LHDN: Offshore worker need to pay tax if work offshore in Malaysia Water.

If you work offshore outside Malaysia water, no need to pay tax if you are out from Malaysia for 180 days.

Foe seaman special rules. to encourage Malaysian to join the seafarers industry, regardless you sail with Malaysian Companies ships or foreign ships companies, if sailing more than 180 days, you are exempted from LHDN.

However, regardless you are exempted, you need to have an account with the LHDN and every year you need to fill up the BE form but declared no income in Malaysia and also keep the supporting documents from your company.
I just highlighted that makan gaji can also become millionaires provided even though my academic is not good. Only SPM with grade two:-

you choose the right career. Usually, job that people don't like and for somebody to replace you it is difficult, they need to undergo the same process of certification, seatime (like pilots collecting fying hours) exams, modular courses, etc etc.

To emphasize that you need to control your spending even if you have high salary.
This what I observed from my colleagues during our young days working:-

1. Most of my friends (mostly the malays) starting work already bought the new Perdana V6. That time V6 and the new honda civic were hot selling cars. Some bought AMG cars.

2. Buy house more than a million loan. Then renovated and furnishing the house by the designer at a cost of 200K and above cash.

3. Every year came back from sailing, renovated kitchen for 60k cash. holidays in fie stars hotels and taking business class flight.
I am ok with the above, if you dont kacau me, i dont kacau them. But unfortunately it is not true. This is what I encountered during my working days as a seaman and overseas:-

1. I drove wira and later myvi.

2. During gathering, teh tarik or during modular courses, my colleagues always kutuk made jokes such as.

Duit tak boleh bawa ke mati, you need to enjoy life, u mati nanti somebody else will enjoy your money.
Now how? with this covid-19, no job, we nee to have savings to survive. Furthermore as seaman or working offshore, stringent medical check up is required yearly. Kantoi and you are grounded. If you are luck to find another office job the pay will be lower and unable to pay the loans.

I still remember there was on teh tarik session at mamak, mostly came with big cars, but when come to pay all look busy looking at the phone. The owner of myvi lah yang pergi bayar.
Yes is is true duit banyak-banyak tak boleh bawa ke mati tapi masalahnya duit dah habis tapi tak mati-mati lagi. So how?

Indeed, my wife and I consider ourselves very fortunate. A rule of thumb for us is that we keep at least 10% of our net worth in a highly liquid environment (not even FDs) - and that means either as cash or in a high yield/savings account. You’ll never know when you need to use money urgently, or if a good bargain emerges in the market. During the recent COVID19 induced market upheaval, we bought more than $1,000,000 worth of good quality Singapore bank bonds (DBS, OCBC and UOB) at between 98 to 99¢ - which was even lower than their IPO prices! I already have bonds of these banks bought years ago, and I’ve had to pay way more than 98¢ for them, that’s for sure!

And that is the primary reason why we steadfastly follow a conservative bias when it comes to investing - because every cent is hard earned money, from much blood, sweat and tears.

Moreover, we are not young anymore and correspondingly, our risk appetites are also lower, given the difficulty of recouping losses from risky stocks or margin calls gone bad. Hence, we don’t leverage and we don’t believe in risky assets.

Yes, we have no outstanding loans or mortgages on any of our properties, and we have no kids (DINKs) - so, in that sense, no worries about education costs etc. Since we became debt free about 10 years ago (at 40 years of age), there's a kind of satisfaction to be able to count every day as a profitable day - whenever a bond coupon is paid, that's profit. Whenever a FD interest payment is due, that's profit. Whenever a tenant pays his rental, that's profit.

Interestingly, that's also when we stopped purchasing residential properties for investment purposes - partly also because of the realization that properties come with quite a lot of additional costs (stamp duty, seller duty, additional stamp duty, property tax, maintenance fees, land taxes - not to mention that the income is taxable in both Australia and Singapore), but also because we discovered that IG bonds (senior subordinated, good quality, rated bonds) pay an equivalent amount in %, as are tax-exempt (in Singapore). Since then, our property portfolio has remained more or less stagnant - apart from one house purchase in Sydney for our personal use, and a couple of commercial investments in Sydney as part of our company there - whilst our bonds portfolio has grown exponentially.

When we move over to Sydney in a couple of years' time (provided the plans remain the same), we will begin to draw down on the interests/coupons/dividends/rental returns - the capital is expected to remain constant, and God willing, should outlast our lifetimes.

Yes, that's true to a certain extent, but what we can do is to minimize that risk exposure to the best of our abilities. Some of the bonds I purchased are under water, if I needed to liquidate them, but if I can hold them till they are called back or mature, I'll always get my principal back.

I've just taken a selection of the bonds which I hold with MBB - and as you can see, some have appreciated from the purchase price (the second line within the horizontal column), while some have depreciated. Regardless of the movement, as long as the companies are not bankrupt, I will continue to receive my coupon payments on time, every time - and, at the end of the day, I will get the $250,000 back for every bond purchased (sure, I might lose out if I bought some from the secondary market, but that's usually no more than one coupon payment).

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Allocate some funds for me to trade, give me comission as incentive. Big money u have let’s make bigger.