First time filing an e-B (salaried with business income). I have a few questions

[_kitten_]

I've been doing a dropshipping business since Oct-22 and it's been quite profitable. I'm trying to pay my tax but not quite sure if I'm doing it correctly. Appreciate it if I can get some help from here

A bit of background on my business

1. I'm selling products from a supplier. I did the marketing and handles the purchase. However, the customer payment goes directly into my supplier's account (my supplier provides a checkout page that I integrated into my Woocommerce sales page).
2. I market my product using Facebook ads, which is kinda the only cost of running the business (as the other costs are negligible)
3. My income is in the form of sales commissions. It is paid every day, but usually not on the same day of the sales. Sometime 1-2 days later, sometime more than that.

Here's a summary of my business in 2022

Oct-22	RM4,153.03	RM3,680.42	RM5,205.00	RM2,395.00	RM988.85
Nov-22	RM8,942.01	RM9,945.85	RM14,435.00	RM11,200.00	RM5,163.41
Dec-22	RM12,468.41	RM11,604.65	RM16,415.00	RM18,560.00	RM3,709.79

Month
FB Ad Billing
FB Ad Paid
Commission
Commission Paid
Nett Profit

• FB Ad Billing - The amount of ad billing I got charged by FB on that month
• FB Ad Paid - The amount of ad billing that I paid that month
• Commission - The amount of commission that I will get from my sales in that month
• Commission Paid - The amount of commission paid by my supplier on that month
• Nett Profit - My profit/income for that month (

  Commision Paid

  -

  FB Ad Paid

  )

And here are my questions

1) Summary Of Business And Partnership Losses Subject To Loss Restriction

• image
• I'm not sure what does mean. Does it literally mean the amount of loss in your business?
  

2) Trading, Profit And Loss Account

• image
  
• Which column should I use for "Sales or turnover"? Will that be

  Nett Profit

  or

  Commision

  ?
• Should I put my

  FB Ad Paid

  in the "Purchase and cost of production" section?
• Since I'm dropshipping, and I don't hold any stocks, I don't need to fill in the " Opening Stock" and "Closing Stock" right?
  

3) Expenses

• image
• Is it correct to fill the "Promotion and advertisement" with my

  FB Ad Paid

  ? Or should I use

  FB Ad Billing

  , or is it for something else?

4) Others

• My "Statutory income from sources of businesses in Malaysia" is pretty much

  profit - cost

  right?
• I'm planning to start another business soon. Will I be in trouble if I use the same company (with a different niche and nature of business) and file both in the same tax filing?
• Is there anything else that I should be aware of?

Thanks in advance!

 

[jibs]

@_kitten_ Hire a proper tax agent. Otherwise, either you screw up your tax and needs to pay penalty or you under claim stuff. Tax agent probably cost one or few k only.

 

[samo2xl]

@_kitten_ I dont think you need to pay tax for this since you havent reached the threshold, it should be rm 32k yearly if im correct. Dunno if you should declare it or not though, sry not a tax expert

 

[_kitten_]

@samo2xl I have a salaried income as well (RM135k annually including bonus). Without declaring my business, I have around RM3k excess tax to be refunded. After I declared my business using the above setup, the excess payment was down to RM1.3k. With only RM6.9k profit, I got taxed RM1.7k? Seems a lot to me lol

 

[bobgunn]

@_kitten_ Do you have a link to your store? Extremely curious