PBF0014: Online Discussion 2 by Lau Siok Hwa https://padlet.com/shlau1/PBF0014_OnlineDiscussion2 for LO01 and EX01 en-us 2016-07-11 13:52:00 UTC 2023-03-03 13:44:32 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Apple.png Dear Students, shlau1 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116683983 Good Day!
Thank you so much for your active participation online last Thursday.
For the preparation of second discussion, kindly refer to the following link: http://www.fool.com/knowledge-center/tax-how-you-can-pay-less-to-uncle-sam.aspx
We are going to discuss this article: How to pay less to Uncle Sam on 21/07/2016 between 10am and 11am.
Thanks and Regards
Lau
]]> 2016-07-20 08:15:40 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116683983 shlau1 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116684532 Sharing of article 1]]> 2016-07-20 08:33:42 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116684532 shlau1 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116684552 sharing of article 2:]]> 2016-07-20 08:34:23 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116684552 1151103758 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730589 Is it something like claiming income  ]]> 2016-07-21 02:09:41 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730589 1151103355 Janice Tam https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730598 2016-07-21 02:09:53 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730598 1151503458 kotaro kanda https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730660 2016-07-21 02:10:37 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730660 1151503455 Marko tsuboi https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730698 2016-07-21 02:11:08 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730698 1151503455 Moeko tsuboi https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730700 2016-07-21 02:11:09 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730700 1151104079 1151104079 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730765 Why foreign income from oversea jobs doesnt treated as taxable? 

Reply from Lau,
This is because it will be taxed at the foreign country where you are working.

Thank you madam! ]]> 2016-07-21 02:11:53 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730765 1142700228 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730910 From the article I can see that nobody can predict the stock market. Doesn't matter if you're Warren buffett. ]]> 2016-07-21 02:13:13 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730910 1151104436 Wong Shi Gie https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730923 2016-07-21 02:13:24 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730923 1151103760 SYAMIRA AZLEEN chamiebasir_cb https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730930 2016-07-21 02:13:29 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730930 1151103851 1151103851 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730934 Hi Madam, can you further explain about tax credit reduce? Thank you. ��Ym�9�
 Reply from Lau,
Tax credit can reduce the total tax to be paid directly, regardless of the tax bracket. For example, after calculated, your total tax is amounted to RM2000, that means tax credit can be deducted directly from the RM2000 to be paid to the G. Normally this only applicable to those whose tax amount is less than certain amount. ]]> 2016-07-21 02:13:32 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116730934 1151104363 Lim Yi Fei https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731033 2016-07-21 02:15:00 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731033 1151104187 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731039 More investment more taxes advantage?? 

Reply from Lau,
Not necessary, it depends on what kind of investment. Most of the time, the returns from the investment will be taxed. However, return from the saving will not be taxed in Malaysia

Thanks,madam , madam what kind interment will not be taxed？for example one company want to do some investment which will not be taxed InMalaysia ?

Reply from Lau
Most of the return from the investment will be taxed in Malaysia. ]]> 2016-07-21 02:15:12 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731039 1151104059 Heng Yong Jun https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731053 2016-07-21 02:15:26 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731053 1151503462 Tsuyoshi Matsumura https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731118 2016-07-21 02:16:23 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731118 1151503457 Reina Deto chocolate0173 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731384 2016-07-21 02:19:16 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731384 wswong1 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731401 1151104038 Wong Wei Sean]]> 2016-07-21 02:19:29 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731401 1151104202 ng mei kei https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731528 2016-07-21 02:20:38 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731528 1132701130 Han Yee https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731587 A credit reduces actual bill directly]]> 2016-07-21 02:21:12 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731587 1151303774 nabila_ghaffar https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731634 Mdm what is tax credit? ]]> 2016-07-21 02:21:49 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731634 1151503463 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731783 Hikari Shimizu


 ]]> 2016-07-21 02:23:27 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731783 1151503461 Yuki Nishi https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731802 2016-07-21 02:23:40 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731802 1151503454 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731813 Kaname Akimoto]]> 2016-07-21 02:23:46 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731813 1151503459 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731883 Risa tsuchida 

]]> 2016-07-21 02:24:28 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731883 1151103544 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731893 Madam ,should we invest a big amount of money if we are stilll in a younger age?

Reply from Lau,
Investment is a good choice to increase an individual wealth, but has to use it wisely and carefully. or else you might be losing your money


]]> 2016-07-21 02:24:35 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731893 1151104075 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731937 Miss, is that we do the investment in foreign country will not be taxed? Or still want to pay taxes to foreign country?

Reply from Lau,
this is a bit complicated. actually all income earned will be taxed once, either in your own country or foreign country. It depends on your resident status whereby how many days you are reside in that country in a particular year. 
For example: If you stay in country  A for more than 182 days in a year, then you will be taxed in country A.

Oh I see. Thank you miss]]> 2016-07-21 02:25:07 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731937 1141128106 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731979 yap wen ying]]> 2016-07-21 02:25:36 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116731979 1151104494 TAN JIE NING janice03012009 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732040 2016-07-21 02:26:21 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732040 1151103567 1151103851 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732073 Madam, taxable income can be reduced by deductions. People with many deductions will itemise them on their tax returns to maximise their refund or lower the amount of taxes they must pay. Is that correct?

Reply from Lau,
Yes. But the deductions will be depent on the limited items which are announced and approved by the G]]> 2016-07-21 02:26:36 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732073 1151104536 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732093 2016-07-21 02:26:48 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732093 1151104436 ShiGie https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732096 Miss can you further explain about this Provisions like tax-exempt municipal bond interest?

Reply from Lau,
That means for those investors who bought the municipal bond, they will receive the bond interest as returns, and this bond interest is non-taxed income.

Ohhh okok get it ! Thanks miss ]]> 2016-07-21 02:26:50 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732096 1151502460 Takumi Saruya https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732138 Good  ]]> 2016-07-21 02:27:15 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732138 1151502460 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732144 Good morning ]]> 2016-07-21 02:27:16 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732144 1151104559 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732164 Morning! 

]]> 2016-07-21 02:27:29 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732164 1151103887 Tan Lian See https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732216 2016-07-21 02:28:03 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732216 1151503462                    what is deductions? https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732250 Reply from lau,
expenses items that are allowed to be deducted from the taxable income.]]> 2016-07-21 02:28:22 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732250 1151103940 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732298 we can control the portion of taxes is by chosing the right timing of income taxable~ besides, we should analyse on which taxes to pay because sometimes there are some incomes that are not considered as a tax. By these ways, you can reduce your pay to so-called Uncle Sam.
Reply from Lau,
Frankly speaking, most of the income earned will be taxed in Malaysia...]]> 2016-07-21 02:28:43 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732298 1132701130  https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732316 Dear madam, is there tax bracket for different types of savings in Malaysia?

Reply form Lau,
sorry, I don't get your point.

According to the article, there is provisions that give tax bracket for certain types of savings in US. For example, there is tax breaks for retirement saving and college savings. 

Rely from Lau,
In malaysia, the retirement insurance and education saving can be used as deduction from Taxable income.

Thank you, miss.]]> 2016-07-21 02:28:51 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732316 1151103567 1151103851 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732427 Madam,
Should we invest more in order to reduce our tax payment?

Reply from Lau,
Invest more doesn't means it will reduce your tax payment. for most of the returns gain from the investment will be taxed in Malaysia.]]> 2016-07-21 02:29:47 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732427 1151104407 lung size jiang https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732569 2016-07-21 02:30:42 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732569 1151104407 lung size Jiang<div></div> https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732572 2016-07-21 02:30:43 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732572 Miss https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732741 2016-07-21 02:32:08 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732741 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732742 2016-07-21 02:32:09 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732742 Miss what will happen if we don't pay tax https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732781 Reply from Lau,
If you are taxed and not paid within the due date, you will be fine with 10% on top of the tax payable amount.
The due date to settle the tax payment yearly is as follows (for Malaysia):

1) for individual who are employed without business income: by 30 April for manual submission; by 15 May for online submission
2) for individual who has business income: by 30 June for manual submission; by 15 July for online submission

The 15 days is the grace period given to those using online submission.]]> 2016-07-21 02:32:30 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732781 1151103940 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732973 Miss,
What you can control, though, is the timing of taxable income, and by being smart about when you do things to make your income taxable, you can sometimes reduce your overall tax liability.

based on the statement above, what do they meant by the timing of taxable income? and how to be smart about when we do things to make your income taxable???
could you explain futhermore?

Reply from Lau,
If you are able to split your income to different years, then your taxable income can be reduced because of the tax bracket is lower as one earn less in a particular year.

]]> 2016-07-21 02:33:54 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116732973 Stev 1151103444 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116733003 Hello everyone ]]> 2016-07-21 02:34:08 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116733003 11511503452 Mizuki Saita https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116733179 Dear 1151103544,
The young investor will look for a replacement. In the previous example, the investor who failed to buy the asset that rose from $25 to $50 may quickly try to identify the next asset that will double. As a result, the investor might purchase another asset quickly, without doing the proper work and research, in order to try to make up for the previous "missed opportunity."

Reply from Lau,
It is good to invest in property so that you earn when you are able to sell it at a higher value. But the location of the property but be strategic. At the same time, we need to pay property gain tax whenever we sell property and gain profit. In Malaysia practice, the property gain tax % vary according to year you possess that property, if you sell the property that you own for more than 5 years, then you will not be taxed on the property gain.


]]> 2016-07-21 02:35:34 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116733179 1151103444 Evan 1151103444 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116733283 If we are fine with 10% on top of tax payment and we still refuse to pay, does it keep on accumulating with no legal actions taken?
Or rather what are the consequences for doing  

Dear Evan,
You can't avoid the tax payment. the income tax department has the right to take away your passport. without passport, you will not be allowed to go outside Malaysia. ]]> 2016-07-21 02:36:33 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116733283 1151103758 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116733328 Is 401k a type of investment? What kind of investment is that? Stocks?

Reply from Lau,
401 account is one type of saving for retirement in US, which is quite similar to our EPF in malaysia. Saving in 401 account are tax deferable.]]> 2016-07-21 02:37:32 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116733328 1151503452 Mizuki Saita https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116734402 If I claim the standard deduction, can I deduct charitable donation?

Mizuki,
In Malaysia, all approved charitable donation (with original receipt) are deductable, but the charitable organisation first must get the approval from the income tax department. or else it is not qualified as deductable item. More over, the donation can not be more that certain % of the income earned. This is to avoid people misuse the donation as deductable item in income tax. ]]> 2016-07-21 02:54:45 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116734402 1151503453 Miho Doi plvs_vltre_0604 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116734660 I don't agree that Mizuki San]]> 2016-07-21 02:57:45 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116734660 Dear All, shlau1 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116735019
dicussion ended now. Thank you for your participation.

I have just received call from the adm office that there is no venue available for our replacement class on next Thursday between 10am and 1pm. Could you please give me another suitable slot so that the Adm. staff can help us to book a venue. TQVM ]]> 2016-07-21 03:03:29 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/116735019 1151104490 Au Xian Jie au950825 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117503322 10mins to go

]]> 2016-08-04 01:40:17 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117503322 1151103758 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117504742 Chee Jian Foong]]> 2016-08-04 01:58:21 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117504742 1151104490 Au Xian Jie au950825 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117505075 good morning

]]> 2016-08-04 02:00:53 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117505075 Hello 1151503458 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117505930 Kotaro kanda]]> 2016-08-04 02:10:38 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117505930 Rise and shine  https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117506019 2016-08-04 02:11:26 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117506019 Link for discussion  https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117506484 2016-08-04 02:15:52 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117506484 1151104436 Wong Shi Gie https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117506892 2016-08-04 02:20:40 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117506892 1151303774 nabila_ghaffar https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117506950 As suggested in the video and article, I checked up on the mint.com and it is very awesome especially for uni students like us. You guys should the check them up ]]> 2016-08-04 02:21:23 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117506950 1151503452 Mizuki Saita https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117507193 A savings account may be a good way to save for business, vacation, or new plan to pay.
However, where can I put savings for the short-term?]]> 2016-08-04 02:23:23 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117507193 1151104436 ShiGie.        Saving for short term can earn interest also ?  https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117507663 2016-08-04 02:28:07 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117507663 1151104059 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117507732 2016-08-04 02:28:46 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117507732 1151104187 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117508802 Saving in long term better than short ,higher interest ]]> 2016-08-04 02:41:24 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117508802 au950825 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117509251 https://padlet.com/shlau1/PBF0014_OnlineDiscussion3]]> 2016-08-04 02:44:39 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117509251 au950825 https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117509255 https://padlet.com/shlau1/PBF0014_OnlineDiscussion3
go here

]]> 2016-08-04 02:44:41 UTC https://padlet.com/shlau1/PBF0014_OnlineDiscussion2/wish/117509255