Freelance Work

[Hafi]

I want to pay taxes so that I can get offical loans like credit card and car loan

But my income are under the radar and dont have proper documentation with both parties

PM me for Honda lobang HardwareZone Forums app

just report 2-liner trade income as required and pay your taxes due, I don't think anyone will get penalized for paying taxes for income earned without substantiate papers. The law is more targeted at tax evaders and people looking to under-report income or over claiming expenses. You are doing the total opposite here which is totally "legitimate".

You get what I mean? I can just state I earned 2 million in FY2018 (which in actual fact I didn't) but I still pay the tax bracket for 2 mil, the IRAS will be very happy and I don't think there any penalty for doing that. The trouble only starts when you earn really $2 million but you reported as $200K or claiming expenses at $1.8million out of the $2 mil earned.

Hope the logic sounds ok.

 

[fake_oranges]

Good logic. Thanks bro

just report 2-liner trade income as required and pay your taxes due, I don't think anyone will get penalized for paying taxes for income earned without substantiate papers. The law is more targeted at tax evaders and people looking to under-report income or over claiming expenses. You are doing the total opposite here which is totally "legitimate".

You get what I mean? I can just state I earned 2 million in FY2018 (which in actual fact I didn't) but I still pay the tax bracket for 2 mil, the IRAS will be very happy and I don't think there any penalty for doing that. The trouble only starts when you earn really $2 million but you reported as $200K or claiming expenses at $1.8million out of the $2 mil earned.

Hope the logic sounds ok.

PM me for Honda lobang HardwareZone Forums app

 

[coldkohmew]