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 Income Tax Issues v4, Scope: e-BE and eB only

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rapple
post Aug 3 2018, 12:42 PM

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QUOTE(dimsum91 @ Aug 3 2018, 11:00 AM)
Hi all,

Want to ask if:

Company A pledged property of director/shareholder for working capital purpose, which ways have more tax benefits for both company and director.

i) Interest received from Company A, the rate will follow BNM average lending rate.

ii) Rental - Company A will pay rental to director on agreement basic.

ii) Director fee - director will receive a fixed amount every month.

Anyone please help.  rclxub.gif

Thank You
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Company tax rate 18% for first 500k profit

Assuming Company won't have more than 500k profits, then your director personal income tax rate @ 14% should not go above 70k taxable income if go above then is 21%.

Take note that director fees paid will have to calculate for PCB deductions.
rapple
post Aug 3 2018, 01:06 PM

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QUOTE(dimsum91 @ Aug 3 2018, 12:45 PM)
Meaning you would suggest director fee under this condition?
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My humble opinion, director fees is easier to do and adjust where as rental expense will most probably be a fixed amount.

It's better that you check with your tax agent / auditor since they would know more about your company.
rapple
post Aug 5 2018, 09:47 AM

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QUOTE(Mrkoala @ Aug 5 2018, 02:34 AM)
Hi all,

I am a foreigner who travel to kl frequently, and had managed to open a maybank saving account about 7 years ago. i just transfer fund to maybank whenever i need it. recently been thinking about fixed deposit in myr but i am not sure if i need to pay witholding tax on the interest.

Does anyone knows? btw i do not hold any employment pass or long term social pass.

thanks in advance
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If there's any withholding tax, the one who pays you is responsible to deduct it from you.

Its best that you check directly with banks on the % of withholding tax if any.
rapple
post Aug 7 2018, 10:22 AM

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QUOTE(spreeeee @ Aug 7 2018, 10:00 AM)
question regarding tax relief for sspn deposit.

steps of scenario:
-in year 2016 deposited 6k
-so in year 2017 income tax submission for year 2016, i got tax relief of 6k
-in year 2017, didn't deposit any sspn, but withdraw 3k hence making the balance of sspn account left 3k
-so in year 2018 income tax submission for year 2017, no chance to submit any tax relief for sspn
-in year 2018, then make deposit of 6k into sspn

question, what is the tax relief amount i can submit for 2018 during e-filling in 2019?
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Your total deposits for 3 years is only 9k and you already claim 6k in 2016. So what do you think?

Answer is 3k.
rapple
post Aug 7 2018, 10:55 AM

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QUOTE(spreeeee @ Aug 7 2018, 10:36 AM)
so it is count by total deposited.

i ain't sure.. i thought i can claim 6k in y2019 e-filing, since i didnt claim in yr2018
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If can do like this then it will be abused.

Claim 6k 1st year then withdraw all in 2nd year.

Claim 6k again in 3rd year and withdraw all in 4th year.

You only save 6k but you claim 12k from tax relief, if this make sense to you or LHDN then I'm more than happy to follow your way.
rapple
post Aug 28 2018, 04:14 PM

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QUOTE(MeToo @ Aug 28 2018, 03:58 PM)
Just notice our RM2500 Lifestyle deduction... it doesnt include Laptop right?
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QUOTE
Lifestyle:
(i) Purchase of books journals, magazines, printed newspaper and other similar publications (except banned reading materials) for self, spouse or child;
(ii) Purchase of a personal computer, smartphone or tablet for self, spouse or child;
(iii) Purchase of sports equipment for any sports activity as defined under the Sports Development Act 1997 (excluding motorized two-wheel bicycles) and gym memberships for self, spouse or child; and
(iv) Payment of monthly bill for internet subscription


http://www.hasil.gov.my/bt_goindex.php?bt_...nit=1&bt_sequ=1
rapple
post Sep 4 2018, 12:29 PM

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QUOTE(MeToo @ Aug 28 2018, 04:31 PM)
I'm curious about the "buy for spouse"

So I have several receipt for purchase of handphone under my name.... so can I pass them to my wife and she claim under "puirchase for spouse"?
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As far as i know, receipt has to be under the taxpayer name then only is entitled for the tax relief.
rapple
post Sep 4 2018, 12:55 PM

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QUOTE(MeToo @ Sep 4 2018, 12:40 PM)
But your above quote it states "for self, spouse, or child" no need to mention that as long as we have the receipt right?
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You can buy for self, spouse or child, but receipt has to be under taxpayer name for tax relief purpose.
rapple
post Nov 3 2018, 08:07 AM

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QUOTE(David83 @ Nov 2 2018, 06:36 PM)
It'll be structured as:

EPF - RM 4k
Life insurance - RM 3k
Medical card/insurance & Education insurance - RM 3k
PRS & Deferred annuity - RM 3k

And you're right no goodies for M40.
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Good news for life insurance provider.

Hmm, i'll probably get my boss to adjust my gross salary to 3.1k so that the EPF contribution is at 341/month and the balance of my pay goes to allowance

(Employer contribution it's tax deductible till 19% so it will stay the same and not reduced).

Probably a bad move if i were to switch Companies in the future but given the freedom here, it's difficult to find any place that is better than this.
rapple
post Nov 10 2018, 08:32 AM

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QUOTE(soundworks @ Nov 10 2018, 02:20 AM)
Hi all,

I'm sure some have faced this problem like me before-

Currently employed in a company and makan gaji like average joe. Got EPF, SOCSO and pay income tax for 2 years already. Now I've started my small e-comm biz and made some side money so I registered SSM sole proprietor to declare the income as I want to increase my loan eligibility in the future too. Question is:-

When I file income tax next year how do i file since I am employed and at the same time I am also self-employed.

Looking forward to your replies
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Previously you file e-BE so next year you will need to file under e-B.

The difference of e-B is that form have additional tab for business income and additional 1 page for you to fill in the profit and loss and balance sheet of your business.
rapple
post Jan 24 2019, 07:09 PM

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QUOTE(Ramjade @ Jan 24 2019, 03:17 PM)
What items are entitle for tax relief for the year 2019?
EPF - Rm4k (can use the one deducted from salary)
Life insurance - RM3k
SSPN -  RM8k
PRS -  RM3k
Lifestyle - RM2500

Anything else?
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Sspn is for your kid any saving for yourself its not entitled to tax relief
rapple
post Mar 1 2019, 11:52 AM

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SSPN Tax Relief

Thought child A withdrawal doesn't affect child B deposit.

Turns out, it's shown on the same statement.

Didn't thought it would be combined together.
rapple
post Apr 11 2019, 03:11 PM

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QUOTE(BboyDora @ Apr 11 2019, 02:44 PM)
hi guys,
i ady pay for my income tax. But the icon "Byr hasil" in red still blinking.
all the transactions are successful and i had the record

Is it they havent updates the system yet?
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Every time you check that page, that "BYR HASIL" is in red and blinking.

Just ignore if you have already made the payment and keep the payment receipt.

Usually it takes a few weeks for them to update the payment and then the original LHDN receipt will be available to download at the ledger page.
rapple
post Jul 30 2019, 09:53 PM

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QUOTE(puremage111 @ Jul 30 2019, 09:16 PM)
Need some help here

I have a SSM registered as Sole proprietor since November 2017
I am not employed since i am graduated till now, income is not fix

So, i have made several transactions for few months the using the ssm registered bank account in 2017 . Total transacted amount is less than Rm20,000

Since March 2018 till now, i didn't use that bank account anymore because the transaction were too small where people can just bank in to my personal account

Till now, i haven't even declare anything before. My personal income is less than Rm34,000 per annum over the past few year

1) In my case, do i need to file anything to LHDN?
The total transaction made using the SSM company is not even 15 transactions over 2year
My personal income + SSM receivable amount is less than Rm30,000/ Year

2) If i would like to file a voluntary tax submission, since sole proprietor links to owner. So i would just registered

Have already got my Tax reference number from registering through E-Daftar, going to get my PIN soon after visiting LHDN

What is my next step there?
TBH, i don't even know if i fill in the correct details
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You need to fill in the 2017 and 2018 Form B.

If you need help on the filing. You can PM me.
rapple
post Sep 4 2019, 02:28 PM

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QUOTE(imnotabot @ Sep 4 2019, 01:26 PM)
She files her tax separately, and she is also working as accountant. No I don't have parents staying with me.
My question is, is this perfectly legal or it's a gray area? I'm not asking how to get away with it haha. I just want to legally reduce my tax as much as possible, aside from tax reliefs.
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As long as your wife declare the income you gave her it's ok.
rapple
post Sep 17 2019, 01:49 PM

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QUOTE(Zackwong6167 @ Sep 17 2019, 12:24 PM)
Hi guys,
I’m a recent graduate that just started my job not too long ago. 9 months approximately so I have close to 0% knowledge in income tax.

I know such things like tax reduction and tax brackets, etc.

But would love to know how do I maximise tax reductions if I have an online business as a side while I’m in my full time job in M&C.

My salary in full time job got consistently deduction for tax while I have no idea how to do it for my online business.

Appreciate if somebody could give me a help.
As for reference purpose, the online business gotten ne about RM100k in profit while operating from May 2019 till now. Any idea how to reduce the tax ?
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Personal tax relief you can refer to LHDN Tax Relief

Any cost/expenses that is direct/indirectly incur to generate income is wholly tax deductible.

For business income, you should have the accounts prepared.
rapple
post Sep 23 2019, 11:08 AM

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QUOTE(dummies @ Sep 21 2019, 04:02 PM)
For the Special Voluntary Disclosure scheme (SVDC) that will end this month end, anyone know how to calculate the Rate of Penalty which is 15% ?

for example, let say i declare RM10,000 which i did not declare in 2016 e-filing, is it i need to pay the penalty of RM1500 (15% of RM10000) to IRD in this month ?

Anyone know how to submit the declaration to enjoy the 15% penalty rate?  Is it i i need to go to IRD office to fill a form and pay the penalty on the spot ?  Appreciate anyone who has participated in this SVDC share the process here.
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If lets say your tax bracket is 21% that year than is 21% x 10k = 2100 tax payable + 15% fine - RM315 = Total RM2415

If the additional 10k of income raises your tax bracket than your initial tax filing also have under paid tax + penalty.

This post has been edited by rapple: Sep 23 2019, 11:10 AM
rapple
post Dec 25 2019, 03:42 PM

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Attached Image

http://www.hasil.gov.my/bt_goindex.php?bt_...nit=1&bt_sequ=1

Pension employees only life insurance up to 7k

Non pension 4k epf and 3k life insurance

2018 tax assessment its 6k combines epf and life insurance.

This post has been edited by rapple: Dec 25 2019, 03:44 PM
rapple
post Dec 25 2019, 04:57 PM

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QUOTE(MUM @ Dec 25 2019, 04:42 PM)
applicable for pension able civil servant too?
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Previous year has no separation

Only 2019 assessment onwards have separation.
rapple
post Jan 21 2020, 09:09 AM

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QUOTE(icemessenger @ Jan 21 2020, 07:18 AM)
dear sifus,

in the previous years my income tax is around 7-8k, but this year i estimated the tax to be around 25k. do i need to standby for audit?
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No. Just kept the supporting documents as usual.
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