Australian retiree in Thailand - troubles with Westpac

[sonjai]

I wonder if any other Australian expat retirees here are having issues with their Australian banks regarding their tax residency. Westpac Bank, being OK for many years that I was no longer a tax resident of Australia and was residing in Thailand, is suddenly not happy with this and say they may block my account unless I provide a local tax identification number. Has anyone had a similar recent experience and what did you do to solve the problem?  I posted details on another forum (https://forum.thaivisa.com/topic/1215584-australian-bank-demands-thai-tax-id-tin/) but think now that perhaps my post would be of more interest here.

Edited May 1, 2021 by sonjai
correction

[thasoss]

29 minutes ago, sonjai said:

a local tax identification number.

by this do you mean a thai tax number?

[thasoss]

So you are now resident oversees for tax purposes?And the aussie bank automatically taxes any income from your accounts at 10%...am i correct?....so yes why would westpac want any other details?do they think you are gainfully employed in thailand?

[sonjai]

Yes, I meant a Thai tax identification number (TIN). Wespac has been charging a 10% withholding tax on interest in my account for years.  I updated my internet banking profile regarding my Thai tax residency years ago. I'm at a loss why suddenly the bank's CRS department asked me to confirm yet again my Thai tax residency and is demanding my Thai TIN, which I don't have.

[thasoss]

5 minutes ago, sonjai said:

Thai tax residency and is demanding my Thai TIN, which I don't have.

So are you working in tailand?

[sonjai]

I do

4 minutes ago, thasoss said:

So are you working in tailand?

No, I"ve been residing in Thailand on a retirement extension for years and naturally could not work here. I live off my savings.

[thasoss]

only thing to do is call them.Ask why are you requesting this? I am retired,I dont work,so why would i have a thai tax number.

Aussie banks are a pain in the <deleted>,all of them.

[simple1]

9 minutes ago, sonjai said:

I do

No, I"ve been residing in Thailand on a retirement extension for years and naturally could not work here. I live off my savings.

 

Sounds like the bank is carrying out due diligence, been a lot of pressure on the banks to fully comply with regulations; likely automated letter generated from data mining. If you're not earning any income from working or assets in Thailand, inform the bank.

 

Edited May 1, 2021 by simple1

[sonjai]

1 minute ago, simple1 said:

 

Sounds like the bank is carrying out due diligence. If you're not earning any income from working or assets in Thailand, inform the bank.

 

Westpac CRS department has been harassing me with emails all week. I explained everything to them in emails and called them in person -see my yesterday's post

The argument they keep making is that if I don't pay any tax in Thailand I'm not a tax resident of Thailand.  Idiotic, really, as in Australia pensioners, unemployed , and lots of businesses with losses to offset earnings, do not pay tax but are still Australian tax residents. These CRS people seem to be very aggressive in their correspondence with me and keep reminding that they can restrict my account.

[simple1]

1 hour ago, sonjai said:

Westpac CRS department has been harassing me with emails all week. I explained everything to them in emails and called them in person -see my yesterday's post

The argument they keep making is that if I don't pay any tax in Thailand I'm not a tax resident of Thailand.  Idiotic, really, as in Australia pensioners, unemployed , and lots of businesses with losses to offset earnings, do not pay tax but are still Australian tax residents. These CRS people seem to be very aggressive in their correspondence with me and keep reminding that they can restrict my account.

 

ATO sets the rules. IMO take up the issue with ATO, copying Westpac.