CharlesHolzhauer

I do, obviously.

torrent uploads stopped at E06. Anybody knows what's going on?

Impressive! https://www.motorbiscuit.com/jay-leno-favorite-steam-car-ever-built-more-powerful-you-think/

I appreciate your contribution and personal views regarding the gift tax issue in both this and previous posts; It reads and sounds reassuring, providing a sense of confidence and comfort. Apart from the 'Gift Tax Case' you provided in another thread, would you be able to lay your hands on the Royal Decree amending the Revenue Code, which includes gifts originating from abroad? Gifting relatively large sums of money on an annual or bi-annual basis without a specific worded document from RD is wide open for different interpretations; It could come back to haunt either the Gifter or Giftee, depending on the official in charge assessing the gift.

Good info, thanks - not too many would have known! The office I am dealing with is, according to Wikipedia, a district office (อำเภอ) - an amphoe aka amphur.

Yeah, the dividends/distributions of all my investment products are tax-free. This will definitely impact the amount of funds I am planning to remit to Thailand in the short term. Purchasing a condo, buying a car, or making major improvements to my wife's house will have to wait until the RD provides more clarity. My wife and I visited the RD in our area to obtain a TIN for me (by the way, no residence certificate was required). When inquiring about gift tax, the official in charge advised my wife in Thai language that 'monetary gifts originating from overseas to a wife are tax-free.' However, there is nothing in writing. The staff at the RD in our area is extremely helpful, friendly, and patient. They even offered assistance in completing tax returns. I wonder if the submitted tax document is considered final or will be reviewed in an other office by another official higher up the ladder. I also wonder if officers in charge at individual RDs can interpret legal requirements similarly to the officers at IOs. Well, interesting times ahead. For individuals happily staying in Thailand on an extension based on retirement, remitting THB800K annually and paying a relatively small amount of tax – in my case, THB16.5K – might be the best solution for me personally until things are sorted. If it turns out that monetary gifts originating from overseas are taxed, then the LTR would be the next best solution. At my age, I am glad that, at least, inheritances originating from overseas are tax-free until the government decides otherwise. This is a good plan if you intend to remain a tax resident of Australia. I, too, had a plan and decided to become a non-resident of Australia for tax purposes some 13 years ago. This worked out very satisfactorily for me until the Thai government decided to tax all income from abroad for tax residents starting in 2024. It's not a deal-breaker for me personally, but expressing joy is a bit challenging. The moral of the story is, no matter how well you plan your retirement, a government official can throw a spanner in the works.

Any thoughts on this? a) The Australian government actively encourages 'self-funding retirees,' referring to individuals who are financially independent and do not rely on government support for their retirement. These retirees can invest their accumulated wealth in an 'Account-Based Pension,' where pension payments must be withdrawn at a minimum rate as determined by the government annually. These pension payments are tax-free. Due to the freedom of movement, individuals can relocate and retire in Thailand without losing the benefits provided in an 'Account-Based Pension' environment. b) An Australian individual has the legal option to liquidate their entire stock portfolio, submit a final tax return to the Australian Tax Office (ATO), fulfill necessary tax payments, and subsequently repurchase the same or other investment products. Following this process, the individual can relocate to a country such as Thailand and rely on the distributions/dividends generated by their investments for their cost of living. The individual, being a non-resident of Australia for tax purposes, benefits from automatically deducted withholding taxes. Should the individual choose to make significant purchases, such as a condo or car, and decide to sell units or shares to cover such expenditures, it would not trigger a taxable event, as they are considered a non-resident for tax purposes. All these actions are within the bounds of the law. Do Australian individuals residing in Thailand who legally do not pay taxes in Australia face any repercussions from the Thai RD?

This is crystal clear! But would his wife, as the recipient of the gift, report this to the RD via a tax return form?

Well, Ben didn't mention the requirement purchasing government bonds.

Is there any room for negotiation when it comes to obtaining a ('wealthy pensioner') LTR visa?

@Bandersnatch To be honest, I find myself envious of your off-grid solar energy setup, as it offers independence from the conventional electrical grid. While I have the financial means to invest in such a project, unfortunately, I lack the expertise. Considering replacing one of my cars, I'm contemplating an electric vehicle like the NETA V for our short shopping trips around town. Fueling it from solar produced energy sounds immensely attractive and sensible. However, I'm curious about the skills required for maintaining such an elaborate solar setup in comparison to a conventional electrical grid installation. As I am getting older, I also wonder about the long-term sustainability of such a system, especially in the event that my wife might have to manage the solar installation alone. In our village, there's a skilled person proficient in rewiring houses with breaker boxes and earthing equipment, but he admits to having no knowledge of solar installations and their components. Given my age, it's a concern that my wife or her relatives may not possess the skills needed to maintain, fix, or troubleshoot issues with the solar setup. Have you considered this aspect, and if so, do you have any plans in place for the future management of your solar installation?

Exactly, I find it both amusing and disheartening that Bandersnatch, an obvious true pioneer of solar-produced home energy here in Thailand, is consistently under attack and nit-picked from individuals who fail to undertake the necessary research.

Amen, Hallelujah and many thanks for being so considerate...

You could join https://community.ato.gov.au/s/

@Mike Lister I hope you're well and in best spirits. Despite facing personal attacks, intentional disruption, and delusional behavior from certain posters on the ASEANNow forum, I admire your tolerance. It can be challenging to navigate discussions with individuals who refuse or are incapable of reading or comprehending written documents. Regardless the challenges, you remain committed to promoting open dialogue, fostering meaningful conversations and understanding and striving to maintain a positive and constructive attitude. My thanks.

Thanks for making my day 🙂 Excellent suggestion, thanks.

@Mike Lister I am a pensioner. My tax accountant lodged my FINAL tax return, and I became a non-resident of Australia for tax purposes. Since I reside in Thailand for more than 180 days, I am considered a tax resident of Thailand. My private pension provider in Australia allows me to choose, to a certain extent, the amount of my pension payment. Currently, I choose to withdraw the minimum amount as approved by the Australian government. The pension payment is credited to my bank account in Australia and is tax-free! According to what I've read in your original post, I accept that my pension payment is considered assessable income by the Thai Revenue Department. Since the minimum amount in AUD significantly exceeds the minimum taxable threshold of THB 120K, I was thinking to remit only about THB 1M per annum. However, I am unsure if the Thai Revenue Department will expect me to pay tax on the pension payment received in Australia or the amount remitted to Thailand - would you please clarify as the tax payable for the total pension amount would be immensely larger. My apologies if I missed the pertinent information as the 4 threads relevant to this issue are very active. In any case, what supporting documents will the Revenue Department request when filing the tax return, and how should I determine the acceptable AUD/THB exchange rate? Also, my pension provider is reviewing my pension payment annually, which will change depending on my age and total account value. In Australia, the fiscal 'financial year' starts on 1 July and ends on the next 30 June. Due to the obvious difference, I am unsure how to accommodate this in the Thai tax return. Thanks for considering my post.