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KhunHeineken

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  1. Conveniently didn't mention Australia is currently updating ALL of its tax treaties with over 40 countries, some of which set out Australia,as the source country, has taxing rights on pensions, but hey, why consider the future?
  2. Why do you say that? I could accept your comment after the May budget, but not before. Aren't we past the "scaremongering" label for the proposed changes? The current Labor government is running with them, and given it was the previous Liberal government who proposed them, who is going to vote them down? It's just a matter of time before they are passed, by either political party who puts them to parliament.
  3. This the unknown factor in the equation, life expectancy. Live to a ripe old age in Thailand, and the 2 years back in Australia for the pension was worth it. Die not long after the 2 years back in Australia and it wasn't worth it. That said, their is a sense of entitlement, and rightly so. Why let the government off the hook for it?
  4. Which would be illegal, and if / when they catch up with him, not only is there the fine, but he'll have to pay it all back. Actually, for a case like this, he very well may be criminally charged with fraud.
  5. Some may say the fools are the ones that work all their life, just to give the money to those that have never worked a day in their life.
  6. I agree with your summary. The sad thing is, you work all of your life and pay all of that income tax, with a lot that tax revenue going to people who have never even worked day in their life, and just because your decide to live overseas, you are financially punished and lose entitlements.
  7. Which is exactly why the residency rules will change. They are designed to exclude "everyone's circumstances" and simply will be based on physical presence and time. No ifs, not buts, no reviews, no appeals. It comes down to where were you, and for how long - that's it.
  8. The Australian government wants you to die working. https://www.aph.gov.au/about_parliament/parliamentary_departments/parliamentary_library/pubs/rp/budgetreview201415/pensioners#:~:text=The Labor Government introduced measures,2025 until it reaches 70. "The 2014–15 Budget confirmed speculation that the qualifying age for the Age Pension will be raised to 70 by 2035. The current qualifying age is 65. The Labor Government introduced measures in 2009 to increase the pension age to 67 through gradual increases during the period July 2017 to July 2023.[1] The proposal contained in the 2014–15 Budget is to continue to increase the pension age by six months every two years from 1 July 2025 until it reaches 70. The measure does not affect this Budget and is intended to help address the impact an ageing population will have on government finances in the long term."
  9. Oh, so you now agree the proposed changes are in the mail.
  10. Watch it yourself. https://9now.nine.com.au/a-current-affair/centrelink-customers-claim-they-are-being-hung-up-on-as-delays-stretch-out-to-months/ffedf397-cde1-4ad6-9b08-1289671193cd#:~:text=General Manager of Services Australia,to get on the pension.&text="Look%2C age pension is a,have all the information validated."
  11. 1 million is a "few" is it? Of course, they are only after one guy in that 1 million, Paul Hogan. https://www.smartraveller.gov.au/before-you-go/activities/living-overseas#:~:text=At any time%2C there are,travellers for a great start! "At any time, there are around one million Australians living and working overseas."
  12. So the Stage 3 tax cuts are passed the Senate and you declare the proposed changes to the 90 year old current tax residency laws are dead in the water.
  13. Same budget allocated for staff, but the call center moved to India or The Philippine and they hired triple the amount of staff for the same money.
  14. I think this link covers everything. https://www.ato.gov.au/individuals-and-families/investments-and-assets/investing-in-bank-accounts-and-income-bonds "Banks and other investment bodies report to the ATO the interest they pay to account holders and investors. We match this information with the amounts people report in their tax returns to ensure that all income is being declared. If we find a discrepancy, we do adjust tax returns and penalties can apply." So, the banks send the information to the ATO. The ATO doesn't even request it from the banks. I suggested this is how the Thai tax on foreigners would have to work also. Might be a good idea to supply your bank with your Thai address after the proposed changes come in. "Financial institutions automatically withhold tax from interest earned on accounts held by foreign residents. If you've given the financial institution your overseas address, the tax will be withheld at the rate of 10%. Without your overseas address, tax is withheld at 47%. You don't include this interest as income on your Australian tax return." In my opinion, the above will rely on the proposed changes and information from immigration. No longer can you give your bank an Australian address, when the ATO know you are outside of Australia for 183 days. The ATO even wants the interest earned in Thailand. That's the tax on "worldwide income." "Some tax authorities in other countries don't require you to report interest earned overseas, but we do. If you hold bank accounts in other countries, you must report any interest or other income earned from these accounts in your Australian income tax return. You may have to pay additional charges if you don't do this." Once again, I am not saying I am right and you are wrong. Some is fact and some is my opinion, but interesting times ahead. As I have mentioned before, for significant cash holdings, a global bank in Singapore may be the solution.
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