Tax moves to make before Jan 1

Checklist of supporting receipts to be kept for the possibility of a personal tax audit (personal reliefs / rebate):-

1. Parent's medical expenses (max RM5,000)

2. Annual health check. Medical check-up for the taxpayer, spouse and children (max RM500)

3. Life insurance / EPF contribution (max RM7,000 - YA 2010 onwards)

4. Insurance premium for education or medical benefits (max RM3,000)

5. Fees for acquiring technical, vocational, industrial, scientific, technology, law, accounting, Islamic financing skills or qualifications at the tertiary or postgraduate level (max RM5,000)

6. Purchase of books, journals, magazines and other similar publications (max RM1,000)

7. Purchase of computer (max RM3,000 - once every 3 years)

8. Skim Simpanan Pendidikan Nasional (max RM3,000)

9. Purchase sport equipment defined under the Sports Development Act 1997 (max RM300)

10. Donations to approved institutions (max 7% deduction from the aggregate income)

11. Interest paid on housing loan (RM10,000 for 3 consecutive years - conditions apply)

12. Broadband subscription fees (RM500)

13. Rebate for any kind of Zakat (No limit)

Reference:
a) 'Personal Money', December 2009
b) 2010 Budget Commentary and Tax Information