Money on the net
Of late we see that many have used the internet to generate income. Popular bloggers have monetized their sites. YouTubers are able to find sponsors who support their channel. Some are even able to make money using Twitter.
Malaysia is not short of talented people who have used the internet for financial gain. Maybe we can call them Netrepreneurs!
Tax on the net
There are only 2 certain things in life … death and taxes – Benjamin Franklin
If you have an income, you need to pay taxes.
Blogging is a job or a business?
The income you received from social media marketing activities such as blogging, YouTubing, etc. will be assessed as self-employed income.
So yeah, you can tell people spending time on the net is not a waste of time. It can make money.
So what sort of income is taxable?
Here is a list of income that is taxable:
- Profits or gains from business, trades or professions
- Dividend profits or gains
- Royalties or premiums
- Annuities, periodic payments and other profits or income not listed
You can’t escape the tax man!
But you can claim tax relief
Okay … you know we need to pay taxes but then again we are allowed to deduct expenses incurred with the business.
Need to register as a business
Oh yes ... don't forget to register your online businesses!