Ok...ordered a 523i Silver Grey..

[Jaker]

well made up my mind, i'll wait for my 523i b'cos i'm not too power hungry... Since i'm running my own business, and i didnt buy a property in the past and only owned cars, my main concern is the Inland Revenue Board now. cos i didnt 'earn' that much in the past while only driving Jap. car below RM100K. so, this upgrade is massive and i think the IRB will knock on my door in a couple of months time after i got my car. But i think i can still make it as this is the time to declare 2005's income. So, wondering what is the commonly declared personal tax for ppl who drive a bimmer? if i take a big loan like RM230K over 8 yrs with monthly of RM2.8K installment, and my to-be declared income is RM8.5K/month (RM2.8 X 3 = RM8.5K), do you think they would still come and harrass me?? what's you guys declared income if you dont mind telling (if you're running own business) in order to avoid these guys coming? or they just write a letter to me or what? BTW, my past declared income is around RM35K-50K.

 

[leakwoon]

bro...

advise u to get a tax consultant..

how much is 523i now??

330k++???

 

[Jaker]

523i is RM360K now.

 

[The Necessary]

Yeah dude, I don't think a car forum is the right place for your questions.

I would advise you to speak to your accountant.

 

[OSFlanker]

Originally posted by Jaker@Mar 13 2006, 12:03 PM
...... i think the IRB will knock on my door in a couple of months time after i got my car.............

Good that you think the IRB is so efficient. But it's no harm to get yourself prepared!

That's why some people buy old cars but mod kow kow

 

[soorian]

Depends how much you put downpayment for the car...Lets say 100K, They you should pay the tax for that 100K (What ever amount is computed). If not they will knock your door and ask, where you got the 100K, and ealier years you declared 30K. to be safe year 2005, make sure you declare according la. As long you pay the tax, no one will disturb you la.

I got a buddy, bought E90 320I Cash. and he is paying 20K yearly for Tax. No one knocking his door. Even previos car e46 318 was bought Cash.

 

[k3nny]

Congrats on your booking/purchase bro.

Any hesitation or doubts with regard to the financial commitment will be allyed once you take delivery of your new ride.

Good to hear that the E60 fraternity is growing!

Best Rgrds
Kenny

 

[Juan Powerblow]

Congrats on your purchase. It's a fantastic choice! I heard from a senior corporate figure that IRB has a way of tracking people who buy new cars priced above RM300K and knockin' on their door. Guess it's tuff 4 anyone 'ere to share their personal experiences eh?!

 

[adliz]

buy/lease/'rent' under company..

u can declare that personally, u still earn the same amount as previously.. so, ur income tax wont be affected.. although road tax wud be a killer, hopefully IRB wont bother u..

 

[E46Fanatic]

I got a notice from the IRB last year on a purchase made in 01 for a E39 520i which doesn't belong to me... Went to JPJ to make sure that the car wasnt registered under my name, and then replied the IRB that the car wasn't mine. The IRB guy who received my clarification indicated that I wasn't the only one who received this "mistake" from them.

So much for efficiency at IRB.

 

[wglee]

Originally posted by Juan Powerblow@Mar 13 2006, 11:44 PM
Congrats on your purchase. It's a fantastic choice! I heard from a senior corporate figure that IRB has a way of tracking people who buy new cars priced above RM300K and knockin' on their door. Guess it's tuff 4 anyone 'ere to share their personal experiences eh?!

I heard the IRB came a-knockin' on the doors of somebody in my neighbourhood in the mid-90s because she bought a new Toyota Corolla with cash. That car was then selling at about RM85,000.00.

 

[johnchen]

From my experience, 4 yrs ago I bought a Harrier and paid cash for it. Not long after that I was called by IRS to declare my past 7 years income. No issues, just the hassel that I had go through. I showed them all the taxes I paid including the taxes paid when I was working in Shanghai for 4 years.

When I bought my e60 525i I took a loan and this time no queries from IRS. Its been one very satisfying year since I took delivery of my baby and have loved every minute driving it!! And it's also been 1 year since I joined this forum!! How time flies!!!

 

[flash]

Originally posted by johnchen@Mar 16 2006, 01:25 PM
When I bought my e60 525i I took a loan and this time no queries from IRS. Its been one very satisfying year since I took delivery of my baby and have loved every minute driving it!! And it's also been 1 year since I joined this forum!! How time flies!!!

Correction.... no queries from them YET! Knowing their inefficiency, you could the query the a few months down the line.... how I know? I kena before for purchases made a year back.... :angry:

 

[E46Fanatic]

Queries from the IRB are only queries which you don't have to be worried about as John highlighted as long as you are squeaky clean with your taxes... Its just the hassle you have to go through which is the pain, more so when the mistakes originate from the IRB! I had a short 2 weeks to respond to them from the date of their letter for my case... and I was soo busy during that time. Had to go to JPJ summore to check on the mystery car...

 

[Jaker]

ok guys, i know what to do liao! preparing some paperworks for them to come.

Now my next question, we used to insure our new car according to the full new car price, do we have to follow? can we not to insure to the 100% since the Insurer wont be paying us in full when car is stolen or whatever...
say the car cost RM300K, can we insured like RM280K? call up the financier ask them how much must i insure my car, he said go ask your car dealer.

can anyone share their experience? thanks again

 

[E46Fanatic]

Ya, your salesperson should be able to tell you what the typical insured sum is for your car, and its always less than what u paid for the car la . If I remember right, when I bought the BMW, the first year insured value was Rm236k (OTR price was ~RM249k) as recommended. SHould have gone lower in hindsight.. haha.

 

[three28]

Originally posted by johnchen@Mar 16 2006, 01:25 PM
From my experience, 4 yrs ago I bought a Harrier and paid cash for it. Not long after that I was called by IRS to declare my past 7 years income. No issues, just the hassel that I had go through. I showed them all the taxes I paid including the taxes paid when I was working in Shanghai for 4 years.

When I bought my e60 525i I took a loan and this time no queries from IRS. Its been one very satisfying year since I took delivery of my baby and have loved every minute driving it!! And it's also been 1 year since I joined this forum!! How time flies!!!

hey there john ...long time no see...


Congrats jaker on your new ride