gearbox

On 5/29/2024 at 6:57 PM, Kenny202 said:

The processing of the online form not a problem. I am sure I could've completed it and converted to pension stream as fa as the Super company concerned. The only reason I noticed it was when it came up with a space for Australian address  / State / Postcode and the warning referring you to the PDS saying ATO requires you to be in Australia at the time of applying. The guy from the super company was saying your choice to proceed but he reckons he got advice from "the team" to say it was sketchy tax wise. I don't think the Super company gives a rats. It is actually an ATO stipulation, not the Super companies requirement. I am just worried the ATO will know I wasn't in the country when applying and possibly down the track I will get hit for the 15% I saved and the super company didn't keep. They do know exactly where you are these days with links to everywhere and your passport details. If you think its not a problem let me know, still keen to do it

Hi, could you provide a link or attach a blank form where it says you have to be in Australia to start pension income stream with your super. I would like to research this a bit more as I'm starting my pension income stream in around an year.

14 minutes ago, Kenny202 said:

I went though the process of setting up a pension stream this week and hit an unexpected snag. One of the requirement of the pension stream / tax saving is that you have a residential address in Australia (easy... my sons address) and that you are IN Australia when you apply for the pension stream and receive the Super companies confirmation. Could all be done online in a day. Doesn't say you have to be living in Australia, just that you have to be in OZ when you apply. I could have actually completed the application and process and got the pension plan but the super company did advise the ATO may, and often do check. And very easy for them these days to check if you are in the country at any given time. Worst case scenario you get a tap on the shoulder in the future have to pay any back taxes owing (15% that you saved on tax) plus a fine. Anybody else run into this or have a work around?

Use VPN and set your VPN proxy to be in Australia, otherwise they may block your pension stream application. AFAIK this requirement may be invented by your fund....never heard about this requirement.

The AML/KYC rules are getting tightened, I got a credit card application put on hold by HSBC Australia, as I applied online from Thailand. Use always VPN when dealing with the banks, financial institutions and the government.

1 hour ago, TroubleandGrumpy said:

The issue/story is about the economic recession that Thailand is enetering after 10 years of the Junta and the decline in overseas development. Thailand is no longer the only 'port of call' for manufacturers and big industries looking to setup a base (hub?) in SEAsia. Malaysia and Indonesia have been kicking their butts for many years, and Vietnam is making strong moves forward. Meanwehile Thailand has been pushing Chinese led growth though tourism and letting them take over as the their main overseas investment source.  Ad of course this has all been supported by the Thainese that have infested the wealthy and influential parts of Thailand.  Bad moves all around  - Chinese Toursim is not as good for the country as TAT claim - they spend most of their money with 'approved' Thainese businesses in Thailand - it is what they do. Likewise, they will never be good for Thailand like USA, Japan and Sth Korea have been over the last 2-3 decades. Their reign as the 'manufacturing tiger' of SEAsia is coming to an end - and there is SFA they can do about it now that will not take a long time to have impact.  Technically the Thailand economy has been in decline since 2017 - it was coivered up by the Junta and then the Pandemic gave them more 'cover'. But now they are desperately applying bandaids to a severe wound that has been bleeding badly for a long time.  Demanding lower interest rates to spur private borrowing and spending will only make the macro situation worse in the long run, and force more foreign wealth to leave the country in the short term.  I have been very negative about the Thai economy for a long time - and I cannot see it improving anytime soon with these numpties in charge.       

Meh.. Malaysia and Indonesia get far more Chinese investment than Thailand and have large BRI projects.

IMO Thailand inability to move forward is due to lack of proper long term priorities like education. No country can have sustained high quality growth without large investments in education. Building an economy on low class tourists is not the way to go.

11 hours ago, ExpatOilWorker said:

It might already be too late.

Suzuki will probably be the first to close down auto manufacturing in Thailand after heavy losses 📉.  Hopefully they will keep their motorcycle division open.

https://autolifethailand.tv/suzuki-thailand-revenue/

Looks logical to close down...who is buying Suzuki cars? Toyota is the king here.

https://www.focus2move.com/thailand-vehicles-market/

10 hours ago, Andrew65 said:

You're right there. I lived in Bangkok for 20 years, lower-Sukhumvit area. I've now been living back in the UK for almost 6 years, and my living expenses are similar to what they were in Thailand. I now pay £550 per month rent (all inclusive). When I last lived in Bangkok my rent was 24,000 Baht. I don't have to pay for healthcare in the UK

Lower Sukhumvit is fairly expensive place, I doubt you can even rent  a garage for £550 in central London. My nephew was renting 2 bedroom apartment near Victoria station for £2500 per month, and that was a few years ago. Now he lives in his own house but his childcare is £2500 per month for only one child.

4 hours ago, Bvor said:

considering the overall tests and not solely the 183 day "rule" can an OAP returning to oz for cumulative 45 days per financial year be ruled a resident?

any mention of the proposed changes to tax residency in the 2024 Budget Papers?

cheers  

From my searches it appears there are no changes in regards to tax residency in the budget.

On 4/27/2024 at 6:40 PM, Lacessit said:

No, I am complaining about oversize, overweight luggage which is put into overhead lockers, because some airlines don't have the spine to say no to the selfish gits who abuse the system and other passengers.

 

The wheels are another indicator what's inside is too heavy to be "carry-on".

 

If you can't carry 7 kg of belongings a couple of hundred metres, I recommend a program of diet and exercise.

Recently many airlines, especially the LCC sell extra carry-on luggage up to 14 kilos. It still needs to fit the cabin sizes.

The hard shell suitcases are mostly standardised now, and there is cabin fit size.

I personally never use cabin hard shell suitcase, it weighs around 2kg itself, only 5kg left to use.

15 hours ago, NoshowJones said:

I don't think anyone with any sense would put a laptop in the overhead locker even if it's in a case. I would always want my laptop in my case except when I was using it.

Most of the people put their laptops in the overhead lockers, I never had issues myself.

1 hour ago, kwilco said:

saly you are a "one quote wonder"

 

THe west loves stories of impending doom in China and point to the autocratic nature of the country - there is a lot of ttruth in this but they are barking up the wrong tree - autocratic or not China is in a far better position than the west - with there own idiots like Trump Brexit and the right - it isn't a military problem - before the west knows it China will be the dominant power in most of Asia - the only opposition is India.

I can't think of any type of industry where China didn't get stronger in the last 5 years. The actions of the US government paint the real picture - increasing number of "trade probes", sanctions etc. Nothing has worked so far.

22 minutes ago, StraightTalk said:

Aldi and Amaysim do not deliver Sim cards overseas. The SIM card provider would have to mail the card to my address in Thailand and payment including top-up payments would be made by either AMEX, Bpay or 'Pay Anyone'.

Try Amaysim esim, but I'm not sure if you can activate it in Thailand. I've heard people being able to activate dtac esims outside Thailand.

Of course your phone should must support esim.

2 hours ago, StraightTalk said:

One of the Australian establishments I am engaging with is implementing a two-factor authentication system, which mandates an Australian mobile number for registration.

The issue arises from my residence in Thailand, as the Australian establishment is unwilling to adapt the two-factor system to support an overseas mobile phone number.

I need a SIM card with an Australian mobile phone number that can be used and accessed in Thailand, allowing me to receive 'push notifications' or SMS messages from the Australian establishment. I can provide a dedicated smartphone for such a card.

The SIM card provider would have to mail the card to my address in Thailand and payment including top-up payments would be made by either AMEX, Bpay or 'Pay Anyone'.

Are there any SIM cards available that meet these requirements?

There are many....Aldi mobile, Amaysim etc. This topic was discussed extensively.

10 hours ago, Mike Lister said:

Congratulations, the hard work paid off.

How would you know...I saw somewhere that around 3 mil baht changed hands. One can't be sure as this is not a public company to publish accounts.

20 minutes ago, Chomper Higgot said:

It is indeed shocking.

 

It seems Australia, like the UK, too is failing to deal with the crisis of mental health problems on society.

 

 

I'm in Sydney right now, easy to go mental when you see the grocery prices and the rents.

Tent cities and rising crime seems the likely future.

20 minutes ago, Kenny202 said:

Not really sure what you mean by pension phase. I am not on the pension as I live outside the country but I am retired and have filled out the declaration. I haven't converted my Super into a pension type fund as of yet in fact I was told that can have tax implications.

 

My money has been in the same super account / fund for years while I was working and since I left work. I reached maturity age last year...made a small withdrawal and left the balance of the money in the super fund which is accruing interest. I have just withdrew another small amount. I checked at the time and if I withdrew the total amount of super at maturity age no tax was payable.

 

So is that correct? As long as I leave my money in the original super account, any interest earned on the balance now and in the future is non taxable even if I make withdrawals? Is this what you mean by pension phase or am I in the accumulation phase?

 

Many thanks for your help 🙂

The only way the super income becomes tax exempt is when you move your super from accumulation to pension phase (income stream). I'm more or less in the same boat although I'm a tax resident, this in principle won't matter unless you have a SMSF and you need to satisfy the residency tests.

https://simplyretirement.com.au/tax-super-overseas

If you get Oz super pension it may be taxable under the new Thai rules...that is if you bring it to Thailand via bank transfers. Australia won't tax your super pension and income generated by your super even if you are non resident

Interest earned in super if you are in pension phase is not taxable, whether resident or not.

If your super is still in accumulation phase the interest is super income and is taxable at 15%.

If your money is outside super then the non resident rules for interest apply.

It is in your best interest to keep your money in super in pension phase, no income is taxable. Hard to get zero tax anywhere in the world.

https://www.google.com/travel/flights/booking?tfs=CBwQAhpNEgoyMDI0LTA0LTMwIh8KA1BFUhIKMjAyNC0wNC0zMBoDQktLKgJURzIDNDg0MgJUR2oMCAMSCC9tLzA2MnFncgwIAxIIL20vMGZuMmdAAUgBcAGCAQsI____________AZgBAg&tfu=CmxDalJJVlU5UVNYUnFObmxvTVVGQlNURkNZV2RDUnkwdExTMHRMUzB0TFhSaVluWnhOa0ZCUVVGQlIxbFRTMGs0UkZjeVNEQkJFZ1ZVUnpRNE5Cb0tDT1pmRUFBYUExUklRamdjY0tpR0FnPT0SAggAIgA

The layout of the 787 Perth to Bangkok is pretty good, legroom of 32 inch,  comparable to Emirates.

On 4/4/2024 at 1:21 PM, JeffersLos said:

 

Why, you can gets the parts needed at the 20 baht shop. 

TCL is big brand, very big, I think they either No 1 or 2 worldwide in regards to number of TVs sold.

10 minutes ago, MrPancake said:

They are both wrong.

As of the first quarter of 2023, the number of western expatriates in Thailand was 156,596 - with more than half living in Bangkok, according to Colliers Thailand and the Employment Department.

2 millions is probably the number of foreign workers regardless of where they come from.

Thailand doesn't publish statistics on expats, but this number sounds reasonable. In 2018 they published that 80k retirement visas were issued, after covid there are probably less of us.

2 hours ago, soi3eddie said:

 

Even though I've been on Non-O retirement extension for 5 years, I've only ever done 90 day reports 3 times (during Covid) and now always travelling. This means I cannot get COR now. Also, the British Consulate no longer offers "affirmation of residence" certificate. My nearest Department of Land Transport office will not accept Yellow Book/Pink ID for DL renewal so today I went to a different DLT to renew and they accepted Yellow Book/Pink ID for residence proof. Definitely very useful to have! Same when I purchased a vehicle - the yellow book/Pink ID made registration in my name easy. Worth the effort in my experience. Others opinions will differ.

 

TIT...a feudal system where each province invent their own rules. I was able to renew my driving licence with my yellow book instead of COR. With national parks 3 out of 6 parks gave me Thai rates, the other 3 refused and had to pay foreigner rate.

5 hours ago, Phulublub said:

ATM and CC purchases can be tracked and traced in exactly the same way as direct transfers.  If money transferred to Thailadn (by whatever means, inlcuding bringing in cash) is assessable incoem then there MAY be a Thai tax liability.

 

In truth, many will be from countries with a DTA that minimises or eradicates any liability to any tax payments here.

 

A lot of expats are getting worked up about a change that will have minimal or no impact on them.  It is aimed at gathering tax from wealthy Thais; that it is broad in scope so we are caught as well is perhaps unfortunate.

 

As yet, Thai tax forms do not have the required fields for any of us to file, even if we want to.  That may change by next January when we are supposed to file.  We should also obtain a TIN (Tax Identification Number).  But if we do not, and continue to bring is funds but have none that are assessable, the fine for non reporting and non payment is equal to the amount owed - so nothing.  

 

Even for those who may have some income that is assessable, then if tax has already been paid, then under all DTAs, this is credited either here or at home so is paid only once.  With Thai rates low, and allowances decent, there will usually still be no extra tax to pay.

 

But if you want to panic, run to another country, store cash under mattress, or other silly extremes, feel free to do so.

 

PH

This is not correct. Only the bank issuing credit and debit cards have full information of your ATM withdrawals and credit card transactions. Even the tax office in your country doesn't have normally access to this, they can get it only if you are under investigation.

The AML govt agencies around the world use the concept of "entity resolution", this is decisive info to attribute a transaction to an entity. It could be something like this - full name + DOB + passport number + address. In Australia something similar is 100 points identity identification. The ATM withdrawals or CC purchases do not provide complete information to third parties and the transaction can't be attributed to an entity except by the issuing bank.