About the Video
In this video, I will share with you the basics of income tax and how I started a business (sole proprietorship) to reduce my taxable income. If you have any side hustles or online business, you can set up a business entity to pay lesser tax too!
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โฌ๏ธTimestamps:
0:00 Introduction
0:35 Income Tax 101
2:22 Why I setup this business
4:38 Types of business entity (Sole Prop vs LLP vs Sdn Bhd)
6:48 Should you setup a business
A sole proprietorship is basically the simplest form of business ownership there is, and in Malaysia, it is governed by the Registration of Businesses Act 1956. It is the lowest cost option to starting a business, making it a popular option for many aspiring entrepreneurs who may not necessarily have the money to begin a private limited company (Sdn Bhd).
With a business, you can reduce your taxable income by incurring business expenses or claiming capital allowances (depreciation expenses) for the purchase of assets (more than RM 2,000). With that, you move to the lower tax bracket which will greatly reduce the overall tax payable for the year.
Do note that deductions cannot be more than the statutory income of your business!
๐ดTypes of Business Entities (by 3E Accounting Malaysia): Click Here
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Disclaimer: None of the information in this video shall construe financial/tax/legal/accounting advice in any form, it is purely a sharing of my personal experience. In order to make the best decision that suits your own needs, you must conduct your own research and seek the advice of a licensed professional if necessary.
