for those elderly who needs nursing care ?

@OhCheePeng 2 ай бұрын

@@cant461 yes, I am not asking money from government, but just ask to take less from me, as having kids and elders are costly.

@keanwoon88 4 күн бұрын

The information on the 2024 tax relief is very informative! This could be perfect for your annual KZfaq content. =D

@ZietInvests 2 күн бұрын

Thank you so much for your nice comment! Will definitely do this annually for everyone ❤️

@emyt4461 2 ай бұрын

Thank you again for great information

@ouvl25 2 ай бұрын

Thanks friend for your favorable video

@kmisdone 2 ай бұрын

Thanks! Super helpful and timely!

@ZietInvests 2 ай бұрын

hehe glad you like it!! all the best 👍🏻

@kmisdone 2 ай бұрын

@@ZietInvests btw, do you know if TV can be claimed? Hahahaa...

@limsinkiat99 2 ай бұрын

Can I claim monthly subscription golf club

@abuharis421 Ай бұрын

super great video!

@misoh162 2 ай бұрын

Just when I was looking for an excel that can help fully make use of my tax. Here I am. Thanks Ziet!!!!

@ZietInvests 2 ай бұрын

Hoho lets gooo 😆😆 glad this helped!

@liberaltart7531 2 ай бұрын

very good advice as well for PRS

@ZietInvests 2 ай бұрын

hehe glad you can relate :3 thank you for watching!

@sOOny3w 2 ай бұрын

thanks for very informative sharing. i would like to ask about monthly internet bill, is it key in monthly payment or need to monthly payment x12 since we declare tax for whole year?

@Rudolffreeeeeeeman 2 ай бұрын

thanks for sharing this again!

@ZietInvests 2 ай бұрын

no problem buddy!!

@carsonWyf 2 ай бұрын

tip: considered moving the in-video subtitle higher so that the progress bar doesnt block it

@ZietInvests 2 ай бұрын

thank you so much for the feedback!

@lkwah86 2 ай бұрын

(13) SSPN The amount is filled up automatically every year if you're entitled.

@yeesunher6278 2 ай бұрын

Hey guys, what are the institutions that are recognized by the Ministry of Higher Education as mentioned on 21:30? Thanks.

@MrKattie123 2 ай бұрын

10:00 hi! Just want to know where to get the detailed version of the tax relief explanation? I went through LHDN website but that one seems like a general one, but not as detailed as what you shown in the video.

@wy3556 2 ай бұрын

i recall there was a tax relief for equity crowd funding. but didnt seem to find it this time. is that removed?

@lowNshallow27 2 ай бұрын

Where can I find the list of self enhancing institutions you mentioned at 10:16 ?

@BoinkDoinkOink 2 ай бұрын

What about carer expenses for healthy parents? Previously, it was stated we were eligible to claim up to RM3,000 for their care.

@cenation319 2 ай бұрын

informative..it will be good if have guides for small business owners too..

@ZietInvests 2 ай бұрын

Thank you! I try to make one next time!

@dumdc1903 2 ай бұрын

hi, would like to ask if overseas receipts are allowed? let's say i had my dental surgery and purchased insurance from other countries. is it allowed?

@hrplentonglienhuat7355 Ай бұрын

which part should I key in for tax exempted at rm2000(long service awards) in form BE? in EA I put in at item(F)

@stevekujo6363 2 ай бұрын

Are the insurance claim are for the total 1 year? For example base on the example the deduction are Rm 106.80 X 12 month= Rm1281 So on insurance premium box is written as RM1281. Same as UNIfi bill written as total year? Am I right? Never fill up this before.

@bagatis1 2 ай бұрын

After 10 years of filing income tax finally a good video explaining Malaysian income tax. Good job buddy. I have 2 question would like to ask here 1) for the internet bill relief, I have Unifi home and Celcom mobile line. Can I claim for both service since both have data package? 2) I have socso and EIS in my payslip, can I claim for both?

@lkwah86 2 ай бұрын

2) check EA form E2 for the total amount

@kevinonair 2 ай бұрын

Great vid as usual, do you have a vid about filing for SSM registered biz owner?

@ZietInvests 2 ай бұрын

Thank you kevin! Unfortunately i dont have one yet :x i mainly just get my accountant's help to get it done because it's cleaner to have a proper financials prepared by them

@sej7561 2 ай бұрын

can you also do for expat in Malaysia, what are the tax relief that are allowed to refund?

@mitv-qw6bb Ай бұрын

If I got submit epf voluntary excess from 11% to 20%, can this use on tax exempt to reduce my chargeable income? Or lhdn only calculate based on complusary epf 11% only?

@SH-jn1sj 2 ай бұрын

Can I claim tax relief for proton monthly return payment

@justinjee3034 2 ай бұрын

Anyone has any idea about the F column in our EA form TOTAL TAX EXEMPT ALLOWANCES / PERQUISITES / GIFTS / BENEFITS where do we fill this up on the assement

@dleong 2 ай бұрын

Not filled. It’s just to show certain part of your allowance that are not taxable if you’re comparing with your salary slip.

@nicolegrace2545 2 ай бұрын

I just started working October 2023 last year, do I need to file for income tax too? Some people said it's only for those who've been working for minimum 1 year, some said i need to file anyways. I'm so confused haha

@RajeswariSubramanian-vu3qd Ай бұрын

Hi, Can I claim income tax for the house rental that I’m paying now?

@rndchan1405 Ай бұрын

Question....For voluntary EPF contributions, I suppose this can be done for workers (not just non-working housewives) who are already having monthly EPF deductions? If so, how about withdrawal rules? in case we need to use it? Can we withdraw those voluntary contributions at any time? any penalty? thanks

@limsinkiat99 2 ай бұрын

Can claim monthly golf club subscription

@hoetong6064 2 ай бұрын

Is gross income is generally monthly income after deduction of epf? From where to verify it? Anyone can help?

@carolrockey 2 ай бұрын

If I'm attending swim class is this tax deductible? Additionally I have a maid to take care of my father is this allowed ?

@robintan502 18 күн бұрын

17:45 we might not like the returns from a PRS scheme, but since the money is illiquid and stuck in KWSP anyways, and not that we can take it out to do our own investment, wouldn't it still be a viable investment regardless, at least make the illiquid KWSP funds work for us in some way. Correct me if I got it wrong

@veniveronica6737 Ай бұрын

Can do from phone?

@OYG456 2 ай бұрын

Does LHDN care about children who lost both parents? I am funding my bro's tuition fees but tax relief for children only applied to married individuals :) I personally think it's unfair😐

@user-qe9tn6ww6b 2 ай бұрын

Thanks for your video. Expenses like battery/hardware replacement for mobile phone/computer are taxable?

@ZietInvests 2 ай бұрын

Hi Joan, i believe they are not tax deductibles if it’s individual expense

@alicecgc1 Ай бұрын

Hepatitis vaccination entitle for tax reliefs?

@lkwah86 2 ай бұрын

(12) Child Care Centre / Kindergarten If I got 2 kids both having 3k child care fee, can it claim by father and mother for each?

@rnope9672 Ай бұрын

Bought used iphone on shopee,does it count as tax relief too?

@luckymaggie6594 2 ай бұрын

There is a new section tax exempt from foreign source income. Could you please touch on that too?

@ZietInvests 2 ай бұрын

Hi maggie, could you link me to the particular section you're talking about? Or do you mean it's under the Borang BE?

@luckymaggie6594 2 ай бұрын

@@ZietInvests yeah under be from be form, under income section. At the bottom, pendapatan punca luar Malaysia yang diterima yang dikecualikan cukai. Seems whatever foreign source income you remitted back even though it's tax exempt, you need to declare it. But I am unsure, please guide us .

@SiaZS 2 ай бұрын

Hi Ziet, good and informative video as usual. I have a question, any idea when Moomoo will bring in fractional share? Thank you

@ZietInvests 2 ай бұрын

Thank you Sia! At this moment I have not received any news regarding fractional shares ya, rest assured I will update you guys the soonest I got a glimpse of that news!

@SiaZS 2 ай бұрын

@@ZietInvests awesome!! Can’t wait. Thanks again 🙏

@aseantravels8772 2 ай бұрын

Thanks for the video. How does LHDN actually verify all the taxpayers relief claims. In the US the IRS actually audits a lot of people employing thousands of staff to go after false claims.

@ZietInvests 2 ай бұрын

Hi there, thank you so much for the donation!! So, just like the IRS in the US, LHDN has its own methods for checking the validity of tax relief claims, but the good thing is they might not audit every taxpayer, although they do conduct random audits and also investigate when they spot red flags or discrepancies in the tax filings (like when you bought a huge ticket item like house or car). It's always a good idea to keep your documents in order, just in case they ask for proof of your claims. Happy filing!

@maheshrao111 2 ай бұрын

As per the law, one should keep all documents/receipts of upto 7 years, this applies in Malaysia in case of crosscheck/raids by LHDN

@ZietInvests 2 ай бұрын

Do share this video with someone you know to help them save extra money from paying too much tax 💰🤑🤑

@hwangsh1240 2 ай бұрын

Shares bought through Moomoo is under own CDS or Moo's nominee a/c?

@joycecheng96 2 ай бұрын

Hey Ziet, may i ask - if we look at the EA form for section D, item 5a, may i ask where does this fall under the income tax form?

@dleong 2 ай бұрын

Not filled anywhere. When your BE form is concluded, you may have tax of 20k and refund of 2k. If the D 5a refunded you 1k previously. They will refund you only the remaining 1k.

@rnope9672 2 ай бұрын

When is the last date for BE

@dhinneshjeevan8506 2 ай бұрын

Are dumbbells and yoga equipment considerable to claim under sports equipment? I guess they are not sports..right..?

@ZietInvests 2 ай бұрын

Hello ~I would think dumbbells and yoga equipment are generally considered sports equipment! (You can actually give a call to LHDN to confirm this one!)

@hawyhai8656 2 ай бұрын

Hi, I wanna ask if section 6,7 epf and life insurance 7000 total 7. Life insurance & additional voluntary contribution to EPF, can i fill in Mandatory contribution to here? let say I was mandatory contribution to EPF 8k per year, I filled in no.6 EPF 4k max, I still have another 4K left, can I fill in to no.7 life insurance & EPF?

@dleong 2 ай бұрын

No. Example: Mandatory EPF contribution RM7k Can only claim 4k max. The life insurance / SELF VOLUNTARY EPF contribution is the remaining 3k. Your mandatory EPF contribution doesn’t apply to the 3k.

@najwahairuddin7188 2 ай бұрын

Hi Ziet, how about partime job, do we need to declare too? Should we ask for EA form from Partime emplyer as well?

@ZietInvests 2 ай бұрын

Hi, part-time employers usually don't have EA form (you can ask), but technically these income should be declared (though many people skip this one haha)

@najwahairuddin7188 2 ай бұрын

@@ZietInvests thank you Ziet

@drustan6890 2 ай бұрын

I’m currently subscribed to AIA A-lifelink2 , does it count towards tax relief?

@ZietInvests 2 ай бұрын

Hi there, I believe its a yes, your plan should qualify for tax relief under the life insurance and EPF category - can always double check with your insurance agent, they will know best!

@reynardlee2235 2 ай бұрын

Question! If i just started working the last 2 months of the year (assuming RM4k monthly~). Do i need to do anything for refunds? I am enrolled for the PCB tho

@ezjay87 2 ай бұрын

I assume you worked for Nov & Dec, then yes, you can get your tax refunds. Get the EA form from your employer and go ahead and file your taxes. 😊

@flauta1238 2 ай бұрын

So I searched for the Ireland double tax treaty, and found out that my country didn't have one. So I'm guessing this means that I will get taxed by Ireland for my dividends still, which I think it is 25%.(I wonder if its 25% after US tax or before) Anyways I'm wondering if at this point it's just better to buy US domiciled ETFs. Thank you for your videos and time!! Ive done a lot of research thanks to you xd

@ZietInvests 2 ай бұрын

Hello ~ thank you for the kind words! Ahhh and in that case, i think might as well just go for US domiciled ETFs since the liquidity makes up for the ~5% losses which is very minimal in the large scheme of things. Hope this clarifies!

@styfrung 2 ай бұрын

Which number I should I take from the ea form to fill it? Can you teach that please

@ZietInvests 2 ай бұрын

Hi, sorry but do you mind elaborating your question?

@ivankhoo93 2 ай бұрын

@ZietInvests hi , can elaborate, why income u consider its gross (after epf deduction) ? Referring in BE form, it would refer to gross and doesnt include epf deduction. But in your video = gross income (after epf deduction) - tax relief - tax exemption ?

@Malaysia_Stories 2 ай бұрын

Can you suggest in my case if I can file return as Tax resident or Non-tax resident for FY2023.. Arrived in MY 28/6/2023. Left to other country(social visit) - 13/10/2023 Back to MY(21/10/2023) Stayed in MY until 31/12/2023.

@ZietInvests 2 ай бұрын

Hi there, for tax residency, it usually boils down to the number of days you've stayed in the country during the tax year (in Malaysia, that's 182 days or more in a calendar year). Based on your dates, it looks like you stayed in Malaysia for more than 182 days for the year 2023! But please give LHDN a call to confirm ya

@aranperumal 2 ай бұрын

Saya wira negera , first time bayar cukai, tak banyak pun tapi bangga zeit bayar cukai saya. Hahahahaha

@ZietInvests 2 ай бұрын

bayar cukai tu hobi saya

@bleuray90 2 ай бұрын

interesting to note, the chargeable income is deducting EPF contribution? I must have been wrong all this time..

@ZietInvests 2 ай бұрын

yup haha, glad this helps!

@tvlim9712 2 ай бұрын

is an earning from local share market taxable? some say no some say it is a grey area.

@ZietInvests 2 ай бұрын

I personally don’t think it is - but best call up a local tax accountant (plenty of them from google) and they will definitely know the answer to that😄

@jasonxjia84 2 ай бұрын

Do we need to pay capital gain tax for US stock ?

@freakymeltdown1 Ай бұрын

He did a video on this. No you don't pay tax for CGT

@stefanocicchinitravelfoodi6634 2 ай бұрын

Very nice informations. I am an Italian content creator and I sell digital products online. I would like to transfer my tax residency to Malaysia. In Italy, you are considered a tax resident if you live less than 183 days abroad per year. What would you advise me to do? I have read that in Malaysia, incomes generated outside Malaysia are not taxed. I currently have an online company in Italy. Do you suggest I open a company in Malaysia or an LLC in the USA? All my payments go through Stripe and Revolut (European online bank). Do you think we can reduce the tax rate to 0%? What do I need in Malaysia for this?

@ijim2004 2 ай бұрын

Money earn from selling KLSE shares.. need declare?

@ZietInvests 2 ай бұрын

in my opinion, those capital gains are not taxable, but then again, can give LHDN a call to confirm that ya

@kluangh1tam 2 ай бұрын

I thought the ultimate way for tax relief was to be in B40 categories?

@raymondc96 2 ай бұрын

Ziet do you buy cryto currency, what platform did you use ?

@ZietInvests 2 ай бұрын

Hi Raymond, i dont hold and trade crypto ya 😁

@tteh599 2 ай бұрын

Are expenses incurred during parent's hospitalisation eligible for tax deduction?

@vister6757 2 ай бұрын

Usually they will tell you only for critical illness. It's the same even for any expenses for your parents when lhdn audit the officers will say you can only for critical illnesses. My friend got audited and was told that.

@diniehilman2144 2 ай бұрын

hey bro, why moomoo malaysia dont have fractional stocks buy.

@ZietInvests 2 ай бұрын

Not….yet! Im sure its coming soon, probably havent get regulatory clearance to do it

@xxl1950 2 ай бұрын

What is ANGEL investment ?

@ZietInvests 2 ай бұрын

I explained it in this video: kzfaq.info/get/bejne/rZeDbKSV083Wips.htmlsi=krZSba-zGgnHtxbl&t=538

@whateveriwan 2 ай бұрын

Is yoga pilates class membership eligible for tax relief ? Some say yes some say no I'm so confuse 😅

@ZietInvests 2 ай бұрын

Hi there! I get why this could be confusing! As far as I know, fitness classes like yoga or pilates aren't eligible for tax relief under personal tax deductions, BUT...if it's a grey area then....🤭 (if it's not tooooo much then i dont see why not just whack it in hahaha) - please dont take my advice, call up LHDN to confirm ya

@cwcheng13 2 ай бұрын

Hi Ziet, how do you declare income from Adsense?

@ZietInvests 2 ай бұрын

I do it via my Sdn Bhd ya, previously I did it via Borang B (Individual with business)

@onelove370 2 ай бұрын

claims need proof? or just claim max amount?? or only with receipts

@lowNshallow27 2 ай бұрын

you definitely need the proof @ receipts. keep it for 7 years from the year you declared it, as the may call you for an audit

@propertytsunami3071 2 ай бұрын

yang tak ada pendapatan kena submit e-filing tak?

@ZietInvests 2 ай бұрын

Kalau pernah register LHDN, boleh submit je dengan pendapatan 0.

@cocochia1830 2 ай бұрын

Can more than one person to claim parent relief in a year ？

@ZietInvests 2 ай бұрын

Cannot ya

@mi_rai 2 ай бұрын

Ez put tax on yr product charge customer for the tax ...

@ZietInvests 2 ай бұрын

👀

@Dharmen97 2 ай бұрын

You graduated from UNITEN?

@ZietInvests 2 ай бұрын

yup!

@j5samsungj5samsung14 2 ай бұрын

I thought only 60%of the premium paid for medical policy are eligible for tax relief or am I wrong?

@ZietInvests 2 ай бұрын

According to their guideline its up to RM 3,000 for medical and education insurance (combined) - can call LHDN to double check tho, not sure where you got the 60%

@j5samsungj5samsung14 2 ай бұрын

@@ZietInvests sorry overlooked, you're right.Medical/life premium is 60%, medical premium is 100%