Purely TCSS

[seiko.citizen]

your almost on par with mine too. gst: 10%

[pet]

especially GST ...

hk 0, jp 5... one of the highest in far east leow.

and, gov sure not compare to places like uk/ Eu, their pay how much, ours ?

[seiko.citizen]

oh ya... even better I guess everyone also pay tax until sian want to try and avoid.

[pet]

what i am thinking is..... can i set up a company and use 100% of the profits to pay my salary. Effectively making the company have a profit of $0. Because company profits are taxed at a stupid rate of 30% whereas I can declare as "salary" and pay maybe 10-20%.

use profit to buy 'inventory' .. thn sell at lost, so cancel out profit..
no co tax loh, also no personal tax

[seiko.citizen]

what i am thinking is..... can i set up a company and use 100% of the profits to pay my salary. Effectively making the company have a profit of $0. Because company profits are taxed at a stupid rate of 30% whereas I can declare as "salary" and pay maybe 10-20%.

[pet]

what you can do is "invest" the profits of your company and set up another biz, write off the losses, firesale the watches to yourself but have to consult tax accountant for more details.

wow.. good idea hor, buy 100k under company, thn sell at 10k, somemore can claim back most gst somemore...

[seiko.citizen]

later kanna personal income tax... hahhaaa

i think there's alot of ways.. also buy under company, gst can claim... hee

what you can do is "invest" the profits of your company and set up another biz, write off the losses, firesale the watches to yourself but have to consult tax accountant for more details.

[pet]

whoa seh!...... can actually claim as tools and depreciate over time

also another option would be to package it as a salary package.

later kanna personal income tax... hahhaaa

i think there's alot of ways.. also buy under company, gst can claim... hee

[seiko.citizen]

whoa seh!...... can actually claim as tools and depreciate over time

also another option would be to package it as a salary package.

[pet]

property law dictate that a rolex cannot be considered a fixture but can def take as inventory and write off later

Another one would be, claim as tools (precision timekeeping equipment)

whn tax ppl come, hang yr rolex ( as clock on the wall loh ) ....tht's why i say rolex clock ... hahhahha

[seiko.citizen]

property law dictate that a rolex cannot be considered a fixture but can def take as inventory and write off later

Another one would be, claim as tools (precision timekeeping equipment)

[seiko.citizen]

property law dictate that a rolex cannot be considered a fixture but can def take as inventory and write off later

Another one would be, claim as tools (precision timekeeping equipment)

[pet]

can meh? Wait tio FBT (Fringe Benefit Tax) jialat............... for my bookkeeping purposes, must claim as "training".

Now how to buy rolex and claim as a tax deduction maybe as "inventory" Any ideas?

ya loh, maybe take in as inventory, thn few yrs down the wirte off...lost
or take in as funiture/ fixture... rolex clock ... hahaha... 5 yrs depreciate off

[seiko.citizen]

claim under staff benefit ... for my shaft benefit

can meh? Wait tio FBT (Fringe Benefit Tax) jialat............... for my bookkeeping purposes, must claim as "training".

Now how to buy rolex and claim as a tax deduction maybe as "inventory" Any ideas?

[pet]

claim on company expenses for "overseas training"

claim under staff benefit ... for my shaft benefit