Mike Teavee

Seems to be even money on whether they cut by .50 basis points https://www.reuters.com/markets/rates-bonds/fed-seen-nearly-likely-cut-rates-by-50-bps-25-bps-2024-09-13/ ... if they do, it will hit the USD but if they don't a 25 point drop is almost certainly priced in already. TT Exchange booths are offering 22.50 to 1AUD... https://ttexchange.com/ Edit: Whoops it just dropped to 22.05!

That is saying your 1st 90 day report after (re)entering Thailand must be done in person/via mail so I'm guessing you've been outside of Thailand since you last did a report online. Lots of people (including myself) have experienced the same thing this year despite successfully doing online reports after re-entering Thailand in the past (last year)

I also use Jomtien IO & had no problems reporting Online when I got back from the UK in May 2023 but things changed (I think earlier this year) so it didn't work when I tried it in August having got back from the UK in May, lots of other guys have reported similar experiences.

There is no chance of it anything changing before October, but if you were worried about it why not get your extension now. Nothing to lose by doing it early (I usually do mine 44 days early).

You are right in using the date that you last entered Thailand but it will always be rejected as your 1st report on re-entry has to be done in person (or use an Agent to do it for you).

Meet up with friends who live Near Regent School every week & from Wongamat it usually takes 25-35mins each way... E.g. Met at Pa Boon Cafe for lunch yesterday & it took 30mins to get to Wongamat beach at approx. 2:30pm.

Friend of mine changed jobs in Thailand & for some reason when they calculated his final pay check, TRD said he owed 350,000THB which he had to pay within 7 days & wasn't allowed to leave the country until he had paid (He was warned that his passport would be flagged at Immigration). He'd calculated that he didn't owe anything but needed to be in Malaysia for corporate training the next week so paid it straight away showing the receipt to the immigration officer on his exit then was able to reclaim it via his next year's Tax Return. Edit: When I left my Job in Singapore (Twice) I also had to clear any outstanding taxes (My final salary was withheld) before I could leave thecountry https://www.simplepay.com.sg/help/payroll-concepts/special-topics/tax-clearance/

Jan = 20 days Apr = 30 days May = 31 days Jun = 30 days Oct = 7 days Nov = 30 days Dec = 31 days Total = 179 days. so not Tax Resident but double check your dates and be careful to include both the date you arrive & the date you leave.

Do you spend 180+ days in Thailand each calendar (1st Jan - 31st Dec) year? If yes then you are Tax Resident in Thailand if no then you are not. If you are Tax Resident in Thailand then what Tax you owe will depend on your income source(s) but at 80 the 1st 500K should be tax free (60K Personal Allowance, 190K for being >65, 100K Income "Expenses" & the 1st 150K is Tax Free)... Add on more allowances if you're married and/or have kids in Thailand.

Completely agree but Tax is often as much about being seen to be doing things "In The Spirit" of the rules as much as following a clearly defined set of rules so what I described about pro-rating the Tax Year is, I believe, common practice when dealing with tax across countries that have different Tax cycles.

Assuming you're under 65 & not paying Tax in your home country on the pension then your income is 540,000 THB p.a., & your allowances are 60K personal allowance + 100K Pension "Expenses" so your taxable income is 380,000 THB:- 1st 150K = 0 150k-300k = 5% of 150k = 7,500B 300K-380k = 10% of 80k = 8,000B ... Total Tax = 15,500B If however you are >65 then you get an additional 190K of allowances taking your taxable income down to 190K... 1st 150K = 0 150k-190k = 5% of 40k = 2,000B .. Total Tax = 2,000B

I really like Krungsri BUT if you're using Wise you can only transfer 49,999 THB at a time with them whereas Bangkok Bank, Kasikornbank is 2,000,000 & SCB 1,499,999 https://wise.com/help/articles/2932335/guide-to-thb-transfers Personally I'd get (& have my 800K in) a Bangkok Bank FD account (1.8% interest) plus get a Bangkok Bank savings account & a Krungsri account for everyday use. Edit: Sorry I've just seen you want access to it from overseas in which case an FD account wouldn't be suitable for you.

Even worse, they're talking about charging foreigners extra tax on property (Purchases & annual property tax). Best laugh is their justification for doing this is that foreigners bought more property in 2023 than they did in 2020, 2021, 2022.... Hmm, by any chance could a global pandemic shutting the country down for 3 years have anything to do with less foreigners coming to Thailand to buy property?

That's not correct as you can be a Tax Resident in 1 country, multiple countries or no countries at all. E.g. I am Tax Resident in Thailand, if I spend <180 days in Thailand & bounce around different countries for the remainder of the year never establishing Tax Residency in any of them I won't be a Tax Resident anywhere. If you are claiming that I would revert to being Tax Resident in my home country then that's not true either as you need to spend a minimum of 15 days in the UK & given I've been Non-UK Tax Resident for >3 years (18 years) & have a maximum of 1 "Tie" (even that is debatable) in the UK I would need to spend > 182 days there in 1 Tax Year to re-establish my UK Tax Residency.

It's not just your bank that shares the data, E.g. HMRC (UK Tax Authority) also shares data with Thailand under CRS.

You can't add funds to an ISA if you're non-UK Tax Resident. https://www.gov.uk/individual-savings-accounts/if-you-move-abroad#:~:text=If you open an Individual,stop being a UK resident.

At the time I became Non-Tax Resident it was very beneficial to me as I was able to pay Tax on my UK Sourced salary (Working for a UK Bank) at 12% in Singapore instead of >40% in the UK, was also able to pay Voluntary NI contributions at Class2 rates (approx. £155 pa) instead of the 11% or so they take from your salary. Only real downside for me is I can't add anything to my ISAs but as I don't have to pay any additional tax on dividends or capital gains in my normal Investment account it doesn't really matter to me.

If you file a Tax Return then obviously HMRC know all about your income (excl. ISAs) as you have to declare it all, Plus you need to tell them where you live & how many days you spent in the UK (If you're non-Tax Resident). If you don't file a Tax Return then your Bank will withhold tax on the interest you earn, your estate agent will withhold tax on any rental income etc... all of which gets reported to HMRC.

It depends on the tax rates... E.g. if you earned $10,000 & were taxed at 10% in AUS you would pay $1,000 however if that income was taxed at 15% in Thailand you would need to pay the additional 5% ($500).

Your UK Bank & HMRC share data with Thailand via CRS. E.g. Though my bank doesn't know I live in Thailand, HMRC does via my annual Tax Return so they share this data with Thailand & includes my name, date of birth, address & all income (outside of my ISAs). As an aside, my accountant wrote to me last week asking for an up to date proof of address as I normally just email them my new address when I move so they don't have anything formal for my current address. I don't know if this is a result of a push by HMRC or just them tightening up their processes.

CRS (Common Reporting Standard) means they already have that information.

If they do move to Worldwide Taxation I'd look to move to an "NT" tax code in the UK and just pay tax here https://www.riftrefunds.co.uk/advice/tax-codes/nt-tax-code/ To be honest, as I live here & use public services here, it seems fairer to me than me paying Tax in the UK.

Lots of reports of guys getting DTVs from places like Laos, Vietnam etc... showing money in the bank in their home country

Asking purely out of curiosity... Are there any options to pay into US Social Security when you're working overseas? In the UK we can pay into the State Pension at reduced rates (Something like 1/6th) if we're working fulltime overseas.

Me also & I file Tax Returns there but are you Tax Resident there? The simple answer is >183 days yes, <16 days No. Between that it depends on how many years you’ve been Non-Tax Resident & how many “Family Ties” you have. E.G., I’ve been NTR for > 3 years so would need to spend at least 46 days in the UK before I even get to the “Family Ties” qualification part.