Hello,

I'm a Malaysian. I live and work in Australia now. I use Malaysian bank account to trade crypto. Since I'm not living in Malaysia. So do I need to pay tax? I heard that if you are not staying in Malaysia for more than 182 days, you don't need to pay tax. Is it for foreigner or Malaysian?

unless you can prove that money already paid tax elsewhere.

like working in SG, transfer money back to MY.

in your case.

wait GG

FYI, working in SG

tax paid in SG


All the Goverment on this Planet has 1 big function

Official Money Laundering.


Once your Income/Money is certified (TAX PAID) by 1 Official Goverment on this Planet, that Money is SAFE to SPENT Globally.


That is WHY some country offer Ultra low TAX ( cayman islands ) so Helang worldwide " White Laundering " their money there.


1 Simple Rules.

All income need to pay tax somewhere. ( for Malaysia, only certain type of income are excluded from tax , like capital gain )

I pay income tax in Australia. so I just need to show my Australian income tax reports to LHDN then I won't need to pay crypto tax for trading crypto in Malaysia, otherwise I need to pay the crypto tax. I see. Thanks.

hi guys, im estate planner, if you have crypto that require to withdraw some market, i can use estate planning way to help you. pm if interested

U may wan to look into the question whether ur crypto is subject to tax in Malaysia or Australia.
Next is even u have subject to tax in Australia but eventually u bring back to money into malaysia (or in ur case already in Malaysia), the LHDN still wan to tax u as foreign source income but LHDN allow u to claim bilateral credit. however, in most situation u will end up paying extra tax and bilateral credit wont guarantee u to claim 100% of tax pay in Australia.

I guess yours must be related to some retirement fund or insurance. Haha

sorry not insurance, not unit trust, not investment not mutual fund. haha
yea, and also consultation is free not charge. haha
dont need to force charity also. haha

This post has been edited by il0ve51: May 24 2022, 01:03 PM

In Australia, crypto is subjected to capital gain which is taxable and the tax is high. In Malaysia, if you don't trade frequently you might not need to pay tax and the tax seems lower than Australia's tax.

I have transferred money from Australia back to Malaysia many times, each time over 20K with no problem. LHDN never asks me about that foreign money.

Technically Aus gov see this as foreign income need declare kena tax o r not not sure. If u declare it at Mal den won't kena from Aus no ?

Foreign income is taxable in Australia. If we already paid the crypto tax in Malaysia not sure if we still need to pay foreign tax in Australia or not? This is indeed another question.

Good luck

If u pay at Mal just declare it at Aus don't need pay both side ma. I think the foreign income taxable in Aus is refering to active income u generate while at Aus from outside.

Then it's better pay Malaysia's tax instead of Australia's.

It is not up to you to choose which country tax you want to pay for.

If you fall under Malaysian tax and you are not tax resident, your tax rate is high without tier.

This post has been edited by jack2: May 25 2022, 09:31 AM

Don't think they check , cos all my oversea cousin all still dapat bsh despite they aldy announced this yr cannot get dy.

Mal side they say if yr not a trader is tax free not subject to tax. Last time one local exchange got share this info at Thier blog , newspaper also mention about this.

"It is not up to you to choose which country tax you want to pay for."

If I choose to trade crypto in Malaysia then I should pay tax in Malaysia. I have a tax account in Malaysia as I'm a Malaysian citizen.

That is even better. I'll just do income return and hopefully, I don't get taxed.

if i am not mistaken,...it has to do with "tax residence"
tax residence determinants,...
https://phl.hasil.gov.my/pdf/pdfam/PR_11_2017.pdf

good for you, that they never asked..
anyway,...come 2027,.....that may change as the waiver of Foreign Source income exemption expires,......unless they renewed the waiver,....your remittance may be queried and taxed if applicable

you may be a Malaysian, but you are not a malaysian tax resident as you are not living in Malaysia but in Australia

submit Malaysia income tax when you are not a malaysia tax resident and may be subjected to taxes under non resident tax rate?

This post has been edited by MUM: May 25 2022, 02:36 PM

I used to work in Malaysia and I paid taxes. Now I live and work in Australia but the tax account I have in Malaysia still can be used for crypto tax right?

for the money being remitted to malaysia...i think YES,..have to declare BUT you may not have the same tax treatment as a Malaysia Tax resident as you are not a tax residents of malaysia now

but if you wan to reduce the taxes paid to Australia,...i think you need to check with Australian Taxation Office...
for if the money from crypto sales did not enter Australia but was sent to Malaysia directly,.....then i think it may not be under Australia taxation,

well,...that is my just unqualified wild guess comments about taxes

but just beware of this
Common Reporting Standard for the automatic exchange of financial account information
The Common Reporting Standard (CRS) is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents. Under the CRS, banks and other financial institutions collect and report financial account information on foreign tax residents to us. We exchange this information with participating foreign tax authorities of those foreign tax residents.

In return, we receive financial account information on Australian residents from other countries' tax authorities. This helps ensure that Australian residents with financial accounts in other countries are complying with Australian tax law. The exchange of financial account information acts as a deterrent to tax evasion.
https://www.ato.gov.au/general/internationa...rting-standard/

Common Reporting Standard (CRS) is a global standard for automatic exchange of information (AEOI) on financial account information between the governments in order to combat offshore tax evasion and protect the integrity of taxation systems.
Over 100 countries/ jurisdictions, including Malaysia, have committed to CRS
https://www.rhbgroup.com/others/common-repo...ation%20systems.


This post has been edited by MUM: May 25 2022, 03:15 PM

Sell at local exchange then declare that income lo , I think u can buy back the same day that why ppl in USA did it to claim they lose money on crypto to offset Thier tax

You're not a normal mum. Where did you get these information from?

google...

yes, in Aus there is capital gain tax and Malaysia here don have. so only if ur crypto gain being deemed as business income (ie badges of trade exist) then IRB will wan to take a cut.
pertaining to transfer money back n not being questions, is because not the foregin income tax got holiday period for individual (till 2026). so after that, u may try to transfer again... haha...