What if...he is his own boss (property agent).....no previous employer?
Need to tell?
If yes.....can bluff bluff tell? Or no tell ?
Tp3 form applicable for declaring own business also?

Been hesitating to ask this publicly but I thought I'd just finally ask since someone has a similar situation. As you read, you'd probably be thinking, "why doesn't he go to LHDN and ask directly?".. Well, I emailed them and got a very short response and I'd also like to leave this up if anyone else in the future has a similar situation.

The only difference with me is that I'm paid with BTC (yes, seriously - employer is legitimate in their home country and deals in payment of all employees in this currency, even CEO).

A few questions since I know I'm taxable.

1) Would it be wiser to set myself up as SDN BHD/LLP?
1a) If not, why? Is there a certain pay threshold that I should overcome before either option is considered valid? Currently not too far from /k/ standard without any other side income.
1b) If yes, which would be better? Based on my research, LLP but I'd have to somewhat drag someone else in since it is relatively cheaper to keep running on a yearly cost basis.

2) As regulations currently stands, we don't have to pay taxes for BTC conversion but as it is how I receive my salary, I'm assuming whatever amount I convert is the amount I'm taxed, regardless of what is stated on the payslip?

3) If 1) is not required and I file as a person, would I input the total amount I convert from BTC to MYR or based on payslip for my total income? I assume it would be the former since that is what lands in my bank account but would appreciate the confirmation.

4) Since my salary is currently inclusive of the taxes that I estimated I'd need to pay + EPF foregone, based on the quoted replies, I can't deduct self contribution to EPF/PRS for FY18(until however long I decide to continue) filing or did I misunderstand this?

Thanks for reading and hopefully replying constructively!

right now my gross salary is 4200 per month. what if i have over declared to my new company of my tax bracket? what will happen?

Assume there is chances for over declare or declared wrongly

Maybe did not verify or something by HR, the person need to deal with income tax instead?

Hi, I need your help regarding PCB that being deduct by my employer. How much percentage are being deduct usually from my salary? Isnt that too much since my income is lower than RM5000? Take a look at my salary slip.

One question, If I sell shares syarikat private, do i need to declare that deal/money also?

So that means deduction from salary is counted?

Yes...i guess, That is how that sentence reads.....
Else those  working n do self contribute lagi untung....6% and tax relief some more

im not well versed in tax but if i may ask, is there anywhere someone can point me to for income tax related to investment?

had invested in a resort like investment, comes with lawyer fees etc, and is due to be completed soon. so any amount paid to me i declare seperately in another form and my work like normal?

What would the problem be? Especially if there is no difference if self pay vs company pay. Sorry I just need to understand the situation more before I can raise the problem. Cause I asked them this evening they say didn't help pay PCB, hence I am having the impression that they don't think is an issue

Dear sifus, would donation to Pibg ( persatuan ibubapa & guru) be eligible for tax relief?

Thanks in advanced

Hi Everyone,

I would like to know if I am able to claim any extra relief for FY2018 taxes. My situation is as follows:
1. I left my old Company and when I left I broke my Education Bond of RM35,000 and repaid the Company out of my pocket.
2. Another Company hired me and compensated me for my Education and gave me a bonus of RM35,000 to cover the Expense I paid.

Since the amount is treated as a Bonus, my PCB has increased tremendously and potentially this one-off payment made me hit a new Tax Band Rate >100K.
Is there any reliefs I can Claim since the money is merely a replacement of what I paid.

Hello,

My question is: are income/gains from the following investments taxable? Taxable meaning I have to declare it under "Statutory income from interest, discounts, royalties, premiums, pensions, annuities, other periodical payments and others gains or profits" in e-BE form. Hopefully some of you can help to confirm.

1) Unit Trusts
Equity/corp bond funds such as Public Mutual, those on FSM/eUT. Found some information online about tax credits on the dividends, but it seems pre-2014. And also found this from LHDN website:
2) P2P Crowdfunding
Funding Societies, B2BFinPal, Fundaztic.
Moving to 2019. I have invested another RM2000. By end of 31 Dec 2019, say it's worth RM3050. How much do I declare as income?
Lastly, what are the tax rate on the above income? Are they taxed at the same rate like employment income?
Curious to know for stocks (REITs) as well. Though, as a noob I've not touched stocks 
Thank you for your replies! I'll update this post if there's a conclusion.

"Capital gain/profit made from investment" - this refers to unit trusts or P2P crowdfunding?
Odd because Funding Societies and Fundaztic both say returns are taxable.
B2B Finpal no comment, just say refer to tax consultant. I wonder how many of their investor have access to a professional tax consultant *rolls eyes*

Search for "tax" in the FAQ page:
https://www.fundaztic.com/faqs
https://fundingsocieties.com.my/faq

Funding Societies, Fundaztic and B2BFinpal are all crowdfunding platforms. An SME needs a 100k loan. Instead of going to a bank, they go to this online platform. 100 people invests rm1k each to provide the loan. The SME returns the loan periodically at X% interest, the online platform takes a cut and distributes to the 100 people. Seems to fit your definition of interest.

Just to clarify, unit trusts are not taxable because.. it's capital gains?

As for StashAway, it's a online automated investment tool (based in MY, regulated by SC). They will invest your money in a pool of ETFs based in US. Whatever returns I get are based on the underlying ETFs. I don't think they give interest on any extras in cash. So, is this capital gains?

Company allowance can be two kinds:perquisite or benefits in kind (BIK)

BIK is normally tax exempted and will be listed under Section G of your EA form and subject to the annual limit per category as enlisted in the tables at Page 3 & 4 of the Note Penerangan BE.
For those listed under Section G no action required.

If your company listed them under Section B, it is treated as taxable perquisite.
If you have ambiguity, please clarify with your company HR or accounts payable who prepared your EA form.
As far as I know, reimbursable expenses such as business travel expenses are not taxable nor deductible; you pay first, claim per receipt and employer pays back later.

Recently I was filing my own income tax for 2018, and I begin to realise the negative effects the progressive income tax has on myself.
As my gross income increased over the years, I got taxed much more that I am basically taking home about the same amount between and after an increase in my salary. It appears that the current tax regime demotivates Malaysians to earn more for a better living. It doesn't help when the costs of living is getting higher day by day.

I understand that there are people who, after an increase in their income, continue drawing a similar amount of salary from the company, and by a separate agreement invoice their employer using a company registered under the employee's name, so the additional income would go into the company. In this way the employee's personal income will remain at a lower bracket, while the company, as the income is low, will get taxed less. Understandably with a registered Sdn Bhd, you ought to pay a certain amount to maintain the company's registration, accounts, returns, etc.

So here my question is:
1. At what gross income range it is sensible to create such a vehicle company, and
2. How much the costs (per year) are we looking at compliance costs, to maintain such a company legally, like secretary, accountant, returns, etc.?
3. What are the typical daily expenses we can take advantage of by using the company, like buying a car under company name, eating out, etc etc to maximise the use of the company for tax optimisation purpose?

I am asking on the basis that one is being employed full time and all income are derived from the employment only.

Since the personal income tax for taxable income ranging RM70k+ above will get 21%-28%, while company tax starts at 18% for first RM500k, it seems going Sdn Bhd for tax accounting purposes is sensible when we make more than say ~RM100k or so per year?

Hi, I have some questions.

Scenario:

I am working with government as a full time pharmacist. For this employment income, i have no issue as I know the transportation cannot be claimed because we have elaun sara hidup etc.

I am also working as locum in retail pharmacy. I have to spend Rm300 to get license to practice in the pharmacy. I took grab to and from work. Sometimes driving.  Is the expenses (travelling and license) can be deducted from the locum gross income?

I called to LHDN care line. I was informed that locum is penggajian and we cannot deduct expenses compared to those doing grab business.

May I know any sifu here have any comment on this? Thanks in advance

If based on this nota penerangan, it sounds like yes, i can deduct for my expenses?

TQ... very short and clear answer that I couldnt get from kopitiam

Since I am not taxable, can I file on later date? (I know the last filing date should be 30 Apr)

Oh?
I thought no need as I read from imoney guide...

Will it be an offence in term of law if I file it next year?

This is because I work less than 1 year n I think it will be easy to declare if I work for exact 1 year...

Just submitted my tax today I was shocked that I kena RM1k+ tax.... annual near to 60k, last year only RM300 plus. Anything fishy here? How much u guys usually kena?