Wednesday, June 04, 2008

Change your SG to OG

Minyak naik, no problem.

Toll naik, no problem.

Electricity naik, no problem.

Makanan naik, no problem.

Really, no problem. You don't need to change your lifestyle. You just need to improvise.

If you makan gaji all the time, then this should be good news to you.

First you go to your Income Tax branch.

Your Tax file no. should be starting with SG, just tell them you want to change to OG, because other than makan gaji, you now have some side business generating some income that you would also like to report, being a good citizen you are.

So with a OG, you are all ready to start whatever business you want to. Make some small turnover, like say RM1,500 a year, then the wonderful part, your expenses.

In your accounts you would have your,

1. Petrol claims
2. Tolls receipts
3. Your dinners/lunches - this will be call entertainment
4. Wages - money you give your spouse/parents/children
5. Medical - spouse/children bills
6. Motor Vehicle maintenance - routine service and maintenance
7. Computer rosak, TV rosak, tukar lampu, this and that - Upkeep of office equipment.
8. etc etc

Now the Tax part.

It is difficult to distinguish a sole proprietor expenses with his personal expenses.

So to make it easier, you would need to add back 1/3 portion of the total expenses claim.

So at the bottom line, instead of just paying for bills, you now, utilise your expenses as a business expenses. And if your expenses is more than your income, which is the sole reason we are doing this, you get to set off that loss with your SALARY Income ! Isn't that wonderful !

So this Ducky's way to tell Pak Lah, FUCK YOU TOO for 4 June.

btw, if you kena tangkap by LHDN for tipuing them, then too bad lah. You just need to pandai-pandai play with the figures and be consistent with % and keep all your receipts.


Frashad Shah said...

It sounds so devilishly good I might just try it. Thanks for the great insight!

Anonymous said...

HAHA best post!

But I lazy to go to IRD...

How about I just boycott them? Muahahahahaa. Don't pay them, they can go fuck themselves.

ducky said...

Just think creative accounting & logical tax planning.

Ha the bytemuncher.
Yes don't pay them. I have not pay them my balance yet. Don't intend to yet. It will take them some time to come out with a statement/letter. Then you wait until they come out with a Pink color letter that state that you would need to go to court blah blah blah, then you slowly wait until the end of that grace period, go to your LHDN branch, say you pokai lah, sakit gila lah, then ask for payment in installment, 6 or better, depending on your negotiating skills, 12-18 months would be excellent. happy trying.