List Of Sport Equipment Tax Relief Malaysia

The previous laptop books stationary and sports equipment tax relief is now grouped under lifestyle tax too.

List of sport equipment tax relief malaysia. 2 equipment with short lifespan like dumbbell golf set footballs shuttlecocks nets rackets martial arts weapons fencing swords electronic scoreboards are considered as sports equipment excluding motorized bicycles. Purchase of sport equipment for sport activities. Now this tax relief is probably one that we would use the most. Interest expended to finance purchase of residential property.

Computer annually payment of a monthly bill for internet subscription. Minister datuk seri reezal. There are various items included for income tax relief within this category which are. I the taxpayer is a malaysian citizen and a resident.

The term equipment is not defined and is thus open to discussion. Putrajaya sept 11 the ministry of youth and sports kbs has proposed the provision of special tax relief incentives for the purchase of sports equipment and parents investment for their children in sports under budget 2021 which will be tabled this november. You can get up to rm2 500 worth of tax relief for lifestyle expenses under this category. Under this category items that are applicable include books magazines printed newspapers purchase of personal computer smartphone or tablet buying sports equipment or gym memberships and your monthly internet subscription.

From the year 2008 individual taxpayers are allowed to claim tax deduction of up to rm300 a year on purchase of equipments for sports as defined by the sports development act 1997. Books journals magazines printed newspapers. Buying reading materials a personal computer smartphone or tablet or sports equipment and gym memberships for yourself spouse or child allows you to claim for tax relief. You can also claim for your monthly home internet subscription.

To help make things a little clearer we run through the list of all items eligible for tax relief with explanations for some of the more confusing entries. Relief of up to rm10 000 a year for three consecutive years from the first year the interest is paid. Tax filing season has begun in malaysia and the task of trying to save money through claiming tax relief and rebates can be confusing. Refer to this list of the income tax relief 2018 malaysia.

Wow sounds like a lot of stuff. The government has added a lifestyle tax relief during the 2017 budget which now includes smartphones tablets and monthly internet subscription bills. Sports equipment and gym membership fees. Subject to the following conditions.