How much money can I transfer in Bank acc, Until LHDN gets notified? 
Sep 18 2018, 12:42 PM
QUOTE(Avangelice @ Sep 18 2018, 12:00 PM)
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.
no one knows.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.
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.
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