Comments on: Top 4 Methods to Enjoy Tax Relief for Education Purpose

By: KCLau

KCLau — Tue, 08 May 2012 02:40:13 +0000

you will only be able to claim relief on the amount you save during that year. (fresh money put in, not the money already in the account)

By: KCLau

KCLau — Tue, 08 May 2012 02:39:27 +0000

As far as I know, that is not allowed because it can be “stationery” purchase, not books.
So officially, you better keep the original receipt.

By: NYC

NYC — Tue, 08 May 2012 02:36:26 +0000

Hi KC,

On purchase of books, can one use bank credit card statement to show as proof of book purchase, if the actual receipts were lost? Thanks!

Aaron

By: matji

matji — Sat, 24 Mar 2012 10:12:20 +0000

me n my wife have deposited RM1500 for each of our 4 kids. That is for year of 2010. we enjoy the tax relief for that year. during 2011 there’s no transaction at all for those account. the question is, do we eligible to enjoy the tax relief again on 2011.

By: Lyn

Lyn — Fri, 16 Mar 2012 14:03:08 +0000

hi KC, thanks for your tips. Do you know what comes under the “sports equipment” category? Are binoculars included? thanks!

Also, apparently, our parents’ dental bills are now tax-deductible. Is that true?

Thanks!

By: Fara

Fara — Tue, 13 Mar 2012 06:18:49 +0000

Thank you for the reply.

One more question, what if my first child managed to get a scholarship, can I change the name to my second child? Or… is there a possibility to open SSPN Education account but the receiver is open to any of my child?

I checked in PTPTN website that for a person who is 29 years and above (3rd category), they can only open their own account? Does it make me eligible to claim from income tax for my child’s education?

By: KCLau

KCLau — Tue, 13 Mar 2012 05:37:24 +0000

Hi Fara, you can only claim tax relief up to RM3000 on child education policy and separate RM3000 of SSPN savings, each year. So Maximum RM6000. Even if you save more say RM10,000, you can only claim RM6000 every year.

Since SSPN only allow one parent for one child, you and your husband will need to open SSPN saving accounts for separate child in order to claim tax relief for both parents.

By: Fara

Fara — Tue, 13 Mar 2012 02:27:58 +0000

Hi KC,

Does that mean i can claim from Tax RM6000 ANNUALLY (?) for RM3000 Child Education Policy and Rm3000 from SSPN?

So if I’m saving RM250 monthly to Child Education Policy and another RM250 monthly for Child Education Policy.. it will sum up to RM3000 by the end of the year for each of them… Can I claim full RM6000 from Income Tax every year for one child?

What if I’ll have another child.. let’s say in 3-4 years time after the first.. can I do the same? (as in .. apply RM6000 x 2 child = RM12,000)

What is the maximum number of child allowed for the Income Tax Relief?

Both hubby and I planning to have a child soon, so we are doing early budgeting. Hope you can assist us

By: KCLau

KCLau — Wed, 07 Mar 2012 01:31:23 +0000

Hi Guat, I suggest that you talk to a tax agent to verify the latest status. As I am not a tax accountant and the rules and regulations regarding tax matters always change. Wish you all the best!

By: Guat

Guat — Fri, 02 Mar 2012 09:57:54 +0000

Hello KC,
I have a question on the tax deduction for Education purpose – in your post, from Y2008, masters/phd can claim a relief of RM5000 for education for oneself. What was stated :
Every individual are eligible to claim a RM5,000 relief each in respective tax returns provided that the post-graduate studies are at institutions or professional bodies in Malaysia that are recognised by the Government or approved by the Minister undertaken for the purpose of acquiring law, accounting, Islamic financing, technical, vocational, industrial, scientific or technological skills or qualifications. Please note that this deduction is effective only from YA 2008 onwards.

Question: Does this means post-graduate studies at institutions in Malaysia only? I tried to download the tax guide pdf but I think the link no longer works. Can you please help me understand? Thanks so much. Also, thanks for putting this very helpful info for everyone to see. Appreciate it!!

By: KCLau

KCLau — Wed, 08 Feb 2012 23:00:16 +0000

Hi Jeff, the income is in fact taxable. If not mistaken, you make the money while you are in Malaysia doing the freelance programming work, and it is considered income need declaration.

By: Jeff

Jeff — Sat, 04 Feb 2012 05:29:19 +0000

I reside in Malaysia. I work on a freelance basis as programmer through the internet. There are certain hours in the day which I need to be online. The company that I work with is a foreign company located in UAE. I am paid weekly in USD. The money are remitted to my local bank account through PayPal
I like to find out if I were to declare this income, would it be subject to tax? Does it constitute foreign income? I may consider declare it for the purpose of application of housing loan.

By: KCLau

KCLau — Sun, 02 Oct 2011 16:58:55 +0000

Yes.

By: Tang Kiu Mee

Tang Kiu Mee — Sun, 02 Oct 2011 14:44:57 +0000

a saving plan. Life assured is a child, parent payor – the rider. Can this product deduct Income Tax under Education relief ?
Hope to hear u soon.
Tq.

By: KCLau

KCLau — Tue, 19 Jul 2011 05:07:51 +0000

Yes because the product you pay for is a book.

By: jeremy brand

jeremy brand — Sat, 16 Jul 2011 02:23:41 +0000

hi mr kclau
just would like to clerify things up, i bought a book called buku magical math program for Rm100, from an education company doing workshop programs at schools, they gave me their company reciept of rm100. can i claim for the full Rm100 from my tax return or what?
thanks so much for your time

By: KCLau

KCLau — Tue, 14 Jun 2011 01:56:52 +0000

When my tax agent do my taxes, the books bought at Taiwan, China, Singapore and also online through Amazon are being counted. You can use a foreign exchange rate applicable to your purchase. As long as you have the receipt of purchase, the payment is tax deductible.

By: sid

sid — Tue, 14 Jun 2011 01:37:14 +0000

Hi KC,

You mentioned the following:

“You can even order your book via the internet – Amazon, Barnes and Noble.”

Does that mean that books purchased from sites like Amazon are tax deductible? I purchased a lot of books from Amazon but one of my friends mentioned that i can only claim for books purchased locally. Also, the receipts that i receive from Amazon is in USD. Is it possible to show that as prove? Thanks.

By: KCLau

KCLau — Fri, 15 Apr 2011 01:38:46 +0000

Hi,
In fact it is very hard to define. You better check with a qualified tax accountant.

By: JC

JC — Mon, 11 Apr 2011 07:46:10 +0000

Hi kc,

I understand there’s a tax relief for individual education fees up to RM 5k for recognized institutions of higher learning other than a degree at Masters or Doctorate level-for acquiring law, accounting,
Islamic financing, technical, vocational, industrial, scientific or technological skills or qualifications . I wonder what’s the definition of the ” recognized education of higher learning” . I tried asking the income department but they seemed to ignore my answers and just tell ” higher learning ” . hope to get a reply from you.
thanks