dinga

Think both are INCORRECT: 1. You can be double taxed - you need to refer to the applicable DTA to determine the tax treatment of the various income categories. You may be entitled to (say) a credit of the tax paid in one country against the tax owing in the 2nd country. 2. Tax residency has nothing to do with an election/preference by the taxpayer - it is dependent upon the applicable laws in the relevant countries (I think US citizens must lodge US Tax Returns for Worldwide income simply by virtue of their Passports; and US citizens who are Tax Residents of Thailand may well be up for taxes here. But check out the DTAs)

Hope not searching yourself saved you some time

I would caution about seeing that date as being black and white protection. For mine, the lurking danger is TRD may well want to see the Savings Account Balance - if that is the source of funds remitted to Thailand - as at the date of the actual transfer. If that balance exceeds the balance as at 31/12/2023 I fear the TRD will take the LIFO (Last In First Out) view ie. any increase in the balance may be determined to be assessable

I'm in your camp (The Voice of Reason Camp - 'just read the words of the law')

Dead Right - penny to a pound there will be no detailed TRD explanations/clarifications (as is the norm here)

G'day again Mike. This whole tax mess is a minefield.... At the risk of being pedantic, what if the source of the Gift to a spouse was an overseas bank account in the sole name of the foreigner - with the initial funds being from the foreigner's savings prior to marriage ie. any savings and interest thereon being the sole property of the foreigner. However, after the date of the marriage I understand any interest payments to that account would - under Thai law, if funds were subsequently transferred to Thailand - be regarded as Joint Property. How do you see the implications of that scenario (which I think will be very very common)????

Don't you just need to have documentation to show the closing balance of all offshore investments as at 31/12/2023??? ie. aren't all such balances not-accessable. Agree all investments after that date - and which are the source of transfers to Thailand by tax residents - will need detailed evidence/documentation to support whether assessable or not-assessable Or am I missing something here?

Tks Great shame - guess I'll have to look elsewhere for him.

I found Fletch's insightful posts - especially those relating to investments - to be very thoughtful and interesting. I've missed him as he hasn't posted for such a long time. Does anyone know why????

Recent Webinair for Australians

HOORAY!!!! It's taken a very long time but I reckon you've pretty well nailed it. My only suggestion is that the final sentence really touches upon the criminal burden of proof - which I don't believe is correct. Rather than "beyond doubt" suggest "to the satisfaction of the TRD" is more accurate.

Frankly, in my experience it matters not how any farang/foreign Authority approaches regulatory provisions, their interpretations and the pursuit of compliance. What is critically important is the understanding the Thai environment and especially the experience of how Thai Authorities actually act in practice. Of course, understanding how foreign Authorities conduct themselves may assist to identify risk minimisation measures. I always remember the clear instructions that my very senior Thai boss gave us farang employees 20 years ago - to paraphrase "Just read the wording of the law; do not try to interprete them as is common outside Thailand".

Of course, simplicity is rarely a sound solution. Be dismissive all you want, but in my experience applying a broad brush and sweeping statements in regulatory matters is complete folly (much like expecting the gifting provision to be a panacea for all ills). As always, what matters are the circumstances and detailed evidentiary support thereof - all of which are applicable to individuals and not universal to all the great unwashed.

YES - I for one can see how Gifting can be an important plank for those in more modest circumstances (clearly for the uber wealthy and/or very large transfers it's a non-flyer). Depends on individual circumstances and the structuring but in my view it can potentially address most - if not nearly all - the otherwise adverse outcomes. As always though, as in all aspects of tax planning, the critical consideration is that great care is needed to minimise any possibility that the TRD may claim a linkage of any gift to a subsequent benefit to the giftee. Supporting documentation/evidence also being key.

Nonsence - the spread is 100 baht per 1 Baht Gold Bullion (currently Buy 41,050 Sell 40,950 per 1 Baht Gold) https://goldtraders.or.th/

RUBBISH - I'm a farang with PR Status, and NOT a Thai citizen. I cannot own land in Thailand and if a beneficiary in a WILL will need to sell any bequeathed land within 12 months

Ben Roberts-Smith VC - consult Prof Google before jumping to outrage. Let the legal process proceed and await the determination of the facts, not ignorant emotions

Did you ever get that Ruling???

My understanding is that - provided you meet the eligibility criteria especially both the Assets & Income Tests - you get the OAP immediately you turn up and say you've returned to permanently reside in OZ (the 2 year period relating purely to portability, not eligibility). Did your calculations factor in the receipt of the OAP during the whole of that 2 year period ??

Rental Income in Thailand All rental properties are subject to a House and Land Tax, which is 12.5% of the annual rental income. On top of that, the rental income is taxable, and owners will have to pay Thai income taxes on the money. Thai income taxes are calculated using a progressive scale ranging from 0-37%.

Mae Phim by far the best beach & (quiet) holiday spot in Rayong - and probably the whole of the east coast

By way of comparison, I have a BASIC Plan, Hospitalisation & Basic Repat only, US$500 deductible for a Premium of US$3,324 when I renewed in February 2023 (at age 69). The proposed premium for renewal of this policy in February 2024 was US$3,925 - and increase of over 18%. Your numbers suggest I could expect an increase of well over 20% if I was to renew my policy in February 2025 at age 70 - taken the new premium to near US$5,000. Bye-Bye April

Tks Sheryl - AA World was the Broker (no surprise, eh!). A feather will knock you over after I reveal that they were pushing Regency. I concluded the claim (sic) about having no regard for age-bands was absolute b/s and I wasn't prepared to go through the usual exclusion of anything faintly smelling of existing conditions for an alternative policy. I've had a gutfull of Health Insurance companies, and concluded it was only a matter of time anyway before the leeches would price health coverage well beyond reasonable & affordable. Hence, from now on I'll rely on my Thai Social Security cover and pay for any additional upgrades.

G'day Sheryl A couple of times I asked exactly that question (via the Broker) - what is the Premium renewal now for my exact policy coverage, but for a 70 year old (not 69 as I now am). This is the reply I finally received" “Our processing times are currently affected by a surge in activity. We apologise for this delay. For your information, the rates for the My Health International are not based on age-related increases. Furthermore, we have no visibility over price increases for next year, as these are set by the insurer. We look forward to hearing from you. Please do not hesitate to contact us should you require any further information. I will not be renewing this policy as: 1. I don't believe the advice that the Premium next year will be unaffected by my moving into the next standard Age Bracket that seems to be used by most/all other Insurers; 2. April and/or the Broker has been/is a Black Hole in relation to service, response times and more importantly, transparency.

Thanks so much - more to think about! Given the shading situation, another solar panel can only really be installed next to the current one (which is near the pond fountain). So I'd still have the 40 metre connection. Also given I was thinking at running a 300W Sub Pump, on it's own, for only 1 hour or so every 2 or 3 days is it really likely that a 340W panel will be insufficient to power the pump (at say peak power production mid/late morning)? The bore is right next to a mains power source, so I'm now thinking it might be easier to forget about solar and just get a 220V Jet Pump....