CharlesHolzhauer

Pension payments from an Account-Based Pension are typically tax-free. Your platform operator will likely facilitate the transfer of your pension payments to a bank account of your choice, which can then be transferred to Thailand via a money/exchange transfer company such as Wise to your Thai bank account. Proactively providing your Thai Tax Identification Number (TIN) to your Australian-based bank is advisable. It is also advisable reading through the pertinent articles in the OZ/Thai Dual Tax Agreement (DTA) as the Thai Revenue Department may treat your income transferred to Thailand as assessable (taxable) income which is subject to taxation depending on the amount transferred. Source: https://aseannow.com/topic/1319807-personal-income-tax-guide-for-foreigners-thailand/ The Thai tax system contains a series of Tax Exemptions, Deductions and Allowances (TEDA) that will help you reduce your tax bill and they are very generous. It is easily possible for the average expat foreign retiree to reduce their taxable income by 500,000 baht or more each year. For example, a retiree aged 65 years of age, married and living here full time, supporting a Thai wife who has no income and doesn’t file tax return, is allowed the following: a) Personal Allowance for self (PA1) - 60,000 b) Personal Allowance for wife (PA2) - 60,000 c) Over age 65 years exemption (OAE) - 190,000 d) 50% of pension income received, up to 100k (PD) - 100,000 e) In addition, the first 150,000 of assessable income is zero rated and free of tax (ZR) Source:https://aseannow.com/topic/1323489-new-tax-laws/page/3/ The tax tables are here: 1. 0 to 150,000 THB is exempted from income tax. 2. 150,001 to 300,000 THB is subject to a 5% tax rate. 3. 300,001 to 500,000 THB is subject to a 10% tax rate. 4. 500,001 to 750,000 THB is subject to a 15% tax rate. 5. 750,001 to 1,000,000 THB is subject to a 20% tax rate. 6. 1,000,001 to 2,000,000 THB is subject to a 25% tax rate. 7. 2,000,001 to 5,000,000 THB is subject to a 30% tax rate. 8. 5,000,001 THB or more is subject to a 35% tax rate. Source: https://aseannow.com/topic/1323489-new-tax-laws/page/4/ Cheers and good luck.

Given your instructions to your tax accountant, which likely involve selling all your investments in Australia, paying CGT and repurchasing them as a non-resident, it's most probable that you won't require their services in the future. As previously mentioned, ensure thorough research is conducted. Additionally, unless your investments are held in an Account-Based Pension, you will not be eligible to receive franking credits for certain Australian domiciled investment products as a non-resident.

Before your tax accountant lodges the FINAL tax return for you, ensure that your bank and broker will continue to service your account when you become 'officially' a non-resident for tax purposes. If not, consider changing to institutions that offer services for non-residents. Make sure to thoroughly research and clearly and assertively communicate your needs to your tax accountant, as in the future, you may no longer require their services.

In your particular case, I would recommend consulting with a CPA, especially considering the unusual treatment by the ATO automatically categorizing you as a non-resident for tax purposes. Following the advice of my former tax accountant, I sold all my shares and investment products that I had purchased as a resident, filed a final tax return, and paid the required taxes. Subsequently, I repurchased most of my shares and investment products as a non-resident for tax purposes. As a non-resident for tax purposes, aside from withholding tax, which is automatically deducted, you won't be required to file an Australian tax return. This means you won't owe any taxes in Australia on dividends, capital gains, etc. I obtained a Thai Tax Identification Number (TIN) and provided it to the bank and broker I am dealing with in Australia without any issues. Depending on how your income is classified, you will need to pay taxes in Thailand accordingly. If you have decided not to return to Australia as a tax resident, you would probably be better off paying taxes in Thailand, IMHO.

An inexpensive EV pick-up truck would be probably welcome by some country folk. VinFast CEO Reveals 4 New EV Models for Thai Market in 2024 https://www.khaosodenglish.com/news/2024/03/28/vinfast-ceo-reveals-4-new-ev-models-for-thai-market-in-2024/ Vietnamese Automaker VinFast to Start Selling EVs in Thailand https://www.khaosodenglish.com/news/2024/03/27/vietnamese-automaker-vinfast-to-start-selling-evs-in-thailand/

Still very uncomfortably warm. Are you aware of any high-pressure refrigerated misting systems? (I experienced them during a vacation in Las Vegas on swimming pools and pool bars). Lazada don't seem t stock these systems.

Thanks, I may consider this option also.

Wouldn't the ambient temperature affect the cooling effect of the air coler?

We enjoy sitting on the deck overlooking the garden. However, during the very hot season, it becomes very uncomfortable sitting there as the fans are blowing hot air, similar to a hairdryer. I was considering purchasing a Hatari air cooler, but even if I place chilled water into the water tank, I suspect that the moderately cool air won't last very long. I'm also considering a portable air conditioning unit, but I don't have any experience with these machines. Since you seem to be knowledgeable about air cooling units, I was wondering if you think this would be a viable solution. In terms of electricity costs it maybe costly though as I still haven't started on my solar project.

Before making assumptions and potentially embarrassing you further, may I suggest that you take the time to read the context and understand how I arrived at this question.

Before making assumptions and potentially embarrassing you further, may I suggest that you take the time to read the context and understand how I arrived at this comment.

Sadly, none of the discussions therein are useful with regards to the subject matter.

Where is the separate discussion on tax for Australians located?

Maybe, just maybe we'll see the newly introduced tax guidelines changed or even canceled.

Who Is Really in Charge In Thailand? https://aseannow.com/topic/1321681-who-is-really-in-charge-in-thailand/#comment-18744878 Interesting article by webfact. I'm beginning to wonder if the new guidelines, which will tax all income from abroad as personal income tax, whether it's earned income or savings, will be postponed, rewritten, or canceled. A couple of members here have already hinted that this is a possibility.

In the context of transferring or gifting an amount, say THB 3 million, from overseas to a spouse's bank account, should the transferee/giftee complete a tax return for amounts below the THB 20 million threshold, or wait for the RD to take action and provide documented proof that the gift is indeed a gift?

Interesting article... https://www.nytimes.com/2024/02/20/business/vw-electric-vehicles-us.html 'Volkswagen is building a $5 billion factory in Ontario to supply batteries to its factories in Chattanooga, Tenn., and Puebla, Mexico, which together will produce at least 80 percent of the company’s cars sold in North America.'

https://franklegaltax.com/about/

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?