CharlesHolzhauer

I am classified in Australia as a self-funded retiree. My pension payments are drawn from a private pension platform and are automatically deposited into an external bank account. The investment earnings on the assets supporting these pension payments are tax-free, as approved by the Australian government. Would anyone in a similar situation know if these tax-free pension payments become taxable once they are remitted to my Thai bank account? From my understanding, the Double Taxation Avoidance Agreement (DTAA) between Thailand and Australia does not specifically address private pension payments. Any insights or clarification on this matter would be greatly appreciated.

I fully understand that your responses to my posts represent your personal opinion, but I hold your perspective in high regard and greatly value your insights. I don’t mean to be overly particular about your opinion, but would you kindly clarify? Based on your previous posts, I was under the impression that Thai tax residents could also make gifts, provided they are not physically in Thailand at the time of gifting. For instance, instead of traveling to the country where the gift originates, could they simply go to a nearby country and initiate the gift transfer online from there?

One would have thought that at least one of the Big Four accounting firms could provide a definitive answer, given that they likely have wealthy Thai clients who engage in gifting to their spouses or relatives. Paying for such advice, only to later discover that the TRD rejects the approach and imposes taxes and fines to the fullest extent, would be highly frustrating. Additionally, do you think the gifter needs to be physically present in the country where the gift originates, or could they be in any country except Thailand for the process to align with the rules?

That would be a bummer 😀. Before proceeding with the gifting process, it might be wise to consult one of the Big Four accounting firms to ensure clarity and certainty on compliance with tax regulations.

Your comment on the 'en route issue' is, in my view, highly credible - stating that an inbound remittance (from overseas) remains the remitter's property until it is deposited into the recipient's (Thai) bank account. However, wouldn't the scenario change if the remitter initially transfers the funds to the recipient's overseas account (such as through WISE or OFX), and the recipient then independently remits the funds to their Thai bank account? To further strengthen this approach, engaging a lawyer to draft a gift contract - one for the transferor and one for the transferee - outlining the amount and purpose of the gift could add clarity and compliance. This approach could potentially align with the gift tax rule, don’t you think?

Ah, the classic 'attack to defend' strategy—because nothing says self-protection like going on the offensive, right?

Schweine Dieter 170 Moo 1 Pracha Uthit Alley Ban Chan Udon Thani 41000 *email and telephone removed* https://www.schweine-dieter.shop/

What you're bringing up in your workshop is irrelevant and off-topic. My response was intended to inform and educate the original poster.

His reasons are irrelevant, and if his responses in certain threads don’t appeal to you, then they simply don’t appeal to you.

Hardwood is hardwood. Hardwood is a dense, durable material, but freshly ("current") cut hardwood contains natural moisture and should be properly aged or dried before use. White ants aka termites, do not reside in cracks of hardwood. They are social insects that nesting in colonies close to their queen and the worker termites venture out to find food in dark and moist environments. But it is quite plausible that they be found on hardwood on their venture finding softwood or cellulose based material.

The upper floor and support columns of most old village houses are made from a type of hardwood, though I'm not sure of its name—it's definitely not teak. These hardwoods are incredibly tough; it's difficult to drill a hole or even hammer a nail into them. Remarkably, they are resistant to pests like white ants and unaffected by humidity. Many houses in my wife’s village are built this way. In fact, we live in one ourselves, although it’s been somewhat modernized, we’ve retained the 100-year-old hardwood columns and upper floorboards, preserving its original charm.

I would not opt for cheap and nasty lamination. My suggestion: Clear everything from the room first. Before addressing the floor, open the manhole in the ceiling to inspect for debris, vermin, and the condition of the electrical wiring. It would also be a good opportunity to check the ceiling/roof insulation and ventilation. If necessary, consider cutting a hole to install permanent access for future inspections. If the floor is old Thai hardwood, it would be a shame to cover it. I recommend tightening the loose floorboards with screws and renting or purchasing a hand-held belt sander. With some effort, you can restore the boards to a condition suitable for polyurethane lacquer, applied with a roller or brush. Don’t worry about the floor's unevenness or squeaks—these add character to an older home. By the way, some floor tiles on the market even have an audible squeak built-in!

How did you arrive at this conclusion, and what makes you think I was referring to myself?

"What is your reasoning behind this?" Fairness - across all aged expats with a valid and suitable visa extension is certainly an important consideration. Equality - ensuring that all retirees or married couples aren't unfairly disadvantaged based on arbitrary distinctions like type of visa. "If you have an LTR, should not be a concern for you." You are completely out of context, and who are you to judge what I should or shouldn't do? "If you do not have an LTR, then apply for one, if you qualify." Whether or not I have a LTR or qualify for one is not the issue. "Otherwise, remember that “you get what you pay for"." Your condescending remark is entirely out of line and inappropriate.

Mate, it looks like you are a tax resident of Thailand and under the current system you may be required paying taxes on your remittances. This small spreadsheet to compute taxes maybe helpful. https://aseannow.com/applications/core/interface/file/attachment.php?id=963918&key=3d1fbcad20096f3b29832d1f9cb6f5bd Credit to: 'pauku1' <https://aseannow.com/topic/1318120-revenue-department-contact-reports/#comment-18647010>

£8000 @ 44 = THB352000 This small spreadsheet to compute taxes maybe helpful. https://aseannow.com/applications/core/interface/file/attachment.php?id=963918&key=3d1fbcad20096f3b29832d1f9cb6f5bd Credit to: 'pauku1' <https://aseannow.com/topic/1318120-revenue-department-contact-reports/#comment-18647010>

My response to the op does in no way show or imply that I don't have a LTR - Stop stalking me, Presnok!

It maybe helpful reading Mike's Introduction to Personal Income Tax in Thailand. This small excell to compute taxes from 'pauku1' maybe helpful also, ymmv. <https://aseannow.com/topic/1318120-revenue-department-contact-reports/#comment-18647010>

Yes, you are right. In hindsight, I shouldn't have referred to a specific age. Instead, I should have mentioned the 'age stipulated by the Thai authorities'.

Bright enough to read and respond to your original post. I'm not sorry if you're feeling embarrassed, as you should be.

Wow, THB1 million! The Thai government may reconsider, bow to those in similar situations, and beg you to stay.

Based on the responses from the original poster, it is quite evident that your sentiment is not shared.

Yes, I understand that my suggestion will only work under the current circumstances to reduce or eliminate the amount of tax payable, and I believe the original poster is aware of this.

You're welcome. In addition to my suggestion, do not and I repeat do not remit the monetary gift to yourself. It is imperative you make the remittance from your overseas account to your wife's bank account in Thailand.

I personally doubt your strategy will work. You may wish to consider a slight modification to your plan. 1. Consider deposit 400k or 800k THB in a term-deposit account, allowing it to accrue interest. A term deposit typically offers higher interest rates compared to a regular savings account. 2. Remit money annually from your overseas account as a gift to your wife's account, with the intention of making this a tax-compliant gift. By legally gifting the money, you can make the argument that the funds belong to your wife, not yourself, which could help manage any tax liabilities. 3. An affidavit from you witnessed by your lawyer would serve as a legal document that declares the money you’re remitting is a gift to your wife. This document could be used as proof in case of any tax audits or legal inquiries. Specifying a purpose, like a marriage anniversary, birthday, purchase of a new car or land/house can add more clarity to the gift's intent. 4. Optional if you can afford it. Follow the Personal Income Tax (PIT) guidelines and remit a minimal amount of money to your own bank account (THB 600K). If you are 65 and married you won't be liable for any taxes. This method may help avoid unnecessary scrutiny or tax liabilities enforcing that you monetary gift to your wife is genuine. 5. Since withdrawing large sums of cash via ATMs may attract attention from tax authorities or create complications, I would recommend to avoid this unless absolutely necessary, as it can be a gray area in terms of tax obligations.