Tax news that you should know in 2023 [Indonesia Tax Law Ep.4 | Tax Regulations updates]

A lot of small and medium scale businesses are the most hit by the COVID 19 pandemic. They have been forced to close their businesses for too long and the ripple effect is right there string at us in the faces. The few small and medium scale entrepreneurs who are able to scale this trying time and still are able to float their businesses. The free period of this lockdown is somewhat tiring and overwhelming.

Guess what, there lots of interesting and rewarding you can do to kill off boredom and come out of the pandemic during this economic recovery period. There are more sophisticated ways to live a better and more valuable life – business wise.

Here are few meaningful things you can do personally and business wise during this business recovery cycle.

Keeping regular and up-to-date tax and accounting records in the pandemic period
The importance of having a regular and up-to-date book keeping and top-notch accounting records for your business can never be over rated. This is mostly true for SMEs because their income inflow seems to be on a regular basis. Thus, waiting or pilling up your accounting reports till end of the month or more intervals might spell doom for any SME.

The large amount of the records to update might be a little bit overwhelming and tiring. If you reach difficulties in completing them, it is advisable you outsource such task to capable and highly skilled persons to handle for you rather than keep the task open and outstanding. There are a lot of cycles involved in a company’s operation from keeping financial records to clean and clear accounting report. There are a series of things that involve qualified individuals to ensure that they are accomplished successfully. Functions that need to be regularly updated are revenue (accounts receivable), bills and debts (accounts payable) and reconciliation against the actual in-and-outs. With the complexity involved with each, companies can start to make plans and comparing one to another outsourcing companies to help them.

In conclusion, there is never a lost time in business because each passing minute of the day is an opportunity to grab something meaningful and worthwhile. If you decide to go home and just play away the entire supposed free time, guess what? You will be left miles behind because after the pandemic, a new set of winning business executives shall be birthed.

This episode will answer
Is tax in Indonesia high?
Is Indonesia a tax free country?
Do foreigners pay taxes in Indonesia?
Do you pay taxes in Indonesia?
What is the highest tax rate for 2022?
What is the highest tax rate for 2023?
How much tax do you pay in Indonesia?
Are taxes high in Indonesia?
What is the tax year in Indonesia?
How much are taxes in Indonesia?
Is tax in Indonesia high?
Are there taxes in Indonesia?
Which country has no tax on business?
What tax system does Indonesia use?
Which country is corporate tax free?
What is meant by GST?
How much is GST in Australia?
What are the 3 types of GST?
What is GST price?
What is the VAT tax?
What is VAT in Indonesia?

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[darrenaustralia]

Question : if I retire to Bali (aged over 60), I will retire on my own private Allocated pension (super) which is tax free in Australia.

1. As a retiree with my allocated pension in Australia where I either just withdraw money from my Australian ATM card or open an Indonesian bank account, is the Indonesian tax office going to tax me on my allocated pension from Australia (I.e the earnings such as interest of any CGT that is earnt in the fund given its tax free in Australia if you are over 60?
2. Do I even need to apply for tax identity number and submit a tax return ?
3. I have read the double tax treaty which is confusing, so if I am on a retirement visa I.e kitas if I just live in Indonesia less than 183 days then I wouldn’t be considered a tax resident is this correct ? Even though my Indonesia wife will own a home in Bali ?
Many thanks, also if this not correct forum could someone direct me to a more relevant forum as I have searched and can’t seem to find one, thanks again