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 Tax deductions for Sole Proprietor, How tax deductions for Sole Proprietor

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TSboon87
post Aug 16 2017, 10:17 PM, updated 7y ago

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Hi Guys,

I have this questions:

I have just embarked on a sole proprietor business in Malaysia and i am still current employed to a company. I have a few questions which I hope some of the experts out there can help to answer:

1. Will i need to submit tax for both proprietor business and employment tax?
2. What will happen if i continue to be employed and the sole proprietor business are running by others people and i have no involvement in the business operation?
3. The sole proprietor business tax are taxable base on the company or the owner of the company?


nicole_19
post Aug 16 2017, 10:22 PM

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to be taxed for both employment and business income
TSboon87
post Aug 16 2017, 10:23 PM

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QUOTE(nicole_19 @ Aug 16 2017, 11:22 PM)
to be taxed for both employment and business income
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Thank you for the information.

but meanwhile what will be happen if i continue to be employed and the sole proprietor business are running by others people and i have no involvement in the business operation? Do i need to be taxed for both employment and business income?
hiyyl
post Aug 16 2017, 10:40 PM

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QUOTE(boon87 @ Aug 16 2017, 10:23 PM)
Thank you for the information.

but meanwhile what will be happen if i continue to be employed and the sole proprietor business are running by others people and i have no involvement in the business operation? Do i need to be taxed for both employment and business income?
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U derive income from that business, u will b taxed for that income.
TSboon87
post Aug 16 2017, 10:48 PM

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QUOTE(hiyyl @ Aug 16 2017, 11:40 PM)
U derive income from that business, u will b taxed for that income.
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oh i see, i would assume that if i am not getting any income from that business means i do not need to taxed for that income? Please do correct me if im understand wrongly.
SUS2feidei
post Aug 16 2017, 10:51 PM

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QUOTE(boon87 @ Aug 16 2017, 10:48 PM)
oh i see, i would assume that if i am not getting any income from that business means i do not need to taxed for that income? Please do correct me if im understand wrongly.
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You are the owner of the business, even though you not involve, how can you say you won't be tax for the income.

Example, can I set up a sole proprietor, I pay you salary to run the business for me, and you run it really well i.e. profitable, so, who own the profit? You as my employee or me, as the owner?
lanusb
post Aug 16 2017, 11:55 PM

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so will be double taxed? personal and company?
hiyyl
post Aug 17 2017, 06:39 AM

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QUOTE(lanusb @ Aug 16 2017, 11:55 PM)
so will be double taxed? personal and company?
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for sole proprietorship, the company itself = the owner. there's no separate legal entity of its own. that means the owner himself will be taxed. unlike for private limited aka sdn bhd where the owner n the company are two different entities, thus will be taxed separately.
shadow_walker
post Aug 18 2017, 10:30 AM

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QUOTE(boon87 @ Aug 16 2017, 10:17 PM)
Hi Guys,

I have this questions:

I have just embarked on a sole proprietor business in Malaysia and i am still current employed to a company. I have a few questions which I hope some of the experts out there can help to answer:

1. Will i need to submit tax for both proprietor business and employment tax?
2. What will happen if i continue to be employed and the sole proprietor business are running by others people and i have no involvement in the business operation?
3. The sole proprietor business tax are taxable base on the company or the owner of the company?
*
enterprise = company= u


so the company's tax is your tax....25% of it

u kena tax for enterprise 1 kali and also your employment 1 kali

2 kali tax..
Sunny zombie
post Aug 20 2017, 09:56 AM

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QUOTE(shadow_walker @ Aug 18 2017, 10:30 AM)
enterprise = company= u
so the company's tax is your tax....25% of it

u kena tax for enterprise 1 kali and also your employment 1 kali

2 kali tax..
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sweat.gif sweat.gif hmm.gif hmm.gif bangwall.gif bangwall.gif
Sunny zombie
post Aug 20 2017, 10:03 AM

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From: selangor


QUOTE(boon87 @ Aug 16 2017, 10:17 PM)
Hi Guys,

I have this questions:

I have just embarked on a sole proprietor business in Malaysia and i am still current employed to a company. I have a few questions which I hope some of the experts out there can help to answer:

1. Will i need to submit tax for both proprietor business and employment tax?
2. What will happen if i continue to be employed and the sole proprietor business are running by others people and i have no involvement in the business operation?
3. The sole proprietor business tax are taxable base on the company or the owner of the company?
*
1. yes, you need to submit tax. But what have changed is instead of submit form BE, you need to submit form B. Your SG number will change to OG number. You need to prepare the P/L and B/S of the soleprop and fill it up in the Form B.

2. You embarked on a sole prop business but have no involvement in the business operation. SO, are you the OWNER? if yes, nothing special will happen.

3. sole prop is tax based on the profit. When you fill up form B. You will fill up both your employment income and business income. The total then will subject to personal income tax rate.

 

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