Mar 27 2008, 06:27 AM
QUOTE(Saigo @ Mar 20 2008, 01:05 AM)
But my ad sales currently isn't a business of any kind. Should I start setting up a partnership first before declaring my income?
If it isn't a conventional business, then why need to declare? Pocket everything la! 
Otherwise, if you think the Fed government is short of cash, go register a sole proprietary business and start declaring your income earned from ad sales.
QUOTE(sode-no-shirayuki @ Mar 26 2008, 03:02 PM)
If i'm working as a permanent staff in company A, yet i'm also a partner in company B, which tax form should i fill in?
And in terms of partnership, all profits gain from it will not be taxable? How about profit sharing? Do i add those figure into personal income tax?
I believe in B form, not BE. And in terms of partnership, all profits gain from it will not be taxable? How about profit sharing? Do i add those figure into personal income tax?
You can state your other source of income (from company A)
When you have your own business, your profit share adds up into your income.
BUT....don't declare all your profits just yet.
You need to add in company expenses first:
1) Meal allowances (yes, even bfast, lunch, dinner, supper. keep all receipts. Even eating out with parents also. You can say its for "dinner with client")
2) Entertainment fees (karaoke, movies, disco, pubs, for "client")
3) Car allowances (petrol, parking, servicing. Car used for your business)
4) Insurance (for yourself, and business assets i.e. notebooks, servers etc)
5) Misc (miscellaneous charges incurred for your business)
Then what is remained after deducting from all the above expenses, will be your taxable income.
This way you enjoy spending first, then taxed on your remainder. Employees like myself gets my pay taxed first before i can use the remainder to spend. Thats the benefit of owning a business.
However, if your taxable business income is low, then it doesn't reflect well on your business, thus difficult to secure a business loan.
QUOTE(maxximus @ Mar 26 2008, 11:50 PM)
thanks for the info. But normally when apply loan, bank will ask for your 3 months salary slips and EA....... when I told them I no longer working with my previous employer and also not working with any company so can't give them the salary slips, and also my investment is in oversea a/c and is tax exempted, and what I have is only my monthly a/c statement for my investment a/c, which is oversea, and they said will come back to me.... till now no news..... not sure why? 
btw, I want to buy property mah
They have no idea how to valuate your income, which isn't consistent. btw, I want to buy property mah
The best maybe is to create a sole prop business focusing on foreign investment and declare your income from the returns of such investments. At least when you have proper documented evidences, its easier for them to valuate your risk level.
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