Personal Money Freedom

Quick!!! Last day for submision for those without any business income

2012-05-15T11:31:00.000+08:00

Guys, if you are submitting the returns online and you dont have any business income but your employment, please submit them TODAY.

Extract from the Inland Revenue Board website:-

ANNOUNCEMENT

e-Filing 2012 :
DUE DATE for submission and payment of tax payable for non-business income is on 15 May, 2012.

The operation of counter services at all Inland Revenue Board (IRB) branches, Department of Information Processing, Payment Counters (Jalan Duta, Kuching, Kota Kinabalu) and Customer Services Centre will be open until 6.00pm including public holidays i.e. Friday / Saturday / Sunday, for the last two (2) weeks of April 2012.

LIST OF E-FILING COUNTERS AT THE IRB BRANCHES

PersonalMoneyFreedom

Steve Jobs

2012-05-10T11:51:00.001+08:00

I know this is not a topic on personal money and freedom from the rat race. However, this will probably instill leadership skills that you should have in dealing with people.

I was told by office neighbours that Harvard Business Review was covering an article on Steve Jobs. This was exciting.

I quickly went online and check on it and there it was. The Real Leadership Lessons of Steve Jobs and the llink: http://hbr.org/2012/04/the-real-leadership-lessons-of-steve-jobs/.

This article to me summarise the book that Walter wrote entitled Steve Jobs by Walter Isaacson.

Steve Jobs to me is a pure genious in its own way. He revolutionise the music industry with IPod and ITunes. In times, when the illegal downloading of music was so intense and the legal download was so slow, he was there at the epicentre to transform it. He use this as a launch pad to sell more Macs due to the integration.

He was convinced that you need to have end to end from design to products to even Apple Store. Design of the products, manufacture it, develop the software that runs it. Something Sony could not achieve although they have the platform in place.

Go ahead and read it.

Stay Hungry Stay Foolish

RIP Steve Jobs

PersonalMoneyFreedom

Technorati

2012-05-07T15:01:00.001+08:00

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Happy Wesak Day

2012-05-05T01:26:00.001+08:00

I would like to wish all my readers a Happy Wesak Day and Lord Buddha bless you!

Personalmoneyfreedom

Hurry Up!!!

2012-04-29T22:42:00.000+08:00

If you have not submitted your tax returns and you had decided not to do so via e-filing, please submit your returns to the Malaysian Inland Revenue Board address as stated on your form by tomorrow April 30, 2012. For those who are doing the e-filing, the due date had been extended to May 15, 2012.

If not, please check at their official website: http://www.hasil.gov.my/

In the meantime, I will like to wish my wife a happy birthday which is today and I love you always.
PersonalmoneyFreedom

Madness of the tax man....

2012-04-26T13:21:00.000+08:00

I was reading on the Financial Times entitled India to change tax law after Vodafone case. It was originally published on March 16, 2012.

What shock me after reading this article was that the Indian Government wishes to change the law retrospectively from April 1, 1962 soon after they lost the tax case with Vodafone. The Vodafone case was decided in favour of the taxpayer in January 2012. The case was about whether India can taxed the capital gains arising from the $10.9 billion acquisition of Hutchison Essar in 2007.

- Going back to 1962 ... that is shocking!
- Now that Vodafone had won the case, what do they do now since the Bill now proposed to change the tax law and that change takes effect from 1962? What about other pending cases like AT&T, SAB Miller etc?
- What about cases which are already closed and time barred?

This brings me memory to the time when the Malaysian Government decided that allowable deduction for approved donation must be restricted soon after they lost in the Sabah Berjaya Sdn Bhd in the Court of Appeal in 1999. However, at that time, the Government decided that the restriction should take effect going forward i.e. from 2001 onwards.

All of this begs the question if our assessment with the Inland Revenue really is closed or statute barred. If one Government of the world can do this, what is stopping our Government from doing the same.

Let us hope that the madness does not spread to sensible Malaysia.

PersonalmoneyFreedom

Tax evader......

2012-04-22T22:36:00.000+08:00

I was reading the Star yesterday when I saw this open letter to Pamela Anderson by a business writer, Errol Oh. It appeared on the Biz section. Hmm......

So after all these years, she is now listed in the California Franchise Tax Board (released on April 13, 2012) as one of the tax delinquent. She owed some US$524,241.80 in personnel tax. Apparently the same time last year, her owing was US$493,000.

Gosh, the amount is swelling.

Closer to home, in the neighbouring Singapore, you can read on the Inland Revenue Authorities of Singapore website on April 13, 2012 a story on CPA fined for under reporting income. What?! Even a CPA is running away from taxes.

To me, as a good citizen, we must pay our dues to the Government. This is our social responsibility. There are many legal ways for an individual to reduce its tax bill. I was reading the article written by Janet Novack in 2011 on Forbes website. The title was Warren Buffett's Effective Federal Income Tax Was Just 11%. Whilst the amount can be very high, $6.9 million, however, the percentage of that over his gross income is really small. Someone like Warren still pays his taxes despite being high. He plans them well and take advantage of whatever possible ways within the laws. Anyway, there are many articles on the internet about Warren and taxes.

As the tax filing for those of you who are not on the e-filing is drawing closer, my advice is for you to truthfully declare whatever income and expenses allowed for deduction in your tax returns.

To me, it is the best way for a good night sleep without someone banging at the doors.

PersonnelmoneyFreedom

Time to pay the tax man is here again.....

2012-04-19T20:27:00.000+08:00

Hello WORLD!!!! Your homepage to all types of financial planning is up and running. I will cover the very imminent thing and is hovering in everyone's head. TAX FILING.

For you and I, this is the time we need to complete the tax returns and pay our dues to the Government. The deadline for those of you who do not have any business income, will be April 30, 2012. But if you are e-filing your returns, then you will get an additional 15 days and so the deadline will be May 15, 2012.

Whilst the employment income are clearly taxable (don't forget to collect from your employer the Form EA), there are many different item which you can claim to reduce your taxes.

Happy filing!

PersonalmoneyFreedom