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 How to exempt from tax if self-employed?

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TScxcxcx0505
post Apr 15 2014, 03:52 PM, updated 10y ago

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We know that starting from 2014 , those with income more than RM 3060 /month need to pay for income tax. Suppose that some one is self-employed, how do he/she use this advantage to exempt himself/herself from income tax ? For example, the actual monthly income he/she get from company is RM3500, but he/she reported income of less than RM 3000. I know that we can do this by classifying the rest of the RM 500 as allowance. But, as we know there is limit for allowance, for example traveling allowance can only be maximum of RM 2400 / year. Other than that, is there any other method?
thomasyke
post Apr 15 2014, 04:00 PM

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put 0 income, and claim everything from company. make company pay tax but declare company always losing money.
TScxcxcx0505
post Apr 15 2014, 04:15 PM

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QUOTE(thomasyke @ Apr 15 2014, 04:00 PM)
put 0 income, and claim everything from company. make company pay tax but declare company always losing money.
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Suppose the company is a listed company, company gain profit every year. So, we need to look for a win-win situation where company can exempt from tax and at the same time the personal also can exempt from tax. I could only think about allowance. Traveling allowance, parking allowance and meal allowance. I know that the limit for traveling allowance is RM 2400 /year. How about the parking and meal allowance? Anyone know what is the limit for that? Thanks
thomasyke
post Apr 15 2014, 04:34 PM

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listed company have other ways to do that. Which I don't know off =\
You need to ask people out of the internet for fear of being traced and recorded.
Okina
post Apr 15 2014, 08:19 PM

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Can't recall where I heard it from, but getting paid in the form of stocks will not attract tax. Anyone can confirm if that is correct?
pisces88
post Apr 16 2014, 12:26 AM

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meal allowance?

meal allowance no limit, but must make sense. Like maybe rm200-500 a month.

this is what i was told by another forummer.
MR.Jellyfish
post Apr 16 2014, 11:53 AM

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Isnt alowance also taxable...
davinz18
post Apr 16 2014, 07:07 PM

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http://www.hasil.gov.my/pdf/pdfam/Nota_BhgG_1.pdf
SUSsupersound
post Apr 16 2014, 07:10 PM

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Because of such jerks we have GST.
kaiserwulf
post Apr 16 2014, 08:55 PM

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QUOTE(supersound @ Apr 16 2014, 07:10 PM)
Because of such jerks we have GST.
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+1 rclxms.gif

Sepandai2 tupai melompat, akhirnya jatuh ke tanah juga...

This post has been edited by kaiserwulf: Apr 16 2014, 08:56 PM
Pre-Loved
post Apr 16 2014, 09:43 PM

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Pay as what you earned, this will do well than harm. Maybe you suffer now but enjoys (loans approvals) in the future. Maybe later you will ask why loans is good? I reserved the answer for the investments expert to comment(s)

This post has been edited by Pre-Loved: Apr 17 2014, 12:38 PM
edyek
post Apr 17 2014, 08:38 AM

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TS, All your problems would go away by just hiring an accountant to help you on the tax planning.

Why penny wise and pound foolish and try to do everything yourself?
bcpbeancounter
post Apr 17 2014, 10:23 AM

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Legal way, pay. Illegal way, do what ever you like. If kia si, then pay. If not kia si...do what ever you like.
nivota
post Apr 17 2014, 02:51 PM

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QUOTE(thomasyke @ Apr 15 2014, 04:00 PM)
put 0 income, and claim everything from company. make company pay tax but declare company always losing money.
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mind further elaborate more? since GST is coming try to avoid paying double... sad.gif
thomasyke
post Apr 17 2014, 03:11 PM

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Can't elaborate further nivota as I don't own a company. But that's on the basis of what I've learnt so far from people who do own their own "shell" companies.
nivota
post Apr 17 2014, 03:27 PM

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QUOTE(thomasyke @ Apr 17 2014, 03:11 PM)
Can't elaborate further nivota as I don't own a company. But that's on the basis of what I've learnt so far from people who do own their own "shell" companies.
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i think more and more people will go into this as GST is coming? at the end just want to avoid paying unnecessary tax
mabaw
post Apr 18 2014, 01:13 AM

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you're not planning of taking any loan whatsoever are you?
aylwyn paul
post May 5 2014, 03:00 PM

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No exemption for income from self employed unless you apply for pioneer status(PIA 1986) , Investment tax allowance(PIA 1986) or exemption under sec127 ITA 1967

 

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