Hey guys, just want to enquire a little dilemma I am facing.

I normally conduct house calls and majority of my patients have been paying me in cash so over time I have collected a sum of money in cash form which I cannot keep in my house as there have been a spite of breakins around the neighborhood.

So I have been banking all the money in batches of 5k per transaction.

Just wondering how much is too much until LHDN gets notified?

PS I am not running from taxes. I do my annual tax returns as honest as I can but I would not wish to be audited if possible.

why worry about LHDN when you also mentioned that you have been paying tax ?

don't go over 2.6b

wow.. even selling butt can make 5k..
House call FTW
owai..

inb4 20k /k member

hahahaha very sensitive number, sure LHDN will know

audit. my colleagues kena audit and somehow lhdn will do whatever it takes to get us to pay. this was circa prior to election May 9th.

we as in the clinic. my colleague tried to file a complaint saying this isn't right and he was threatened with "even you win this round, we will audit you every year if you fight this"

end up he had to just keep quiet.

PS his clinic is in KL

legit business transaction

u masukkan dalam acc company bukan acc sendiri

u follow najib izzit

This post has been edited by mousqy: Sep 18 2018, 12:12 PM

wow, sad to hear this bro

lhdn is truly the biggest thug in the country

Frequent cash bank ins is also gonna trigger AMLA warnings, I think. People were working on that 5 years ago for Malaysian banks, so I think should be in-place now.

Paying lower than tax bracket

Well my fren... crypto will be your best bet

open SG bank acc.

Depending on which bank you use. Most international banks trigger MLA warning at 5k transaction and if you have multiple large deposits, it will also trigger.

LHDN is something new to me.

put personal account then they will check ur personal account...

put business account then they audit ur business...


or, buy a super heavy n thick safety box..
the 1 used by bijan 1...
it will took the thieves to spend days to open..

If memory serves me right, TS is having partnership at clinic but TS also receive house-calls and he DOES NOT wish to let his partner to earn from this.

Technically its kinda not right, but its not wrong to have "part-time" jobs.


So what TS should do is register another company and all payment to be made under that company, and also issue receipts as proof.


But however, TS says not wish to run from taxes but wish not to be audited lel.
must be something canot see light

If you have good record keeping, it shouldn't be an issue rite ?

High transaction count isnt necessarily going to flag.. Even if it does its an amla issue. 5k is like peanuts..

Come on, everyone needs to receive and pay right..


I think only when things get excessive like you transfer few hundred k then eh eh apa ni

usually when they start audit ur company,
die die they will fine u on something...

I've been transferring above 10K/day from 1 bank to another bank acc (including company/current acc to personal savings acc) doesnt have any problem.

This post has been edited by WaCKy-Angel: Sep 18 2018, 12:30 PM

i tried 100k one shot earlier this year, no phone calls for me

TS, are you Dr. Black Jack?

In previous government No Limit!
2.6B also can.

New government don't know yet

I only know if anything above RM200k or was it RM250k+ per transaction bank negara will red flag and investigate. So last time i transfer RM140k+ for 2 transaction to my friend.

Must be local bank and they have you in their records already as a premium/etc

Which bank? i tried following everyone advise of 20k per day limit, so far no calls.

I tried withdraw cash using atm once, just 8k only, then bank give me a call and send me a letter (Maybank).

don't worry doc 5k to 100k wont happen anything

jus dat if can dont transfer inside your acc

find another way

if ur parents send one shot 200k to u, will there be any problem?

they will investigate on the sender or receiver?

topkek ppl running away from tax spotted. What kinda illegal business so much money? can share?

no one knows.

Btw, banks are not stupid

if you deposit under the limit, but your bank balance always increases, they will track the increase through time.

This is to prevent money laundering.

Furthermore, The thresholds moves through time. Banks keeps tabs of:

1) the top X% of customer (X is unknown, maybe 1%-2%? or top 100-1000)
2) one off money deposits more than the average of historical months, and takes the top Z%
3) bank increase balance relative to historical years, and takes the top Y%

In short, all of this is mechanically done, and u will never know what X,Z,and Y is.
In short, ASSUME you will be audited. it is very likely ALL top 1%-2% in wealth gets audited.

RM200k i think no issue as long as you can prove your relation with your parents.

Just earlier this month i receive a RM200k from overseas, Maybank call me up ask me to prove my relation with my partner(overseas), So after i went over and show them all the documents they release the sums within that day itself

CIMB

easy.
buy buttcoin.

they know，but they will keep quiet.

special massage outcall with happy ending.

Isn't it better to open a current account? A savings account will have limitations and if they see alot of transactions going in and out on a savings account, it will block the account temporary.

keep huge amount of cash in house is asking for trouble.
unless you got receipts to back them up.

your overseas from which country ?


Meanwhile sohai HSBC, few thousand from HK also want to ask you prove this prove that.

5k i think too little lah...

Probably 200k above only trigger

Transfer how much also can. As long as money transfer into bank account == Income reported to LHDN

IF NOT 20 years from now Charged under Money Laundering

You should ask Joanna Yu of Ambank. She will help out.

buat la company enterprise atleast
if you keep this up
mmg la kena audit

Since now LGE no money, must new source of revenue.
Bank clerk must ask duit dapat dari mana? Rompak?

Open a company??
And put your wife and son as worker ? Then bank in thru their account?
Not sure if this is plausible though but alot of unkers use this method .
Those that have alot of cash transaction business.

no one really bother.

when doing it in small sum multiple times then it raised the doubt and suspicion.

just walk in and deposit whole sum together into some investment or fd.

i do exactly what you do, i handle house calls and what i usually do is i’ll get my patients to pay me on a monthly basis, and they directly transfer to my acc , but its not much, about 800-1k + , and those not so frequent ones i’ll just keep it in my wallet

lhdn audit is a pain in the ass

you either lose, or you lose either way

the only way to win is if you're some big shot or high profile

Joanna Yu, banker handling Prime Minister accounts

RM 4990.00. Alternate days.

BNM gets notified then only LDHN. The algorithm only detects abnormal or normal daily transactions over the limit.

Yes, in place

anything above RM50.00 will trigger LHDN

But have u been declaring this extra income on a yearly basis?. If no then don't deposit. U will kena Kao2 If yes then shud be OK. Just tell them the truth. Escorts also declare n bank in they got no paperwork for it as well. U don't sohai say perform oral. U say u provide companionship like rentafriend.

my post kena reported.

some of these guys really clueless as to how difficult it is to kena audit. my dad company kena audit and they force you to pay the next year punya taxes for this year and say you can claim from immigration next year if not tally.

people doing business will know what I'm talking about. some of these middle income groups don't know shit and will never understand

Tudia doctor takut diaudit.

4990 is not true.. Just do random numbers and also alternate days randomly.

To each his own...

ever since i got a full time job i cut down on my housecalls, otherwise yes, kena audit is a b**** , i know people who had to pay 2.7+ something or kena action taken if didnt pay up , i never had to worry as i wasnt making as much as you are, on good months 3k+ only, even that will be spent on necessities and when it hits the bank, its half that ammount

it kinda sucks seeing all the hard work you put in on a daily basis and the government gets the cut out of it

we’re all on the same boat , some just dont understand it

thread reported !

LHDN

Settlement of Country Heights Sdn Bhd ("CHSB") tax liability by Tan Sri Lee Kim Tiong @ Lee Kim Yew ("Tan Sri Lee")

Further to the announcements dated 17 April 2017 and 9 May 2017, the Company wishes to announce that Tan Sri Lee has paid RM22,706,737.88 to settle the tax liabilities including penalties claimed by the Inland Revenue Board ("IRB") against CHSB, a wholly-owned subsidiary of the Company. The settlement is made by Tan Sri Lee as the major shareholder of the Company and not his personal liability.

From Hong Kong

1. give proper receipt to client...
2. register a company and open company acct.
3. dump as much cash as u want whenever u want...

no LHDN guy will come knocking coz its legit business with receipt...
and is much easier to do audit if u seperate the money coming into the account and when u widthraw them as your payment.
dont jumble it with your personal account and later kena audit for every shit in your account...

people deposit more than that lah daily. so far ok saja with LHDN

unless you are laundering $$$$$ and someone lipot to LHDN

GGWP

if i remember correctly, BNM gets notified of single rm50k movements and above. the bank can also raise alerts to BNM if there is suspicious activity, i.e. rm40k per week over a few weeks.

Maybank once call me because they found unnatural for regular account to have multiple transaction everyday, up to 15k per day..

they call me and request explaination, I say I own small online business. Then I sceenshot my webpage and SSM for their reference.

My point is they will monitor our account, so prepared a solid explaination if required

well u can bank in to friends ...

one the same day deposit through CDM >60k into 1 saving account also no issue.
For the same week > 100k in/out also no issue.

Chill la.

i once transfer 150k before.. no call from LHDN yet

I heard somewhere between 30k to 50k. Above this value, it will triggered Bank Negara which later goes to LHDN.

10k usd before it will be flagged.

flag also does not mean action will be taken. just duly noted

Did you keep track of the cash? Any issued receipt?

5k per transaction is not much unless you try to bank-in few times a day. Bank won't know where the money come from out of sudden so they will notify them for audit.

Since you said you did filing tax annually, I don't think there's any issue unless you report less than the earned amount.

AMLA > Audit

In terms of pain in the ass.

Just do 100k per deposit. Very small number

thanks for the replies guys. appreciate the info.

I have an ocbc account and a maybank and Hong leong.

ocbc for home loan
Maybank for cards
Hong leong for stock broking and car loan.

I sometimes have the paranoia that local banks are prone to report compared to international banks?