Aug 18 2011, 10:04 PM
QUOTE(izdyharz @ Jul 9 2011, 06:57 PM)
Hi guys..
I have this questions:
I have just embarked on a sole proprietor business in Malaysia. I have a few questions which I hope some of the experts out there can help to answer:
1) What are the tax forms that I would need to fill up next year?
2) What are the type of deductions that I can use as my business expenditure? Can I use:
i) Housing loan - I'm using my current house as the business premise
ii) Car loan - I'm using my current car as my business mode of transport (to deliver the goods). What if the car i already bought earlier?
iii) Parking tickets, petrol and tolls - I incur all these costs when i deliver the goods
iv) Entertainment - Once in a while, I will have to take my clients out for dinner.
v) Any other things that's considered as business expenditure? (Electricity, water bill)?
1) Form B to be submitted before 30 June 2012. (Make sure you have your tax reference number. It will be the same assuming you have a tax file with IRB)I have this questions:
I have just embarked on a sole proprietor business in Malaysia. I have a few questions which I hope some of the experts out there can help to answer:
1) What are the tax forms that I would need to fill up next year?
2) What are the type of deductions that I can use as my business expenditure? Can I use:
i) Housing loan - I'm using my current house as the business premise
ii) Car loan - I'm using my current car as my business mode of transport (to deliver the goods). What if the car i already bought earlier?
iii) Parking tickets, petrol and tolls - I incur all these costs when i deliver the goods
iv) Entertainment - Once in a while, I will have to take my clients out for dinner.
v) Any other things that's considered as business expenditure? (Electricity, water bill)?
2) i) Housing loan - This will be a deduction if you have purchased the property between 2009 and 2010.
ii) Can possibly claim capital allowance but would have to less 25% for personal use. Also, the qualifying expenditure would be up to RM150,000 but if the vehicle is above RM150,000 then the qualifying expenditure is RM50,000. This is based on the instalments paid todate, not the full purchase price.
iii) These are allowable
iv) Only 50% unless you give them gifts with your logo on it.
v) Only if you have a fix business premise, otherwise I doubt you will be able to apportion the costs yourself.
Please bear in mind that if IRB finds that the claims are not reasonable, it will be added back and there is a penalty of 45% above it.
Hope this is of help to you.
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