Lowyat.NET: Latest topics by KennRicky

To keep NCD 55%, new car put under parent name?

KennRicky — Thu, 25 Apr 2019 11:03:13 +0800

Try to make it as simple as possible.

Back to college life several years ago, I starting to drive an old car from family. Car and insurance under mum name. I am quite a good driver, never involve in big accident, NCD is now 55%.

Now I wanna buy a new car, actually shud register the new car and insurance under my name.
But seems a bit waste for the NCD 55%, since my mum also won't buy a new car in near future.

My plan, register the new car and insurance under my mum name.
Don't want to buy extra windscreen coverage.
In next several years, if involve in accident or windscreen cracked.
Go claim insurance.

Once claimed, the NCD 55% will back to 0%.
So can change car ownership and insurance back to my name.
Is it practical, Sifu?

Remark: 100% confirmed NCD is follow person, not car.

Dead body of stray animal at roadside

KennRicky — Fri, 29 Mar 2019 13:08:18 +0800

Short Conclusion
If you found a dead body of stray dogs / cats at roadside within Klang Valley area, and u wanna help. You have 2 options: -

1) If the body is still okay (not rotten, no fly yet) and u are good person enough to pay for the cremation fees. (RM150 ~ RM250 depend on the size). Then u may call contact below: -

Tel: 03-5892 6227
http://www.petmemorial.com.my/dispose.htm
(Klang Valley only)

Normally cat will be less than 10kg for sure, so fees will be RM150.
While dogs, depend on the size, but i think it will less than 20kg as well. So max will be RM200

2) If the body is already rotten, starting to have fly. Then u may call Alam Flora 1-800-88-7472

Long Story

» Click to show Spoiler - click again to hide... «

E-statement causing trouble to old folks

KennRicky — Mon, 25 Mar 2019 19:51:15 +0800

Short conclusion:
It come to my knowledge that Great Eastern (GE) insurance company will stop sending physical copy of statement to their customer starting this year. Their customer need to register in their online portal to get the e-statement.

Long story:
To be honest it is certainly not a problem for us, who know how to use everything online.
But it is totally different situation for old folks (e.g. our parents) who know nothing about online.
Most of our old folks still have zero knowledge about online things because their occupation just do not need it.
Renovation staff, carpenter, stall hawker, plumber, air-cond technician, etc.

It is March, tax payers already need to submit tax.
My parents have insurance policies under GE, yet they are not receiving yearly statement from GE even it is March end now.
I already received mine from Prudential a week ago btw.

They told me the situation, so I just shoot an email to GE to urge them to send it asap.
To my surprise, i get an auto-reply email stating GE are no longer sending physical copy statement to their customer.
Customer need to register in their portal, then wait AT LEAST 2 working days to get an PHYSICAL LETTER with the password inside it.

Luckily I helped them to discover this now, so I still have time to settle the things for them before tax submitting deadline.
FYI, my father need to collect all documents to pass to accountants to do the tax submitting.
Luckily they have me.

But imagine those unmarried old folks who know nothing online things, most probably they will just wait until middle April then only make a call to GE to ask about what is happening. And then rush to register in their online portal, then wait several working days (or weeks) to get their PW via physical mail, and then pass the documents to accountants to do tax filling. Great trouble for them or even can missed the deadline.

My words to GE:
I know, of course I know this is to save earth, reducing paper using.
Yet, there are still a lot of old folks out there who know nothing about online things, or even English well.
So can u allow those 40 or 45 years, or at least 50 years old and above to continue receiving physical statement?
Or call them one by one to ask if they are okay to receive e-statement instead of physical copy? Not practical?
Then use back my first suggestion.

Advice:
If your parents have zero knowledge about online things. Then better ask your parents now, if they are customer of GE.
If yes, you still have times to help them.
If wait until April end then u only start to realize, may be it will be too late to help them.

Remark: Most probably GE did mentioned this new rules in their recent letter to my parents, but like what I said, they are rather weak in English actually.
Remark 2: The insurance agents also didn't inform this to my parents.

Updated: I realized my parents also have insurance under AIA, and AIA actually already did this in 2018. Then what about my parents last year tax submission then? They submitted the receipt instead of statement to accountant last year. (O.o)

Capital gain? Trading profit? Taxable?

KennRicky — Sat, 02 Mar 2019 03:37:05 +0800

The more I made research, the more I confuse whether profit gained from trading in stock market need to declare tax or not.
It is already discussed in several thread before, but still no firmed answer: -
https://forum.lowyat.net/topic/4436982/all
https://forum.lowyat.net/topic/2767717/all

This is what I found:-

1) Capital gain & trading gain are 2 different thing

If according to both articles below: -
http://www.sinchew.com.my/node/347397 (from a Consulting Director, under company named Great Vision Tax & Financial Consulting, 2012)
https://www.malaysiastock.biz/Blog/BlogArti....aspx?tid=17508 (from an 14 years experienced investment expert, 2018)
(it is in Chinese, sorry for bro and sis who is not Chinese )

Both they said in common,
Capital gain = Hold a stock for a long time, then only sell it. Non taxable, and no need declare, but keep document for 7 years)
Trading = Repetitively trade stock in short term to gain profit. Taxable, and that Consulting Director even said it is under business profit. (Which I think it is totally wrong, refer to No.3 below. May be what he mean is only for broker, remisier or full time trader, but article reporter misunderstood it.)

2) Badges of Trade

In that SinChew article, the Consulting Director give out a term named Badges of Trade.
Whether the gain from stock market is taxable or not, it is depend whether the action is under Badges of Trade.
He said, the shorter time u hold a stock, the more repetitive u trade, then possibility it is under Badges of Trade is higher.
Means possibility you need to pay tax also higher.

Another blogspot also mentioned Badges of Trade.
And even give a law case as reference, BUT with a totally opposite statement.

http://msiataxjunior.blogspot.com/2011/11/...s-of-trade.html (from a professional accountant, 2011)

QUOTE

It was concluded that share trading by a private individual can never have the badges of trade pinned to them. These transactions are subject to Capital Gains Tax.

Means as long as you are private individual, (not a broker, not a remisier), then no matter how many times u trade, or how repeatedly u trade.
It is not under badges of trade. Which mean no need to pay income tax.
Only need to pay Capital Gains Tax, but Capital Gains Tax is not exist in Malaysia, means no need to pay tax at all.

Which is really confusing, one say it is under Badges of Trade, another say it is not.
And then I found below.

3) Say of LHDN (IRB)

https://www.thestar.com.my/news/nation/2012...e-to-be-taxing/ (from LHDN staff, 2012)

QUOTE

The net profit gained from the share market is taxable if the transaction is done repeatedly.

However, as one reader wrote in, most people are of the view that capital gains from stock investing in Malaysia are not taxable, a perception that is propagated on the Internet.

This is the IRB's further clarification on the perplexing issue. Profits derived from dabbling in the share market is an adventure in the nature of trade and is taxable as a business income if some characteristics of the badges of trade as follows exist: profit-making motive such as engaging the service of a portfolio manager; assets were purchased with the intention of selling for profit; and the period of ownership.

For example, a short period of ownership can denote trading of shares when trading of shares is the main source of income for the stock broker/remisier. Another is the frequency of transactions where transactions are found to be one of the series, that is repeated or similar, arising from a pattern of activity.

From the facts given, IRB is of the opinion that the income derived from dabbling of shares in the shares market is not in the nature of trade and not taxable as a business income under section 4(a), Income Tax Act 1967. However, it might be taxed under other gain or profit under section 4(f) of the Income Tax Act 1967 if such activity is carried out frequently.

For further confirmation, please contact the nearest IRB office with your supporting documents. Currently, there is no threshold amount for exemption.

My conclusion,
1) If your purpose of buying stock is to hold for long time and gain dividend, when eventually sold it. Non-taxable, no need declare. But keep document for 7 years.
2) If the method you gain profit from stock market is by flipping stock (short term trading) FREQUENTLY, then it MIGHT BE taxable, under other gain or profit in your Form BE.
3) All info above is not applicable for broker and full time trader i think, as they are in more complicated situation.
4) All info above might not be applicable for profit gain from foreign stock market. LHDN didn't mentioned that. The SinChew article mentioned trading profit from foreign country need to pay tax, but since there is so much wrong info provided in that article, I am reluctant to believe it 100%.
5) Anything, directly contact LHDN, don't believe those Consulting firm, LHDN will have the final say anyway.

Disclaimer
I also do not sure my research is correct or not.
If you think I am incorrect in certain things, feel free to correct me with proof.
I will edit my post, as I also dun want to give wrong information to all bro and sis.

Thanks and credited to @klthor, several links were provided by him in previous related threads.

Unsold units = sub sale after completed?

KennRicky — Wed, 27 Dec 2017 11:57:07 +0800

https://www.thestar.com.my/business/busines...es-in-malaysia/

It may sound like a stupid question, but I really don't know the answer even after google.
So all those unsold units will become sub-sale units by developer after the construction is completed?

[WTS] Adidas Ultra Boost Uncaged Oreo (UK8 & 9)

KennRicky — Sun, 02 Apr 2017 17:17:18 +0800

Item(s): Adidas Ultra Boost Uncaged Oreo (size UK8 & 9)

Package includes: Adidas Ultra Boost Uncaged Oreo + Original Adidas shoes box

Price: RM700 nego (Original Retail Price: RM740)

Warranty: n/a

Dealing method: COD in KL

Location of seller: KL

Contact method/details: 0162409731

Age of item: Brand New

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Item(s) conditions: Brand New

Picture:

Reason for sale: Failed as re-seller, now just want fast cash

SOLD

KennRicky — Fri, 31 Mar 2017 20:02:08 +0800

Item(s): HTC Desire 830 Black/Gold (Used for 1 month only)

Brand: HTC
Model: HTC Desire 830 Black/Gold
Screen: 5.5 inch
Processor: Octa-core 1.5 GHz
RAM: 3GB
Storage: 32GB
Operating System: Android 5.1
Resolution: Full HD 1080 x 1920
Battery: 2800 mAh
SIM: Dual Sim
Micro SD Slot: Yes
Rear Camera: 13 MP
Front Camera: 4 MP

Package includes: Phone, charger, USB cable, earphone, and original HTC package box (the charger, USB cable, and earphone not yet even open)

Price: RM490 Negotiable (Original Price is RM859 - 899)

Warranty: 11 months from HTC Malaysia (During COD, you may call to HTC to confirm the warranty based on the phone IMEI or serial number, after confirm then only pay)

Dealing method: COD anywhere in KL

Location of seller: Kuala Lumpur

Contact method/details: PM

Age of item: 1 month

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Item(s) conditions: Like new, but have 1 thin scratch 2mm on the screen. Thus can still negotiable.

Picture: Refer attachments.

Reason for sale: Bought the phone for personal online business purpose, the business totally failed after 1 month. Need fast cash now.

SOLD

KennRicky — Mon, 27 Mar 2017 19:45:10 +0800

Item(s): HP 14-am065TU (Used for 1 month only)

Brand: HP
Model: HP 14-am065TU
Screen: 14.1 inch
Processor: Intel Celeron N3060
RAM: 4GB
Storage: 500GB
Operating System: Windows 10 Home Edition

Package includes: Laptop, charger, original HP package box

Price: RM600 Negotiable (Original Price is RM1100 - 1200)

Warranty: 11 months from HP

Dealing method: COD anywhere in KL and Selangor (PJ, Puchong, Sunway, etc)

Location of seller: Kuala Lumpur

Contact method/details: PM

Age of item: 1 month

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Item(s) conditions: Like new, no scratch at all. (If u detect any scratch upon COD, further RM50 discount will be given)

Picture: see attachments (HD photos, you can zoom in to have better view)

Reason for sale: Bought the laptop for personal online business purpose, the business totally failed after 1 month. Need fast cash now.

Management Leading & Collaborating in a Competitiv

KennRicky — Fri, 19 Sep 2014 02:59:56 +0800

Item(s): Management Leading & Collaborating in a Competitive World - 7th Edition

Authors: Thomas S. Bateman, Scott A. Snell

Publisher: McGraw Hill

Price: RM20 (Negotiable)

Warranty: N/A

Dealing method: POSTAGE to all regions within Malaysia or COD in certain regions listed below

Location: Pandan Jaya / Maluri / Shamelin

Contact method/details: PM for WhatsApp
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Item(s) conditions: 95% new (Wrapped and never use)

Picture: [attachmentid=4138959][attachmentid=4138960][attachmentid=4138961]

Reason for sale: Bought but never use

Research methods for business students

KennRicky — Fri, 19 Sep 2014 02:48:34 +0800

Item(s): Research methods for business students - 5th Edition

Authors: Mark Saunders, Philip Lewis, Adrian Thornhill

Publisher: FT Prentice Hall

Price: RM20 (Negotiable)

Warranty: N/A

Dealing method: POSTAGE to all regions within Malaysia or COD in certain regions listed below

Location: Pandan Jaya / Maluri / Shamelin

Contact method/details: PM for WhatsApp
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Item(s) conditions: 95% new (Wrapped and never use)

Picture: [attachmentid=4138954][attachmentid=4138955][attachmentid=4138956]

Reason for sale: Bought but never use

Fundamentals of Human Resource Management

KennRicky — Fri, 19 Sep 2014 02:37:00 +0800

Item(s): Fundamentals of Human Resource Management - 2nd Edition

Authors: Noe / Hollenbeck / Gerhart / Wright

Publisher: McGraw Hill

Price: RM20 (Negotiable)

Warranty: N/A

Dealing method: POSTAGE to all regions within Malaysia or COD in certain regions listed below

Location: Pandan Jaya / Maluri / Shamelin

Contact method/details: PM for WhatsApp
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Item(s) conditions: 98% new (Wrapped and never use even once)

Picture: [attachmentid=4138950][attachmentid=4138951][attachmentid=4138952]

Reason for sale: Bought but never use

Commercial Applications of Company Law in Malaysia

KennRicky — Thu, 18 Sep 2014 03:21:23 +0800

Item(s): Commercial Applications of Company Law in Malaysia - 3rd Edition

Package includes: Commercial Applications of Company Law in Malaysia - 3rd Edition

Price: RM20 (Negotiable)

Warranty: N/A

Dealing method: POSTAGE to all regions within Malaysia or COD in certain regions listed below

Location: Pandan Jaya / Maluri / Shamelin

Contact method/details: PM for WhatsApp
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Item(s) conditions: 95% new (Actually never use, but the book was bought in 2008, thus got unavoidable old book dirt in textblock upper part)

Picture: [attachmentid=4137551][attachmentid=4137552][attachmentid=4137553][attachmentid=4137554][attachmentid=4137555]

Reason for sale: Bought but never use

ASUS X451MA vs ACER E5-411

KennRicky — Sat, 13 Sep 2014 16:52:04 +0800

Plan to buy a new low-end laptop

1. Preferred Brand: N/A
2. Budget: RM900 - RM1100
3. Usage: No Gaming, just demand for smooth internet surfing, MS office, watch 1080p video and audio.
4. Preferred laptop/screen size: 13.3 or 14
5. Other requirement: 4GB RAM

So after i research myself, i found below 2 models:-
(i) ASUS # X451MA-VX117H/118H # N3520 # 4GB RAM # 500GB # 14" # WIN 8 @ RM1090
(ii) ACER # E5-411-C6YR/C4TN # N2940 # 4GB RAM # 500GB # 14" # WIN 8.1 BING @ RM1090

Both same price, both Quad Core.
ASUS have Pentium N3520 2.17 GHz; ACER have Celeron N2940 1.83 GHz.
ASUS have better processor but actually is 9 months older model with WIN 8 only.

But ASUS warranty service center have really bad reputation, made me really concern a lot. ACER warranty service seems better a bit.

Can Sifu here give me some suggestion?

[WTS] Xiaomi Piston In-Ear Headphones (Gold)

KennRicky — Sun, 24 Aug 2014 14:41:16 +0800

Item(s): Xiaomi Piston In-Ear Headphones (Gold)

Package includes: Brand New UPS sealed 2 units

Price: SOLD

Warranty: 6 months from Xiaomi Malaysia

Dealing method: COD

Location: Pandan Jaya / Taman Maluri / Shamelin / Taman Putra Sulaiman Ampang (Korean Village) / Cempaka

Contact method/details: PM
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Item(s) conditions: UPS Sealed Brand New

Picture: Attached

Reason for sale: First time try in ear headphone, prefer full size headphone, so wanna let go the extra one.

[WTS] Huawei Honor 3C (White) [SOLD]

KennRicky — Sat, 17 May 2014 18:31:51 +0800

Item(s): Huawei Honor 3C (White)

Package includes: Sealed Full set

Price: SOLD

Warranty: Huawei original warranty

Dealing method: COD

Location of seller: KL Ampang / Kampung Pandan area / LRT Ampang Line

Contact method/details: PM

Age of item: CityLink sealed brand new

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Item(s) conditions: CityLink sealed brand new

Picture: Refer to attachment

Reason for sale: PT