Australian Principal Place of Residence is now going to be taxed if you live overseas

[4MyEgo]

2 hours ago, JG27 said:

"If I want to sell my property I can always transfer ownership to a family member and have them sell it "

Wouldn’t this attract Capital Gains Tax ?

The transfer would attract stamp duty, say about $40,000 if in NSW

 

To answer your question, capital gains tax will be payable from the date you started receiving an income or the date you departed Australia if you became a no resident after the 186 days, i.e. it is retrospective, back dated.

 

A valuation would be required on the date of departure, hopefully a favorable one, i.e. on the low side so as to minimise the stamp duty payable to your family and yourself for capital gains tax, that said if your family sells it shortly thereafter, there could also be capital gains tax payable, i.e. if they didn't reside in it, or had more than one property in their name.

 

These bastards have got you at every turn, so best find a valuer who is prepared to give you a good (low valuation) when it comes to selling, that said, if you rented your property out 12 months prior to becoming an xpat you should get the 50% discount, but that won't apply after 1 July 2019 if this gets passed through and becomes legislation, which is more than likely, because both sides appear not to give a rats a$$ about us, as we don't live there anymore.

[4MyEgo]

44 minutes ago, Peterw42 said:

As with all of the issues with the Australia Government, taxation, pensions, medicare it comes down to your resident status, "where you declare you live".

There is a big difference being outside of Australia "and" living somewhere else. Unless you declare that you have left Australia for good, live in another country etc. you can remain a resident with all the resident status, taxation, pensions, medicare etc.

 

For some reason Australians (I think its the convict streak) love telling the government that they live in Thailand and volunteer to loose any resident status.

 

You can overcome 99% of resident/non-resident issues by continuing (as far as the Government is concerned) to live in Australia, Tax returns using an Australian address and tick the resident box, enrol to vote with

an Australian address, get a new Medicare card sent to your oz address every 6 months, you lost the old one.

If any government department asks where you live, the answer is Australia. 

 

As per this thread, You dont loose the principal residence exceptions the second you pass through immigration at the airport, you loose it when you declare you "live" somewhere else.

 

The irony of the situation is lots of Australians become non-residents declaring they live in a country that they are not a resident of, they are only ever recognised as on a temporary stay.

 

 

That sounds all and good Peter42, but the fact of the matter is, its not that easy, i.e. you can do as your saying, but the onus is on you to prove it when the <deleted> hits the fan, i.e. when asks by the ATO a question like, where have you been residing for the last 3-4-5 plus years, are you going to say Australia, NO, therefore you are a non resident and have been paying tax as an Australian Resident, which is less than a non resident and will have to pay the difference if they can prove that you are a non resident which wouldn't be too hard.

 

There is a certain criteria, however if your working overseas and paying taxes as an Australian Resident, have a property back in Australia, family, club memberships, a car, furniture, a house etc etc and return home annually, there is a good chance they will let you off the hook, the fact of the matter is most xpats are here and not working, they might be living off the income they get from their property, that alone wouldn't be enough, as the legislation states that if you are sitting idol in one place regardless of you having an extension of stay and not a visa, it still grants you access to that country for 12 months a year renewable, and it wouldn't take Einstein to add the years by looking at the stamps in your passport/s, however if you move around to other countries, you could try and convince them that you are on an extended vacation without a return date.

 

There have been many appeals, lots lost, lots won, so it all boils down to the individuals circumstances and the legislation, not an easy one to get your head around, but to say, ticking the box that you are an Australian Resident doesn't cut the mustard so easily IMO mate. But just remember you can always reclaim your residency, if your repaired to go back to the not so lucky country anymore. 

[Will27]

52 minutes ago, Peterw42 said:

As with all of the issues with the Australia Government, taxation, pensions, medicare it comes down to your resident status, "where you declare you live".

There is a big difference being outside of Australia "and" living somewhere else. Unless you declare that you have left Australia for good, live in another country etc. you can remain a resident with all the resident status, taxation, pensions, medicare etc.

 

For some reason Australians (I think its the convict streak) love telling the government that they live in Thailand and volunteer to loose any resident status.

 

You can overcome 99% of resident/non-resident issues by continuing (as far as the Government is concerned) to live in Australia, Tax returns using an Australian address and tick the resident box, enrol to vote with

an Australian address, get a new Medicare card sent to your oz address every 6 months, you lost the old one.

If any government department asks where you live, the answer is Australia. 

 

As per this thread, You dont loose the principal residence exceptions the second you pass through immigration at the airport, you loose it when you declare you "live" somewhere else.

 

The irony of the situation is lots of Australians become non-residents declaring they live in a country that they are not a resident of, they are only ever recognised as on a temporary stay.

 

 

That's not entirely correct.

 

IMO, the vast majority of Aussies here in Thailand would be classed by the ATO as non-residents.

They declare themselves as residents for the obvious tax benefits and it's accepted as our system

is self assessment.

 

That's ok if you want to take the gamble, but keeping an Aussie address and having a Medicare card won't help

much if you get audited by the ATO, and then have to explain how you think you're a resident when you haven't stepped

foot in the country for 10 years.

 

A lot of people here are on the pension and don't have to lodge tax returns but, for the ones that do, you need to know

the risks. Just because you declare yourself as a resident doesn't mean you are one.

[4MyEgo]

10 minutes ago, Will27 said:

That's not entirely correct.

 

IMO, the vast majority of Aussies here in Thailand would be classed by the ATO as non-residents.

They declare themselves as residents for the obvious tax benefits and it's accepted as our system

is self assessment.

 

That's ok if you want to take the gamble, but keeping an Aussie address and having a Medicare card won't help

much if you get audited by the ATO, and then have to explain how you think you're a resident when you haven't stepped

foot in the country for 10 years.

 

A lot of people here are on the pension and don't have to lodge tax returns but, for the ones that do, you need to know

the risks. Just because you declare yourself as a resident doesn't mean you are one.

Ahmen 

[Peterw42]

1 hour ago, 4MyEgo said:

That sounds all and good Peter42, but the fact of the matter is, its not that easy, i.e. you can do as your saying, but the onus is on you to prove it when the <deleted> hits the fan, i.e. when asks by the ATO a question like, where have you been residing for the last 3-4-5 plus years, are you going to say Australia, NO, therefore you are a non resident and have been paying tax as an Australian Resident, which is less than a non resident and will have to pay the difference if they can prove that you are a non resident which wouldn't be too hard.

 

There is a certain criteria, however if your working overseas and paying taxes as an Australian Resident, have a property back in Australia, family, club memberships, a car, furniture, a house etc etc and return home annually, there is a good chance they will let you off the hook, the fact of the matter is most xpats are here and not working, they might be living off the income they get from their property, that alone wouldn't be enough, as the legislation states that if you are sitting idol in one place regardless of you having an extension of stay and not a visa, it still grants you access to that country for 12 months a year renewable, and it wouldn't take Einstein to add the years by looking at the stamps in your passport/s, however if you move around to other countries, you could try and convince them that you are on an extended vacation without a return date.

 

There have been many appeals, lots lost, lots won, so it all boils down to the individuals circumstances and the legislation, not an easy one to get your head around, but to say, ticking the box that you are an Australian Resident doesn't cut the mustard so easily IMO mate. But just remember you can always reclaim your residency, if your repaired to go back to the not so lucky country anymore. 

Yes you are right but there are a few things you can do to stay off the radar. Especially at the other end of the spectrum, actually "not" declaring you have left for good etc.

 

At the end of the day, any government department will only have access to, and act on, whats on the computer screen in front of them. So long as that information says everything Australia they will process you as such. There may even be a field that says "currently not in Australia" (we dont know where), so long as there isnt a field that says "now lives in Thailand", it should be ok.

 

None of that information changes just because you went through immigration at the airport, unless you tell them.

 

I will continue to travel the world visiting my facebook friends for now, and in the future, but I still live in Australia.

 

I got fined for not voting the other day, a new medicare card turned up to oz address , I was called up for jury duty,  I got a letter from the ATO about rental property deductions, even coped a camera speeding fine (friend borrowed car and paid it) so 5 years out of Australia,  Gov departments still consider me living there.

 

 

Edited July 1, 2018 by Peterw42

[Lacessit]

I go back to Australia for medical checks every six months, and to stock up with six month's worth of prescriptions on the PBS. I daresay I would be under the radar because I am going back regularly.

One of the more ridiculous aspects of Centrelink bureaucracy is them telling me my pension card ( not my pension ) will be cancelled after six weeks out of Australia. Yeah right. How the hell would I use it outside Australia? As soon as I set foot in Australia again, the card is restored. An exercise in futility.

[BestB]

Little off topic, I seriously do not get Oz government policies lately .

 

those who do not reside in Australia do not use Medicare and all the rest of other benefits, so in essence it’s a bonus , government gets to save money and in some cases lots of money, yet they look for ways to punish financially those who reside overseas

[4MyEgo]

53 minutes ago, Peterw42 said:

Yes you are right but there are a few things you can do to stay off the radar. Especially at the other end of the spectrum, actually "not" declaring you have left for good etc.

 

At the end of the day, any government department will only have access to, and act on, whats on the computer screen in front of them. So long as that information says everything Australia they will process you as such. There may even be a field that says "currently not in Australia" (we dont know where), so long as there isnt a field that says "now lives in Thailand", it should be ok.

 

None of that information changes just because you went through immigration at the airport, unless you tell them.

 

I will continue to travel the world visiting my facebook friends for now, and in the future, but I still live in Australia.

 

I got fined for not voting the other day, a new medicare card turned up to oz address , I was called up for jury duty,  I got a letter from the ATO about rental property deductions, even coped a camera speeding fine (friend borrowed car and paid it) so 5 years out of Australia,  Gov departments still consider me living there.

 

 

Good luck getting out of jury duty, my wife got an $1,100 fine for not showing, have you ever tried to get through to that department to tell them you have been out of the country for 2 plus years, faxed them copies of passports date stamps returns, etc, etc, and oh we didn't get them as the fine kept coming, did it again, haven't heard anything, but would expect it to rears its ugly head once again in the future, not fussed, sick and tired of these idiots.

 

Voting, was taken off the role.

 

As I still have an Australian drivers/riders licence and Medicare card (renewed one year early), excuse was lost it, still have some contacts with Australia, affiliations, club memberships, family, but from my interpretations and others, if you are living overseas for more than 186 days in any financial year, you are deemed a non resident, look I can put my head in the sand and say otherwise, but non residency actually works for me thus far, i.e. I pay no taxes, and when and if I do decide to return to Australia to apply for the AP, and sit out my 2 years, if it is feasible, I will have changed my residency status.

 

I can see no advantage of keeping Australian residency, as I would pay tax on shares, and capital gains tax on shares, the fact that they say you lose Medicare, is yet to be tested as I had made some claims 18 months out of the country and will be back again in October to do the same which will take it to 3 years, and from what I have heard, some guys have been doing it for years, as long as they have a current card, plus I pay no Medicare levy. As for voting, well I cannot help that, not fussed as they are all C..ts looking to screw anyone who exits Australia and doesn't contribute to the tax system anymore.

 

The above said, I am under no delusion that as I am out of the country and in one spot for more than 186 days, regardless of having family, club memberships, driving/riding licenses, bank account, po box, and actual address in Sydney, that I not a Non Resident, in fact I am, this way, no one is going to challenge me, and when and if I return, I will change my residency.

 

I hope what you and others are doing, can actually get away with it, because as technology progresses, so does their auditing, its a numbers game until they catch up with you, and if they catch up with you, the onus will be on you to convince them that your criteria fits within the meaning of the legislation, the 1st thing that will come up will be, your passport pages, hmmm Peter, we noticed that your passport is stamped for only one place, that is, Thailand, your extension of stay has been renewed for 2-3-4-5 plus years, you have not returned to Australia in that time, you have not gone to another country, yes you own property in Australia, you have family in Australia, you have a bank account, driver license, club memberships etc etc, but as you have only lived in one country all of this time, we have to consider this country as being your obode, regardless of you not having a visa, suffice to say an extension of stay grants access to stay in that country, being your usual place of abode as defined in the legislation.

 

Simple really, some people don't wish to accept that, and I can appreciate that, but my head is out of the sand, not wishing to challenge them and or have to pay back taxes and fines, suffice to say, the system in my opinion is wrong, after all as I have said before, they would be better off removing the non residence tax free status on shares with me paying tax on what I earn, that is recognise me as an Australian resident, and I pay tax as an Australian resident, but hey, they make the rules not me, so while the rules are what they are, I will just do how they tell me, i.e. play by the rules, the disadvantages to me being no voting, no Medicare ?, no pension unless returning for 2 years to make it portable, no tax, well they can keep their voting, hate the lot anyway, Medicare I don't really need as I have private health cover here up to 1.2 mil US, no pension portability, well, that's up to me in the future as to whether I return to sit it out and meet the assets test.

 

But I will say it again, I am not delusional, I am a non resident for tax purposes, head is out of the sand, and can sleep at night, as I am playing by their rules.

[4MyEgo]

29 minutes ago, BestB said:

Little off topic, I seriously do not get Oz government policies lately .

 

those who do not reside in Australia do not use Medicare and all the rest of other benefits, so in essence it’s a bonus , government gets to save money and in some cases lots of money, yet they look for ways to punish financially those who reside overseas

They only win, if you do not renew your Medicare card within the 5 year period that the card is valid for, after that it is cancelled if you do not renew it. If you keep renewing it, I am told your good to claim off Medicare if you are in the country.

[tropo]

On 6/30/2018 at 8:29 AM, hansnl said:

Since when are governments fair to people?

When they offer unemployment benefits and many other concessions to people who don't work... just one example.

[Peterw42]

37 minutes ago, 4MyEgo said:

Good luck getting out of jury duty

Actually that was easy, sent an email saying not in Australia at the moment, that afternoon got an email back saying ok excused, reference number etc.

 

37 minutes ago, 4MyEgo said:

because as technology progresses, so does their auditing

Yes thats right, I imagine with e passports your whole travel history will be on the chip one day.

 

I am actually sitting here doing this years tax return, as its the 1st of July and I want the couple of hundred I usually get back, tax paid on dividends against tax free threshold.

 

I like living dangerously, lol

 

 

 

Edited July 1, 2018 by Peterw42

[StevieAus]

17 hours ago, 4MyEgo said:

Yes you are correct Elvis, they have till 30 June 2019 to dispose of their properties, if it is passed in the parliament, see below article in the link:

 

https://taxbanter.com.au/banter-blog/cgt-main-residence-exemption/

 

You will see how in the example how Ozzie paid $100,000 for his property in 1986 then went overseas in 2016 when his property was worth $2.2 million, then sold it in 2021 for 2.5 million and had a capital gain of 2.4 million for capital gains tax purposes, as for what discounts if any back to 8 May 2012 he might have, best read it yourself.

 

It's another big bad stick for Xpats unfortunately, and as we cannot vote, we cannot do them any harm.

Re the comment by Elvis first of all the ATO do not change the legislation that is the role of the government.

As far as the ATO having a legal obligation to honour planning arrangements previously made I would not hold your breath on that count.

We saw an example with the last raft of changes to the superannuation contributions provisions where the Liberal government made changes retrospectively to the amounts that could be made to a fund.

[hagler]

On 6/30/2018 at 11:41 AM, damian said:

 

 

If I want to sell my property I can always transfer ownership to a family member and have them sell it

This will still trigger a CGT event at the time of the transfer to the family member regardless of the amount it was transferred for.

 

CGT will apply on the current market value of the property at the time you transfer. If the ATO believes the valuation you placed on the market value of the property is underestimated they will arrange to have the Valuer General in the State the property is in to conduct one

[Lacessit]

2 hours ago, tropo said:

When they offer unemployment benefits and many other concessions to people who don't work... just one example.

That is partly true. When one looks at the amount of paperwork and job applications demanded by Centrelink in return for those payments, it's a different kettle of fish.

In comparison, age pensioners in Australia are treated with kid gloves. That's because every politician knows offending that sector is a death warrant. Once you have got through the initial process ( 40 - odd pages from memory ) it just keeps ticking over.

People on unemployment or disability are treated like lepers in comparison. It's an ongoing process of justifying their existence, and futile job applications. Again from memory, at one stage Centrelink was demanding a recipient of unemployment benefits apply for 100 jobs a month. If they didn't do it, the payment was cut off. Disability pensioners are the same - look too active, or work, and get benefits cut. The disability becomes self-fulfilling.

[tropo]

24 minutes ago, Lacessit said:

That is partly true. When one looks at the amount of paperwork and job applications demanded by Centrelink in return for those payments, it's a different kettle of fish.

In comparison, age pensioners in Australia are treated with kid gloves. That's because every politician knows offending that sector is a death warrant. Once you have got through the initial process ( 40 - odd pages from memory ) it just keeps ticking over.

People on unemployment or disability are treated like lepers in comparison. It's an ongoing process of justifying their existence, and futile job applications. Again from memory, at one stage Centrelink was demanding a recipient of unemployment benefits apply for 100 jobs a month. If they didn't do it, the payment was cut off. Disability pensioners are the same - look too active, or work, and get benefits cut. The disability becomes self-fulfilling.

Fair enough. It has changed a bit since I was last on unemployment benefits for a short time in the early 80's. Still, it's better than being out on the street with nothing.

[DUNROAMIN]

On ‎6‎/‎30‎/‎2018 at 12:01 PM, zaZa9 said:

Im no expert , but if I was in government I would be doing as little as possible to drive self funded retirees living  quietly overseas to  start flooding back  home  with their hands out .

Exactly! Now let me way this up. I go back to Oz, my pension goes up because I get extra allowances, I can get free transport and rego in some states, heavily discounted fares and rego in other states, cheaper council rates, electricity, and medical, for me all health care is free. (DVA Gold card.) not to mention discounts for being a senior and so on.

Guess who foots the bill for me, the Australian tax payer.

I remember a few years ago when the Government was concerned how they were going to foot the bill for the up and coming retirees from the baby boomer years.

One would think the Government would be only to happy to wish you bon voyage

to an overseas destination to relieve the financial pressure on the economy, not make it harder, obviously, some people in the government are short sighted and lack common sense.

My say. Cheers

[davidst01]

On 6/30/2018 at 7:39 PM, 4MyEgo said:

Just remember this, you can have money in the Australian Stock Exchange and pay no capital gains tax on any shares you sell for a profit, and dividends that are 100% fully franked shares, means you also don't pay any tax on them. Yes the withholding tax is 10%, forget holding property, too much tax and capital gains tax, foreign annual land tax, etc etc, so the only real options you have are above.

You are correct re shares. Dont forget about 'International shares'. I just sold mine and made huge gains tax free. Love it....  When the market next crashes in the states Im back in for sure

[ELVIS123456]

7 hours ago, StevieAus said:

Re the comment by Elvis first of all the ATO do not change the legislation that is the role of the government.

As far as the ATO having a legal obligation to honour planning arrangements previously made I would not hold your breath on that count.

We saw an example with the last raft of changes to the superannuation contributions provisions where the Liberal government made changes retrospectively to the amounts that could be made to a fund.

True - technically the ATO changes the applicable taxation schedules/rules in response to the Govt changing the legislation (which it drafts anyway), and the ATO sends out technical advice and updates to the industry and taxpayers.

 

The ATO/Govt cannot backdate changes to the taxation schedules/rules - something that was tax deductible in 2017/2018 finanical year, remains that way.  However, they can make changes that affect the following financial year - or are applicable from the date of announcement. This was finally settled a long time ago when ATO/Govt had to cancel backdated tax legislation for the 'bottom of the hardbor schemes'  - they cannot backdate make something taxable that in previous financial years was determined to be not taxable. 

The changes made to Superannuation are not the same a Tax Legislation - but I agree that the Govt can change things far too much in this area.  Unfortunately, unlike the companies that challenged the backdating of tax legislation to the High Court, the Super industry/people do not have the time/money to do the same.

 

ATO provides a 'residency' test.  Basivcally being a tax resident and away for up to two years is AOK - after that it is a case by case situation.

https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=AreYouAResident&amp;anchor=AreYouAResident&amp;anchor=AreYouAResident/questions#AreYouAResident/questions

 

 

[ELVIS123456]

7 hours ago, StevieAus said:

double

 

 

Edited July 1, 2018 by ELVIS123456

[StevieAus]

12 hours ago, ELVIS123456 said:

 

 

Just for the record non of the above really affect me, the point I was trying to make was that you cannot rely on what may apply now for the future.

The superannuation issue was the point that came to mind and although it did not affect me I have a couple of friends who had made additional contributions to their superannuation fund based on the provisions that applied at the time.

For the government to make the changes to the amounts you could make retrospective was in my book appalling.

Obviously time for a Pensioners Party

[aussieinphuket]

On 6/30/2018 at 10:23 AM, harleyblacknight said:

Not completely true to my knowledge provided by my accountant.  You could have an account and declare non residency with the bank and you pay withholding tax. Of course that might change soon knowing the Oz government!!

the problem is if you keep an account lets say, this could definitely construe you had intended to return to australia and therefore the ato would or could ask for back taxes if you earned income while living abroad and did not pay taxes. yes you can reinvest any funds you want back in australia as an overseas investor but then you are liable for withholding taxes agree.... you don't want to give these buggers any opportunity of coming after you and using technicality as a way of getting taxes from you... i presume whoever you ask you will get differing opinions ...

 

[aussieinphuket]

why do we need to pay taxes again as a Self Funded Retiree when i have already paid taxes on these funds/assets.

 

if they changed this we would consider moving back.  only to be taxes 30-40 pct on my investments again to have the benefit of living in australia ???? ... and lower my standard of living. when i can stay overseas and pay nil tax and still travel back to australia for about 180 days a year and be considered a non-resident tax payer suits me nicely to stay away from australia unless as someone commented they change these laws....

 

 

 

[maximillian]

On 6/30/2018 at 11:31 AM, possum1931 said:

Maybe going a bit off topic, but I feel this question should be asked. Is there any government in the world that is mostly fair to the average working class person?

 

Scandinavian countries and Finland, from what I know.

 

[StevieAus]

4 hours ago, aussieinphuket said:

why do we need to pay taxes again as a Self Funded Retiree when i have already paid taxes on these funds/assets.

 

if they changed this we would consider moving back.  only to be taxes 30-40 pct on my investments again to have the benefit of living in australia ???? ... and lower my standard of living. when i can stay overseas and pay nil tax and still travel back to australia for about 180 days a year and be considered a non-resident tax payer suits me nicely to stay away from australia unless as someone commented they change these laws....

 

 

 

In response to your first paragraph the answer is that self funded retirees ( I am one ) have been and continue to be screwed.

Your hear all this garbage about making provision for your retirement and when you do see what happens, see my comment in the post above, about the retrospective changes to superannuation that were introduced last year.

Australia used to be a country where incentive was rewarded not anymore, I paid personal, tax company tax and collected the GST for the government, all rewarded with nothing.

I read an article some time ago that stated that fifty percent of the population now receive some form of government payment.

Quite frankly I am glad that I decided to leave and I am in no hurry to return for any reason

[4MyEgo]

6 hours ago, StevieAus said:

In response to your first paragraph the answer is that self funded retirees ( I am one ) have been and continue to be screwed.

Your hear all this garbage about making provision for your retirement and when you do see what happens, see my comment in the post above, about the retrospective changes to superannuation that were introduced last year.

Australia used to be a country where incentive was rewarded not anymore, I paid personal, tax company tax and collected the GST for the government, all rewarded with nothing.

I read an article some time ago that stated that fifty percent of the population now receive some form of government payment.

Quite frankly I am glad that I decided to leave and I am in no hurry to return for any reason

I hear you loud and clear, been there, done that as well. The big bonus for me today was, that on Friday I called my super company and asked if I had reached preservation age, fully knowing that I did, and then asked, can I take out $200,000 from my super, they asked, are you retired, I said, 2 and a half years ago, sorted, funds in my account today, no tax payable.

 

I did have concerns as a non resident that I might be up for the non residents tax of 32.5c up to $80,000, then 37c on the balance, my accountant of 30 plus years couldn't answer my question, I Googled long and hard, did hours on end reading different articles, including the ATO's website, and there is no reference stating that "preservation age" only applies to Australia Residence, and super cannot be deemed an Australian sourced income, as its your life's savings with no tax payable once you reached preservation age (up to $200,000), so they can kiss my left one, and my right one when I turn 60 in 2 years and clear the balance.

 

Happy days are here, beers are on me, drink up 

Edited July 2, 2018 by 4MyEgo

[StevieAus]

19 hours ago, 4MyEgo said:

I hear you loud and clear, been there, done that as well. The big bonus for me today was, that on Friday I called my super company and asked if I had reached preservation age, fully knowing that I did, and then asked, can I take out $200,000 from my super, they asked, are you retired, I said, 2 and a half years ago, sorted, funds in my account today, no tax payable.

 

I did have concerns as a non resident that I might be up for the non residents tax of 32.5c up to $80,000, then 37c on the balance, my accountant of 30 plus years couldn't answer my question, I Googled long and hard, did hours on end reading different articles, including the ATO's website, and there is no reference stating that "preservation age" only applies to Australia Residence, and super cannot be deemed an Australian sourced income, as its your life's savings with no tax payable once you reached preservation age (up to $200,000), so they can kiss my left one, and my right one when I turn 60 in 2 years and clear the balance.

 

Happy days are here, beers are on me, drink up 

I chased that one about the withholding tax on super but the Fund confirmed that it didn’t apply and they knew I was living here

 

[4MyEgo]

32 minutes ago, StevieAus said:

I chased that one about the withholding tax on super but the Fund confirmed that it didn’t apply and they knew I was living here

 

Withholding tax is for money in term deposits, I know that 10% is withheld if you have money in term deposits, which I don't, all in the ASX, no tax.

 

I was looking to see if tax was payable on super taken at preservation age, and from the 100% research I have done, 99.99% points in the direction that is non taxable income up to $200,000 because its your superannuation savings, therefore enough to convince me that I will not be paying the non residents tax rate, let alone any tax on it.

[StevieAus]

21 hours ago, 4MyEgo said:

Withholding tax is for money in term deposits, I know that 10% is withheld if you have money in term deposits, which I don't, all in the ASX, no tax.

 

I was looking to see if tax was payable on super taken at preservation age, and from the 100% research I have done, 99.99% points in the direction that is non taxable income up to $200,000 because its your superannuation savings, therefore enough to convince me that I will not be paying the non residents tax rate, let alone any tax on it.

At least one thing we can’t be screwed on, yet!!

[4MyEgo]

1 minute ago, StevieAus said:

At least one thing we can’t be screwed on, yet!!

I could have waited till 60, but said better I get the threshold of $200,000 tax free out now at preservation age, and the balance tax free at 60 because you never when they are going to move the goal post.

[Small Joke]

On 6/30/2018 at 12:01 PM, zaZa9 said:

Im no expert , but if I was in government I would be doing as little as possible to drive self funded retirees living  quietly overseas to  start flooding back  home  with their hands out .

We can thank Skase, and a few Mediterranean types for stuffing up the age pension overseas.  The Europeans buggered off to the mother country after retiring, and started on the relatively generous pension rorts.  But the government,  in true sphincter fashion,  punished collectively. So now we all have to go hang out there for some ridiculously  long time to re-qualify for hard earned money they took from us to begin with.  It's reprehensible.