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Nakrob

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Posts posted by Nakrob

  1. One of the requirements is you must be a resident immediately before leaving aust.
     
    So that would mean you don't get the tax threshold for the first year you return to aust either.
    I don't think this is correct. If you return to Aus and would be classified as a tax resident again then you are taxed as such and have the tax free threshold applied pro rata depending on how far through the tax year you arrive back.
    • Like 1
  2. That would be me, that said, I had no choice but too declare myself a non resident based on my extensive research and what my accountant advised me, that is I was relocating to Thailand, with kids and all, cut and dry, and no way around claiming to be an Australian Resident.
     
    If I had the choice to remain an Australian Resident for tax purposes, that would have been great, i.e. I could have hung onto my principal place of residence, I would have a tax free threshold of $18,200 as would my wife as she is an Australian Citizen, after both thresholds we would pay tax under the Australian tax system, we would be entitled to family A benefits as we have kids under 16 years of age, we would be entitled to Medicare, be enrolled in the electoral role so as to be able to put our votes forward come election times, local and federal, and of course not have to do the 2 year jail term for the OAP. I would also have my principal place of residence, whereby it would have been rented and the rent would have been added to my income from the ASX, naturally I would have to pay a % of the 50% future capital gains tax payable when I sold it, based on my yearly income, but the way they go about it in their legislation means they got my middle finger from the sale as it was a tax free sale, i.e. principal place of residence, and receive nothing in tax from me, except for the financial year 2016-2017 as mentioned before I made some money contracting for some clients, and that tax will be equal to what Stevemercer said he will lose as a foreign resident, again, I don't write up the rules, just follow them, and if Stevemercer is reading this, I know 1st hand what it is like to be less fortunate, right up till I turned 55 when I cashed in what I worked for all of my life, no hand outs, no inheritances, no lotteries, just worked my rear off from 14 to 55 and made a couple of right decisions as most people do, because a salary/wage is money to survive on, a 2nd job is for investing that money for a rainy day, but most people don't want a 2nd job and end up living off the OAP alone and 36% of OAP in Australia are living under the poverty line, the ones that are here are just making it last better, depending on the exchange rate, which isn't any good at the moment.
     
    Having said the above, I was quite angry to have to sell my principal place of residence, but when I accepted the inevitable, i.e. having to declare myself as a non resident, it appealed to me to invest in the ASX so as not to pay any tax, i.e. they take away a hell of a lot of my presumed rights, so I pay no tax, this is all there legal doing, and for the life of me, I still cannot work out what benefit the Australian government gets from this, i.e. when I weigh up what I make per annum and pay no tax, and then weigh it up if I was to pay tax under the Australian taxation system, also taking into consideration family A benefits which I wouldn't be entitled too because my income would be above the threshold anyway, the 2.5% Medicare levy and the 2 year wait for the old age pension, they would be ahead by a mile.
     
    At the end of the day, it is what it is, and we can all accept it and move forward or not accept it and let it eat at us, I know I have moved forward and cannot see myself ever returning to claim the OAP as the cost to sit there for 2 years Vs the years from the pension to recoupe the outlay and interruption to my lifestyle here, would mean it would take me 4 years to recoupe it, which would render me 72 years of age, suffice to say, I am a realist and cannot see myself living beyond that, and knowing my Mrs would get my pension when I croak, isn't worth the hassle. 
     
    You can retain your property for up to 6 years as your principal place of residence even if you are not living in it and are non resident. After 6 years of income generation you will then pay CGT on the pro rata of time over six years based on the gain in value from when the property first started earning income.
  3. Where did you hear, read or see that?
     
    I doubt the ATO is going to ask to see your passport to determine
    your residence status.
     
    Sorry, but I can't see this being correct at all.
    I understood that part of the assessment of whether you remain a tax resident in Australia once you 'leave' is how permanent a move you make i.e. if you take family with you and purchase property in your new home country. I could see a scenario where you are transient in a number of countries, having left Australia, to the extent that you're still considered tax resident in Australia. This is just my thoughts not fact.
    • Like 1
  4. I wrote an article about this very topic plus other financial considerations Australians should be aware of when deciding to move to Thialand here http://tonyinthailand.com/australians-moving-overseas-beware/ I would be interested to here of your thoughts.
    Good article Tony, and good website - I'll read your blogs with interest. While not retired yet I'm already aware of the unfavourable implications of being a non resident when drawing an income in Aus (I'm currently non res). However, as a resident the implications in my case are also unfavourable as "worldwide income" is included as taxable income which means getting stung for tax on UK income (which isn't taxed in the UK as it's below my personal allowance level). Can't win either way!
  5. How about RC International School in Bangkok? This seems to be half the price of other international schools in BKK. Looking at it on Google maps it seems like it's almost an apartment block squeezed in amongst other condos so they may lack some of the facilities of the bigger schools but the price is much more compelling if the quality of the education is good.

  6. Most bilingual schools teach approximately 50% of the time in each language.   It's important to remember, this is the academic subjects.   In most bilingual schools, the more mundane, day-to-day instructions about events, changes and other things are given in Thai. Extracurricular activities such as scouting and some religious instruction are usually in Thai.  
     
    I would guess in total, MOST bilingual students would be hearing, learning or listening to Thai anywhere from 65% - 75% of the time.  
    So really this is best for Thai speakers to improve English rather than English speakers to improve Thai. It seems like kings would struggle without the foundation in Thai
  7. Any suggestions for bilingual schools in Bangkok? Kids are citizens, speak a little Thai but don't read or write.
    Looking for the same suggestion. Kids are half Thai, early primary age, English is their main language but they speak and understand some Thai. This sounds silly but how Thai is the Thai portion of a bilingual school? Their current Thai ability is by no means equivalent to if they had been raised solely in Thai so while I'm keen to immerse them in some Thai when we move to BKK I'm concerned the bilingual school will be too much. Any thoughts or experiences. The Amnuay Silpa school looks ok.
  8. Hard to say anything that is not repetitive of others.... I went through four police checkpoints in a distance of 20 kilometres in Surin Province on Saturday night.... waved through the first, licence checked at the second [Policeman surprised I had a Thai licence!!] waved through third and fourth.... You would have thought I would have been breath tested (and maybe failed) at least at one of the checkpoints....
    Then Sunday from Surin to Chonburi via Bangkok I passed so many checkpoints that I lost count.... only one was manned by Policemen on the carriageway and we were all waved through 'cos they already had too many stopped for the capacity of the tea money collectors!!!
     
    Hardly an effective measure for compliance, but nevertheless a highly visible reminder to wear seat belt, and obey traffic regulations.....
    None of the check points I drove through in the last few days had any activity on the road by those tasked with manning the check points. All the action was under the roadside tent where I saw eating, tv watching, selfie taking, sleeping etc. What's their purpose and what are they enforcing?
  9. If I move to Thailand this year for work (and am in Thailand less than 180 days) and continue to be paid by my company overseas, am I liable for tax in Thailand on that income received (and not remitted to Thailand)? The company will pay me some local allowances for accommodation which I assume will be taxed in Thailand.

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