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 Personal relief Income tax, legally, reduce income tax

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rapple
post Nov 20 2014, 01:24 PM

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QUOTE(ChannelWee @ Oct 28 2014, 04:53 PM)
Hi all,
I have started a sole proprietorship.
I have one company account and one personal account.
I am thinking all the revenue generated goes into company account.
And I will pay myself a "director fees" / salary to myself.
The question is:
Should I file my income tax according to my company account or my personal account?

I'm confuse.
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Sole Propriertorship Profit/Income = Your Own Profit/Income = Declare everything from Sole-Prop and all your income in Form B only.

Only Sdn Bhd will be different - Chargeable Income is tax at a flat rate of 20% below 500k and 25% for 500k above. ~ Your Sdn Bhd will have Form C which is submitted by Tax agent after your accounts have been audited. And declare your own in Form B.

QUOTE(shreaker @ Oct 31 2014, 05:36 AM)
Do audio books subscription like audible.com count as books for the purpose of income tax claim?
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I guess you can claim but after all this is Self Assessment so you decide.

Just remember to keep the receipts for 7 years if in future they come back for you. smile.gif

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This post has been edited by rapple: Nov 20 2014, 01:36 PM
rapple
post Feb 14 2017, 11:40 AM

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QUOTE(hong6002 @ Feb 14 2017, 11:37 AM)
Living Style Tax relief 2,500 per year.

My question is the purchase of personal computer, if buy monitor, keyboard, mouse be claim? or must buy in whole set include CPU?

If I buy other digital tools like ps4 or Nintendo switch, can be applied to the personal computer and tablet categories?
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Personal computer should be the whole set.

Don't think PS4 or Nintendo falls under tablet or computer.

This post has been edited by rapple: Feb 14 2017, 11:41 AM
rapple
post Feb 14 2017, 04:03 PM

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QUOTE(Drian @ Feb 14 2017, 02:35 PM)
http://www.ptptn.gov.my/web/english/faq-en...sspn/withdrawal

Why cant you withdraw out? Its in the terms and condition ,
You can argue all you want but they have black and white of you agreeing to the terms when you open the account. If it was that simple everyone would have put the money in claim the 25% tax relief and then withdraw out and repeat for the following year.
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QUOTE(spreeeee @ Feb 14 2017, 02:50 PM)
rapple, can u confirm since u withdraw before?
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2016

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2017

Judge for yourself.

Edit: As per PTPTN officer, the terms will be change from time to time so in future we might not be able to withdraw. Keep this in mind.

This post has been edited by rapple: Feb 14 2017, 04:13 PM
rapple
post Feb 14 2017, 05:50 PM

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QUOTE(lucifah @ Feb 14 2017, 05:16 PM)
yes, you can withdraw, but then, if a few yrs later, LHDN auditor come and found irregularities in your relief claim for sspn, then be ready to pay back the amount of tax owed + interest and also penalties

most accountants will agree that for taxes, when in doubt, always err on the safe side
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If the SSPN statement for income tax purpose is not even a proof then how do we even proof to LHDN for this relief? Kindly explain.


rapple
post Feb 14 2017, 05:56 PM

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QUOTE(spreeeee @ Feb 14 2017, 05:52 PM)
so, is it necessary needs to wait 1 year only can withdraw? and from your statement, you leave a balance of rm500, is this required by ptptn?

and also, the link http://www.ptptn.gov.my/web/english/faq-en...sspn/withdrawal provided by forumer, is not available in the official ptptn website, i mean no link navigation from official website, as that is the direct link or direct page..
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Not a requirement by SSPN. I do have the intention to put money in SSPN for my child just that I do not wish to put so much with PTPTN at the moment.

Before I did the first withdrawal in 2016, PTPTN officer said we can withdraw anytime but the term will change from time to time.
rapple
post Feb 14 2017, 06:24 PM

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QUOTE(lucifah @ Feb 14 2017, 06:04 PM)
they can get an official statement from SSPN for audit purposes

anyway, it's your risk. if you think of risking to save rm 200 - 300 of taxes is worth it, then it's your personal preferences

there are more clever ways to optimise your tax return i think
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Only the net savings is given tax relief.

Honestly I don't even think it's a problem.

Personal tax relief is limited and maybe only a few would be able to claim every single tax relief to the max.

Unless the said person it's doing a business then maybe there's more way to do it but not through tax relief.

Cheers.

This post has been edited by rapple: Feb 14 2017, 06:40 PM
rapple
post Feb 14 2017, 10:17 PM

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QUOTE(Drian @ Feb 14 2017, 09:52 PM)
So you went in to the PTPN office and withdraw out all without proof that your children is uni etc?
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Uni? My daughter will be exactly 24 months this April..

Withdrawal? Just fill in form, amount to be withdraw and to which bank account. No question ask.

Edit: SSPN thread https://forum.lowyat.net/topic/1819492/+900

This post has been edited by rapple: Feb 14 2017, 10:34 PM
rapple
post Mar 25 2017, 02:10 PM

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QUOTE(lucifah @ Mar 25 2017, 12:36 PM)
some forummers made a discussion about the SSPN a few months back. i just can't recall whether it's in this thread or other thread
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It has always been Net Savings. There's no loophole to start with.
rapple
post Mar 27 2017, 04:13 PM

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QUOTE(kh_lim @ Mar 27 2017, 03:57 PM)
Thanks for sharing the info  rclxms.gif

By the way, I'm confused with this clause,

The parents are tax residents in Malaysia in the current year of assessment.

Parents at age 60 and above still have to pay tax?  hmm.gif
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Tax resident means your parents need to be in Malaysia for at least 182 days in that year.

You have income, you pay tax. Doesn't matter how old are you.
rapple
post Dec 29 2019, 11:37 AM

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QUOTE(w3sley @ Dec 28 2019, 10:32 PM)
This link , https://www.comparehero.my/budgets-tax/arti...come-tax-relief

Noted and Thank you for the reply!
Thank you for the reply TS. So Tax rebate for individual rm400 and from the tax calculator, Socso also deduct on the amount after tax so total will be rm650 right? Just to verify. Thanks!
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Tax rebate is for individuals with less than 35k chargeable income.
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