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Q: I have worked in Australia for the past 10 years and have been paying tax to the Australia government. Now I want to come back to Malaysia and transfer my money back. Is the money transferred subjected to tax in Malaysia?
A: If you can prove that the income earned in Australia has been subjected to tax in Australia, i.e. you have paid income tax in Australia, the income remitted back to Malaysia on or before 31 December 2026 will be exempted from tax in Malaysia.
Wishing you plentiful tax savings!
YYC Tax Guru