Receiving money from another company while on EP

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thatguyoverthere
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Receiving money from another company while on EP

Post by thatguyoverthere » Mon, 08 Oct 2012 12:58 am

I just held a non-profit event about a month ago and incurred some cost to run it. The venue offered to help me cover the costs for items like the posters and flyers I printed, and they want to make the payment by transferring money to my personal bank account. The amount is around $500. I'm on an EP, would this be considered as receiving money for freelancing and will I get in trouble for this? I asked if they can pay me back in cash and they said only a transfer is possible from their company bank account. This is a one time thing, I can't see this as ever happening again, but is this a bad idea? I don't have many other options for receiving the money, and I doubt this guy will have the patience to do an overseas wire. Any thoughts?

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nakatago
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Post by nakatago » Mon, 08 Oct 2012 8:49 am

Is it volunteer work and they're only reimbursing you for your incurred expenses?
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the lynx
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Re: Receiving money from another company while on EP

Post by the lynx » Mon, 08 Oct 2012 9:23 am

thatguyoverthere wrote:I just held a non-profit event about a month ago and incurred some cost to run it. The venue offered to help me cover the costs for items like the posters and flyers I printed, and they want to make the payment by transferring money to my personal bank account. The amount is around $500. I'm on an EP, would this be considered as receiving money for freelancing and will I get in trouble for this? I asked if they can pay me back in cash and they said only a transfer is possible from their company bank account. This is a one time thing, I can't see this as ever happening again, but is this a bad idea? I don't have many other options for receiving the money, and I doubt this guy will have the patience to do an overseas wire. Any thoughts?
If it is a volunteering stint and they are paying to cover the cost, it shouldn't be a problem. :)

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ecureilx
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Re: Receiving money from another company while on EP

Post by ecureilx » Mon, 08 Oct 2012 10:28 am

thatguyoverthere wrote:I just held a non-profit event about a month ago and incurred some cost to run it. The venue offered to help me cover the costs for items like the posters and flyers I printed, and they want to make the payment by transferring money to my personal bank account. The amount is around $500. I'm on an EP, would this be considered as receiving money for freelancing and will I get in trouble for this? I asked if they can pay me back in cash and they said only a transfer is possible from their company bank account. This is a one time thing, I can't see this as ever happening again, but is this a bad idea? I don't have many other options for receiving the money, and I doubt this guy will have the patience to do an overseas wire. Any thoughts?
If you are receiving large amounts of money, and failing to disclose, then IRAS can dig deep ..

if the amounts are minor, then don't fret

I know one case of a guy who was doing trading, while on an EP, and when things hit the ceiling, the MOM guys called him for a meeting, and asked him to justify every receipt in his Bank Statement ..

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Re: Receiving money from another company while on EP

Post by revhappy » Mon, 08 Oct 2012 10:42 am

You mean stock market trading or trading of goods? I know stock market trading is exempt from capital gains tax so, it shouldnt be an issue?
Last edited by revhappy on Sun, 14 Oct 2012 11:39 pm, edited 1 time in total.

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ecureilx
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Re: Receiving money from another company while on EP

Post by ecureilx » Mon, 08 Oct 2012 10:49 am

revhappy wrote: You mean stock market trading or trading of goods? I know stock market trading is exempt from capital gains tax so, it shouldnt be an issue?
Trading of car spare parts and stuff ..

In strict terms, if on EP, you cannot do even Stock trading. . or did I miss something there ?

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Re: Receiving money from another company while on EP

Post by revhappy » Mon, 08 Oct 2012 10:54 am

..

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