gearbox

23 hours ago, spidermike007 said:

This is pure ridiculousness. Someone appears to be very high. They would be very fortunate to get close to the 25 million they are claiming for this year. And the real figure was likely 15 million. They counted me 4 times. And they likely counted every head that showed up at Swampy. Businessmen, expats going back and forth, etc. An inaccurate reflection of tourism arrivals, for sure. 

 

Next year? Likely a coming recession. Some nations are already there. Alot of headwinds. Prices rising. Thailand is losing some of its luster. As prices rise, tourism will fall. Tourists are very price sensitive when it comes to Thailand, as the vast majority are low to middle income. Very few wealthy tourists visiting Thailand right now, for a dozen good reasons. 

 

Total malarkey, as they say in my old neighborhood. 

 

The article is about the domestic tourists, not international arrivals. The "visits" are probably the nights spent in hotels.

The Thais have much better deal than most of the countries in Europe,  they don't pay anything, only collect. Compare this to Europe where millions of so called refugees from that shole Ukraine are collecting benefits for almost 2 years. No wonder the far right is rising fast everywhere there.

2 hours ago, freeworld said:

Why do you want to know?

 

I would venture its none of your business.

Why not? Bob is probably looking to upgrade his breakfast from Chang to craft beer, any new ways to make money are probably of interest.

7 minutes ago, TroubleandGrumpy said:

Definitely correct - at 70 they grow heaps - at 75 they escalate - at 80 you are 'not welcome'.

Some guarantee that if you start before 60/65 they will cover you til 90 - but they dont say what the premiums are going to be.

I have a 'medical fund' in a bank account - all it is for is if there is a medical emergency - I put in 100K to start and top up each year.

The annual premiums you pay are wasted if you dont claim - but if you put it in a 'fund' account, it stays there waiting for you to use it.

I also use that bank account for the annual extensions - I have another bank account for day to day usage. 

Plus I have car insurance with accident coverage that includes unlimited hospital treatment after an accident.

 

Back to this bloke - if he had no medical insurance coverage for his holiday, then I am sorry, but that is on him - he made a bad decision.

I do wish him all the best and hope he recovers OK and very soon. 

Could you provide a link to the accident insurance with unlimited coverage? That would be a good option to consider if they do pay out.

2 hours ago, Chongalulu said:

This is a problem with most policies,they don’t allow you to extend nor even commence a policy AFTER you have departed - unless the delay is an enforced event ,often a claimable one in itself.

There are providers which can insure at pretty much any location, no travel requirements attached. If his policy expired he could buy a new one immediately.

2 hours ago, AdrianUk said:

Thats the most expensive ICU I have heard off,  this happens all the time here,  the ambulance guys that work for free get a 10% commission, so all the farang get set to the most expensive hospitals, then we see everyone begging for money in the media and family panicking and losing everything,  so the hospital can make a fortune!  I understand the value in better hospitals, but the family should be told the options,  my friend was in ICU in a government hospital for 2500 baht a day. Maybe the media could do a better job of pointing this out, the hospital don't give a crap the financial problems they make.

Yep the hospitals seems to pay commission to bring them patients, however mistakes do happen. My gf was involved in an accident 2 weeks ago, and the ambulance brought one of the injured (Thai) to one of the private hospitals in Samui. The hospital made quick assessment that she may not have money to pay, and she was expelled immediately to the government hospital.

18 hours ago, advancebooking said:

Hi, Under what circumstances do patients opt to have the colonoscopy and an Endoscopy  at the same time? I read some comments above where some guys had both done. 

 

thanks

I have done both of them many years ago at the same time. You need anaesthetic only once, I believe that's the main reason. It is way cheaper in the west with only one hospital admission.

Pak Meng and the surrounding beaches, south of Ko Lanta, however no western food there and very few foreigners.

On 11/30/2023 at 10:59 AM, gargamon said:

In the words of Kevin Costner, “if you build it (railroad), they will come“.

May happen one day, but unlikely in 2024. The China - Laos trains move around 5000 people per day, this is around 1.8 mil per year. Expecting around 20% of the passengers to be Thailand bound tourists is too optimistic.

A friend of mine was in Luang Prabang last week, said the place was packed with Chinese tourists. Makes much more sense for the Chinese to go there, easier logistics.

On 11/28/2023 at 12:38 PM, bignok said:

Out of the way? Its 20 mins. All paved now i believe. 

 

Why would you go to KPN and miss the best beaches?

IMO Haad Yuan is the best beach on the east side, but hard to get to. Beer is expensive even in the shops.

On 11/28/2023 at 12:52 PM, bignok said:

What sandflies? You never went.

There are sandflies, but not too many....nothing like Oz or NZ. The Bottle beach has them too.

17 minutes ago, KhunBENQ said:

And a friend always laughs about my "manbag" strapped around the shoulder and warming my belly.

Never would I put that much money and valuable documents in a backpack overhead.

In contrast to planes these overhead compartments have no door/lock that you notice when opened midflight.

If you sit at the window it can easy slip your attention in the bus.

It is easy to get distracted or fall asleep in bus or plane. Years ago I had my Kindle stolen during my flight from KL to Kathmandu. The seat next to me was empty, I placed the Kindle there and started taking shots of mt Everest through the window, when I turned around the Kindle was gone.

23 hours ago, stoner said:

 

seems so....

 

https://www.youtube.com/watch?v=6woLkxmdKHI

 

 

https://www.youtube.com/watch?v=D0PxRxwTa50

 

 

 

 

The Chinese real estate sector is in distress, which IMO is very good thing.  It would be good if the Aussie government  has  the guts to smash the property speculation cockroaches the same way.

2 hours ago, stoner said:

china is in a lot of trouble financially right now. ne how ? na more like ne who. 

I saw an interview with an IMF person a few days ago, they upped the Chinese growth forecast for both 2023 and 2024, along with many of the leading investment banks.

China has plenty of interesting places to be seen, and with the massive infrastructure built it is much easier to access them now. The domestic tourism is on the rise.

23 minutes ago, 4MyEgo said:

 

I have a question after reading the link you provided, what do you make of this, in particular the word "tax resident", to me generally speaking, the meaning of the word "tax resident" ordinarily means someone who is working or paying tax in the country, in this instance (Thailand), e.g. a school teacher, or a farang working in and office earning a salary and paying tax in Thailand that is also earning an income from abroad and remitting it into Thailand.

 

Be interesting to hear anyone's thoughts on this, if I think it refers to as mentioned above, I believe those of us that do not pay tax here in Thailand, because we do not work in Thailand, cannot be deemed "tax residents" for tax purposes in Thailand, because as I said, we are not deriving an income from Thailand.

 

The new interpretation stipulates that a tax resident of Thailand who is deriving income from assets located abroad and subsequently brings that income into Thailand in any tax year, has a duty to include that income in calculating income tax under Section 48 of the Revenue Code in the tax year in which the assessable income is brought into Thailand.

 

They might have us on the below as the word changes to residents and 180 days in any tax calendar year.

 

But what happens when we have already paid tax on the money we are bring into Thailand, they can't have two bites of the cherry, or can they ?

 

Residents are defined as persons residing in Thailand at one or more times for an aggregate period of 180 days or more in any tax (calendar) year.

 

 

 

 

According to the law you are tax resident of Thailand if you stay more than 180 days in "tax year" in the country. AFAIK the Thai tax year is the calendar year, the Oz tax year ends at 30th June.

So what is tax resident? Simply put it is someone required to file tax return and maybe pay tax, although Oz doesn't require filing even if you are resident in specific circumstances, e.g you are way below the tax free threshold etc.

Depending on legislation you can be a tax resident of more than one country.

Also depending on the legislation the tax may need to be paid on income not derived in the "taxing" country, see for example how Spain and soon Portugal is taxing residents and retirees.

In short, clear as mud, it depends on the individuals where they want to be taxed and adjust their circumstances and moves. All governments want to grab your money, that's the first rule.

3 hours ago, KhunHeineken said:

That's 45 days every financial year, not every 3 years. 

 

See the link in the post above.

 

Here's the relevant section.

 

Here’s a breakdown for incoming tax residents

1️⃣ 183-Day Test: Spend 183 days or more in Australia during an income year, and you become a tax resident.

2️⃣ 45-Day Test: If you spent between 45-182 days in Australia during the financial year, keep going to the factor tests.

3️⃣ Factor Tests: Meeting two or more of these factors deems you an Australian tax resident from day one in Australia. These include citizenship, accommodation, family, and economic ties.

 

It reads to me you need to spend at least 45 days in Australia in a financial year, to proceed to the factor tests, and then meet any two of them.  Citizenship is easy.  Family would be the next easiest one to prove, but you don't get to the factor tests unless you do the 45 days in Australia every financial year.  

That's not quite right....quoting from the link 4MyEgo posted:

"For departing long-term residents the four factors will not need to be applied. Rather, it will be necessary to spend fewer then 45 days in Australia for this year and the previous two income years. This means that Australians moving overseas would need to be overseas for three years before they could change tax residency, unless they fell within the special foreign employment rule. This will make the process more difficult for some individuals and is likely to produce some inequitable outcomes, for example, business owners who will not be taking up external employment. "

To go non-resident you need to spend less than 45 days in the current financial year and the previous 2 financial years.

2 hours ago, 4MyEgo said:

 

I think I follow, however, if you have, as you say 10,000 franking credits and you already paid $10,000 to the taxman, wouldn't that be then claimed back on the $10,000 paid in tax already therefore rendering a tax refund and no tax payable in lieu of tax already paid ?

 

 

Nowadays if you provide the tax file number to your broker, the franking credits are prefilled in your online tax return and automatically deducted from the tax payable. So in the 10000 franking credits case above, they'll offset your 10000 tax to be paid, and you don't have to pay tax.

1 hour ago, 4MyEgo said:

 

I have a question regarding the $7.5k to pocket you are referring to e.g. lets say one returns to Oz and is a resident and is working for a year, does that $7.5k credit amount reduce the taxable income earned by the whole $7.5k e.g. one earns $60,000, would they then say, ok, but we have $7.5k franking credits and reduce the taxable income to say $52,500 which would give them a tax refund of say $2,437.50 on the tax already paid, or would they get a straight $7.5k back ?

 

If it's similar to negative gearing, i.e. offsetting ones rental losses after interest from banks charged, then it's a claim on the difference and they deduct the expense from the tax paid, but not all of it is claimable, only a portion when calculating the tax rates.

Franking credits are tax offset, not tax deduction. For example you have 50000 taxable income and 10000 tax on that income. If you have 10000 franking credits your tax is zero. If you have 15000 franking credits you'll  get 5000 refund. So  tax payable on income - franking credits = tax to be paid.

On 10/25/2023 at 2:14 PM, mfd101 said:

Yes, my personal experience of being declared 3 or 4 years ago 'non-resident for tax purposes' is that it's quite expensive, at least for someone on modest superannuation + small investments. For one thing you lose your tax-free first $18 or 20K - now taxed at roughly 30%.

 

A few weeks ago I received a form from my investment manager company asking whether I was a Thai tax resident & what was my Thai tax number. I replied (truthfully) that I am not a Thai tax resident, I have no Thai income & no Thai tax number, my sole incomes are from Oz. Nothing further heard to date but the fact that they asked means the ATO is on the warpath. With the ALP in power, tax anything that moves is the basic approach.

It depends on the components of your income - if you have interest from the banks, afaik tax is 10%, and the dividends are taxed from 0 to 30 percent depending on franking.

Overall if someone is a resident and gets 40k only from dividends, there could be a tax refund of around 7.5k if all are franked 30%. The non resident would pay no tax, so 7.5k is to pocket if resident. Whether it is worth the trips to Oz depends on the person's circumstances.

22 minutes ago, KhunHeineken said:

 

The current laws are 90 years old.  Links already provided on another thread. 

 

From The Treasury - Australian Government.  Dated after September 2023. 

 

https://treasury.gov.au/consultation/c2023-205344#:~:text=This measure was announced by,be an Australian tax resident.

 

Article not posted before.  Dated August 2023.

 

https://www.accountantsdaily.com.au/tax-compliance/18901-why-the-long-road-to-tax-residency-will-be-plagued-by-detours

 

If anyone living in Thailand, full time, who derives an income from Australia, and a pension is an income, can circumnavigate the proposed changes if/when they are passed, I will be surprised.  Unless exemptions, tax free thresholds and means testing is added, I don't see how anyone can slip through the net. 

 

Then, you have to deal with Thailand taxing foreign income in the future, and the double taxation agreement. 

 

Buckle up, indeed.  Or, you can believe all of this is just for guys like Paul Hogan, and dismiss all the information in the many, many links provided as scaremongering. 

 

 

 

 

Circumnavigate what....being a tax resident or non resident? With the proposed new rules it won't be that difficult to remain resident, 45 days in 3 years is easily doable.

Get well soon. My observations are that early mornings are riskier in terms of driving here, people are in a hurry to go somewhere.

3 hours ago, Brick Top said:

In the UK , I was self employed from 1982 to retiring here in 2004. I had paid over £400,000 in income tax. 

I am entitled to receive my UK pension when I am 66 next year, when I checked I was entitled to £76 a week. I was told I had missing weeks in my National Insurance records.

So I back paid from my own money £13,800 , now i am still not entitled to full pension as some years prior to 2006 I only had 49, 50 and 51 weeks instead of 52. Those shortfalls cant be paid as can only go back to 2006. This means I will still only have 32 full years instead of the 35 full years to get the full state pension. Whilst those who have either never worked or been in the role must of there life will get the full state pension.

Then on top of this UK pensions are frozen from the date you reach retirement age if you reside in Thailand.

This is the UK Government for you , totol shambles

Count yourself lucky. I've paid more tax than you and still paying, but the only thing I'll get is a big fat zero. The Oz gubement classifies me as wealthy, and I won't get any pension because "I don't need it". Smells like communism to me. On top of that I won't get any subsidised medicine which the old age pension retirees get. It would be much better to have the US style Social Security system.

4 hours ago, John Drake said:

One of the biggest investments the US makes in countries like Thailand is giving them privileged access to the US market. Last year, for example, Thailand enjoyed a $42 billion trade surplus with the US, while running a trade deficit with the China. Quite simply, this needs to end. Those market privileges were given to Thailand on the contingency that it would be a mainland SE Asian bulwark against communist/Chinese/Russian expansion into the region. Now, the region is completely in Chinese-Russian hands and Thailand is joining them. Frankly, there is nothing else that Thailand makes or produces that the US needs. It is in US interests, I think, to simply cut off the Thai pipeline and reroute all investments, development projects, and trade towards the Philippines, a country that has cultural, linguistic, political, religious, and military ties with the US. Thailand is a lost cause. Write it off.

You can look at the trade from a different angle. The trade between Thailand and US is done by private companies based on rational decisions and profit expectations. If they can find more profit somewhere else, they would trade there. The tariffs affect that trade but partially, for example brisk trade with China continued even when Trump imposed extra tariffs.

The fact that Thailand has 42bn trade surplus means that the Thai importers don't see value in importing US goods. There is little that they can't find somewhere better and cheaper. If there was demand, there would have been imports.

Raising the tariffs for the Thai products won't make it any better for the US exporters.