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Income Tax Issues v4, Scope: e-BE and eB only
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WhitE LighteR
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Mar 4 2016, 02:28 PM
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I would like some advice.
If I only calculate my day job as stated in EA form, I would fall into the 16% bracket. But there is also some Nirvana Memorial sales commission about 80k under my name. If i add this into the tax it will bump me into the 21-24% tax bracket. The amount I need to pay jump from 3 digit to 5 digit. Is there any way for me to reduce this amount? Maybe not for 2015, but in the future.
Nirvana sales commission still counts as a taxable income tax right despite it being in a funeral service sector which as far as i know is gst exempted.
Thanks
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WhitE LighteR
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Mar 4 2016, 03:04 PM
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QUOTE(rapple @ Mar 4 2016, 02:49 PM) GST is not related to your personal income tax. Yes the commission is taxable. Well, if there is any cost incurred to generate the commission will be deductible. But bear in mind, not all expenses is allowable. Max out the tax relief that you are eligible. Donate more to LHDN approved organisations. That is so much you can do to minimize the tax / lower the tax bracket. Eh, I thought the cost incurred to generate the commission is only deductible in cases where the tax is filed under company and not for BE. Correct me if I am wrong.
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WhitE LighteR
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Mar 4 2016, 03:38 PM
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QUOTE(rapple @ Mar 4 2016, 03:08 PM) Are you working for Nirvana as an employee? or an agent? And what kind of cost you incurred? Did Nirvana paid you back for what you have paid? agent. so we r not directly under the company. more like a outside sales contractors. No, expenses cost repayment by nirvana. Purely commission based.
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WhitE LighteR
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Mar 11 2016, 11:40 AM
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I been talking to a few people about CP58 commission type income (part time work) Some have suggested that I can deduct expenses incurred and only file the "profit" in my tax instead of the value stated in the CP58 form Others have suggested that since I am not filing as a business I cannot do any expenses deduction since I am filing it under Borang BE I have been search for any type of guideline that say I can deduct expenses for CP58 income and only file profit but found non. This right seems to be exclusive to business as far as I can tell. So, I am wondering which way is right?
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WhitE LighteR
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Mar 11 2017, 12:21 PM
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Insurans nyawa dan KWSP (tidak melalui potongan gaji) Life insurance and provident fund (not through salary deduction)
Why is it saying KWSP not through salardy deduction?
I dont recall this to be there last time.
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