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

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lifeless_creature
post Aug 27 2021, 10:51 PM

The Kid
******
Senior Member
1,219 posts

Joined: Jan 2003
From: Penang


hi guys, need some opinions, or someone handled this before, my scenario is like this :-
I invest with my salaries/savings into unit trusts (i also hold license as unit trusts agent), so I received commissions.

I report all incomes both salary and the commissions from UT (as amount was not big). Now as years pass by, the amount of commission has grown. My question is, as the commission is mostly from my own investments (from my salary/savings), I see this as getting taxed twice 2x? First time when my salary comes in, then when I invest into UT, the commission is taxed again. Should my money be taxed twice when I invest on my own (with myself as agent)?

Anyone has meet this situation before? Thanks...
lifeless_creature
post Aug 27 2021, 10:56 PM

The Kid
******
Senior Member
1,219 posts

Joined: Jan 2003
From: Penang


QUOTE(MUM @ Aug 27 2021, 10:54 PM)
not a tax expert,...just kay poh abit.

who pay you for this commission?
is it from a Fund house or other business entity?
*
oh, fund house lor, bcoz i am agent ma..
lifeless_creature
post Aug 27 2021, 11:18 PM

The Kid
******
Senior Member
1,219 posts

Joined: Jan 2003
From: Penang


QUOTE(MUM @ Aug 27 2021, 10:59 PM)
my guess,
then the fund house must have reported that commission pay out to you in their financial record, thus reported lesser profits....thus "should" indirectly also reported to LHDN about payment to you...
thus LHDN "should" know about your this "extra" income....
*
Yep no prob that they know..but my question is, like if u r insurance agent, u buy a plan for urself, then the premium paid is ur commission rite? So its like we use our money taxed money to buy insurance/invest but kena taxed again by doing so...

 

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