Income Tax For Healthcare Professionals: Managing Medical Practice Income – 9 Ways to Increase Income Tax Credit for Family Carers in 2023 (YA2022) Caring for a loved one? This means increasing the income tax credit. Find out everything you need to know about income tax credits for family carers in this quick guide.
Did you know that family caregivers can get additional benefits before filing their taxes on the Lembaga Hasil Dalam Negeri website or office?
Income Tax For Healthcare Professionals: Managing Medical Practice Income
Malaysian carers are entitled to a number of tax credits on their expenses throughout the year. In this article, we’ll break down everything you need to know about the applicable tax deductions for family caregivers.
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To increase your tax refund and reduce your fee income, you can take advantage of the following 9 tax credits.
A total claim amount of RM9,000 will be automatically paid to each individual and dependent who completes the Malaysian Inland Revenue Board (LHDN) online form.
Children who are caring for a parent with a medical condition certified by a doctor are entitled to an additional RM5,000 rebate for any expenses arising from special treatment or medical needs. This includes medical care and treatment provided by a nursing facility or dental procedures such as tooth extractions, fillings, and scaling. Cosmetic dentistry, crowns, root canals, and dentures are not included in the deductible.
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If the custodial parents of the child are deemed healthy, a total of RM3,000 can be claimed with a RM1,500 rebate for each parent. It is important to note that only one (1) child is eligible for parental allowance in any year and the annual income of each parent must not exceed RM24,000.
A tax credit of RM6,000 is available for the purchase of basic equipment to assist a disabled loved one who is dependent on a person. This includes hemodialysis machines, wheelchairs, prosthetic legs, and hearing aids, but excludes eyeglasses and optical lenses. It’s also important to note that an elderly loved one must first register as a disabled citizen with the Department of Social Security in order to receive the device.
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A total of RM8,000 will be claimed for yourself, your spouse and children in addition to the parent’s medical expenses. This includes the treatment of the following serious diseases:
You can claim for other similar conditions such as heart attack, pulmonary hypertension, chronic liver disease, viral hepatitis, neurological deficit head injury, brain tumor, vascular malformation, severe burns, major organ transplant or major organ amputation.
You can also get a tax credit of up to RM1,000 for yourself, your spouse and your children for the cost of the COVID-19 vaccination and swab test.
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A total of RM1,000 can be claimed, including a full medical check-up and mental health check-up for self, spouse and children. However, this amount is included in the maximum RM8,000 exemption for critical illness treatment expenses.
7. Disabled Children Unmarried disabled children will receive a total of RM6,000. An additional RM8,000 can be claimed if an unmarried child with a disability is pursuing a degree or higher in Malaysia or abroad. This brings the total tax claim per child to RM14,000. 8. Life Insurance and EPF
A total of RM7,000 is reimbursed for retired civil servants’ life insurance and EPF as a means of encouraging Malaysians to sign up for life insurance. A total of RM3,000 eligible for YA2022 assessment for those working in the private sector. This tax credit includes insurance premiums paid to spouses, but does not include insurance premiums for dependent children. Individuals who are working in the private sector and have contributed to the EPF or any approved scheme can claim RM4,000 for YA2022.
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Finally, dependents can enjoy a total of RM3,000 in tax credits if they pay insurance premiums for the education and health needs of their spouses and children.
For details of tax credit for assessment year 2020, please refer to the explanation provided here.
Finding the right caregiver is an important and very personal process. To help you navigate the care process, we offer a no-obligation consultation with our care advisors to better understand your loved one’s care needs and give you specific information about the services we can provide.
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We also offer care packages that help you save up to 20% on care costs. Alternatively, you can consider a la carte service options to better suit your care needs.
Fatima is a graduate of English Linguistics and aspires to work in marketing. In her spare time, Fatima enjoys hanging out at the Cafe, doing arts, crafts, and baking. Fatima is also a cat mom of four and loves kawaii beauty!
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