Hi need help in buying a car
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Currently I'm doing some small business which gives me a monthly income of abt $4.8K - $5.3K. I posted a topic regarding buying a Mitsubishi lancer 1.6A and monthly will be paying abt $500 plus which is not a problem. The problem is my small business never declare income tax so is it possible to buy the car or I need to declare income tax? If yes, how to declare ah? Thanks
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You can check out the IRAS website for information on filling out your tax return:
http://www.iras.gov.sg/ESVPortal/iit/iit-bit-a1.2+self+employed.asp -
If don't declare income tax can buy anot? Wat if I declare $5K then next month business very very very bad then earn only 2K like that very loo gi
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.Originally posted by Playstation 2:If don't declare income tax can buy anot? Wat if I declare $5K then next month business very very very bad then earn only 2K like that very loo gi
give a period record of 2 yrs?and then calculate the average -
in the first place why are u not declaring income??? usually small business (and i am assuming urs is sole propeitorship) declaration of income is up to urself 1.. u can be earning 5 k a month but declare 2 k a month.. no prob.. dun have an ultra lavish lifesytle tt will attract iras to investigate can liaoz...
in ur case... since u are gonna loan frm the bank... the bank will of cos check with iras.. since u dun have income.. the bank wun even loan it to u... if u wanna dump the whole sum of ur lancer.. there is a risk iras might find out.. but most prob not la...
hopes this help
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Thanks for yr help bro. My father drive taxi one so is it possible to use his name to buy the car and insurance also under his name. All cheap cheap and won't kena IRS check. My friend father also taxi driver and his father can afford to buy a toyota corolla so i think to buy, the best way put under father's name right?Originally posted by n0x:in the first place why are u not declaring income??? usually small business (and i am assuming urs is sole propeitorship) declaration of income is up to urself 1.. u can be earning 5 k a month but declare 2 k a month.. no prob.. dun have an ultra lavish lifesytle tt will attract iras to investigate can liaoz...
in ur case... since u are gonna loan frm the bank... the bank will of cos check with iras.. since u dun have income.. the bank wun even loan it to u... if u wanna dump the whole sum of ur lancer.. there is a risk iras might find out.. but most prob not la...
hopes this help -
yah... in ur case its advisable to get under ur father's name.. and u wun get found out... but most impotantly... the low insurance premium...
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I'm not too sure.... Now insurance required to put name drivers other than owner himself/herself. But if threadstarter is a newbie driver, insurance excess will be higher also, though i'am not sure about the premiums.Originally posted by n0x:yah... in ur case its advisable to get under ur father's name.. and u wun get found out... but most impotantly... the low insurance premium... -
his father is the "main" driver and he is the added driver..Originally posted by Disappointment:I'm not too sure.... Now insurance required to put name drivers other than owner himself/herself. But if threadstarter is a newbie driver, insurance excess will be higher also, though i'am not sure about the premiums. -
it would be advisable to acquire the car under your own name, and insurance to your name too.
1. if the asset is on someone's else name, it goes along with him/her... whereever he or she goes ... if you got what i mean.
2. insurance has such thing called no-claim discount, and it goes from 0% to max of 50%. each year u'll earn 10% till max. so u got to start from beginning, just like every1 else. -
Hi just send u a message check it out