Director Fees vs Director Salary, Pros and cons
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 Sep 11 2016, 07:18 PM
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#1
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Senior Member
4,436 posts Joined: Oct 2008  
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both no difference. Both must be reported to LHDN and as such will be reflected in your LHDN B form. if you require financing, one of the document asked by the loan officer is your B form.
In simple word, whether director fee or salary is only different in name, the tax treatment is the same. With regards to not participating from KWSP and Socso, unwise move as these cash outflow can are legitimate tax expense. Xuzen |
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Sep 11 2016, 08:43 PM
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#2
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Senior Member
4,436 posts Joined: Oct 2008
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QUOTE(derek_gkchoong @ Sep 11 2016, 07:51 PM) Xuzen, If Form B still not out yet, if bank officer, they will ask you for your previous income tax return. If you are a noob and only started to work, they may ask for a guarantor like your daddy.Thanks for your advise. As the form B will only available next yeat April, if end of this year I going to apply for loan on car any diff? Any idea any additional document I needed to provide to loan offcer. As for the KWSP, yearly I've purchased Insurance Saving Plan of 5.5k which legitimate tax expense. Thank you  Insurance Saving Plans only allow you to tax relief personal portion, not the business portion. KWSP allows both personal and business tax relied. Oops, you mean the insurance agent did not inform you of this  ?My personal financial planning is to avoid the insurance saving plan and buy instead medical and claim the medical portion tax relief. Xuzen |
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