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marcus_bread
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May 24 2022, 11:43 AM
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QUOTE(salakiest @ May 24 2022, 11:22 AM) 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. 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.
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marcus_bread
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May 25 2022, 09:21 PM
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QUOTE(salakiest @ May 24 2022, 01:39 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. 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...
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