How much money can I transfer in Bank acc, Until LHDN gets notified?
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 Sep 18 2018, 02:09 PM
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Junior Member
434 posts Joined: Aug 2010  
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QUOTE(0168257061 @ Sep 18 2018, 12:56 PM) your overseas from which country ? From Hong KongMeanwhile sohai HSBC, few thousand from HK also want to ask you prove this prove that.  |
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Sep 18 2018, 02:23 PM
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Junior Member
85 posts Joined: Dec 2005
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QUOTE(Avangelice @ Sep 18 2018, 12:00 PM) Hey guys, just want to enquire a little dilemma I am facing. 1. give proper receipt to client... 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. 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... |
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Sep 18 2018, 02:25 PM
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Senior Member
1,902 posts Joined: Sep 2012
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QUOTE(Avangelice @ Sep 18 2018, 12:00 PM) Hey guys, just want to enquire a little dilemma I am facing. people deposit more than that lah daily. so far ok saja with LHDNI 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. unless you are laundering $$$$$ and someone lipot to LHDN GGWP |
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Sep 18 2018, 03:25 PM
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Junior Member
295 posts Joined: Jun 2006 From: JB
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QUOTE(Avangelice @ Sep 18 2018, 12:00 PM) Hey guys, just want to enquire a little dilemma I am facing. 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.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. |
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Sep 18 2018, 03:58 PM
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Newbie
1 posts Joined: Jun 2018 From: Senior Member : since 2011
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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 |
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Sep 18 2018, 05:43 PM
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Senior Member
2,531 posts Joined: Feb 2009 From: Land below the wind
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well u can bank in to friends ...
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Sep 18 2018, 05:43 PM
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Junior Member
303 posts Joined: Aug 2005
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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. |
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Sep 18 2018, 05:50 PM
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Newbie
3 posts Joined: Jul 2013
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i once transfer 150k before.. no call from LHDN yet
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Sep 18 2018, 05:55 PM
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Junior Member
242 posts Joined: Nov 2010
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I heard somewhere between 30k to 50k. Above this value, it will triggered Bank Negara which later goes to LHDN.
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Sep 18 2018, 05:58 PM
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Junior Member
328 posts Joined: Jul 2008
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10k usd before it will be flagged.
flag also does not mean action will be taken. just duly noted |
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Sep 18 2018, 05:59 PM
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Junior Member
286 posts Joined: Nov 2007 From: Digiworld
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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. |
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Sep 18 2018, 06:02 PM
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Junior Member
328 posts Joined: Jul 2008
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AMLA > Audit
In terms of pain in the ass. |
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Sep 18 2018, 06:14 PM
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Senior Member
3,050 posts Joined: Oct 2008
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Just do 100k per deposit. Very small number
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Sep 18 2018, 06:26 PM
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Senior Member
5,272 posts Joined: Jun 2008
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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? |
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