Have a Rolex, Hermes & other branded items, should they be reported on your tax return? My Money – 2 days ago

Jakarta, CNBC Indonesia – Do you like collecting branded items such as watches, luxury bags, gadgets and accessories with a value of tens or even billions of Rupiah? Be careful, don't let these items not be reported in your Annual Tax Return (SPT).

Some of these luxury items may have been obtained from personal money or as gifts from people close to them. And actuallythere are no special criteria that regulate these luxury items in SPT reporting.

However, considering the value and potential for buying and selling these goods, there is no harm in reporting them when filling out the SPT so that new problems arise later.

Here are the reasons why reporting luxury items on your tax return is important:

Become an Additional Income Asset

Luxury goods still have resale value, and their owners can make a profit if they sell them. Rare collections of branded items often have a higher value when resold.

Investment Potential

For example, buying a luxury watch as an investment. Although it is difficult to calculate its intrinsic value, there is potential for profit from future sales.

Prevent Tax Problems

Not declaring luxury items at the time of sale can create tax problems. By reporting it early, you avoid the risk of underpayment of tax later.

If you are confused about how to report these items, you can record them as part of other movable assets when filling out your Tax Return. This way, you ensure good tax compliance and avoid future problems.

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