Australian becoming a NON Resident for tax purposes

[1]

On 5/14/2019 at 5:11 PM, 1 said:

I find this extremely interesting what you were saying about the double tax treaty and how you are judged as it flies in the face of just about everything I've read.

 

Personally at this stage I'm not interested in It's going down the ruling path as it appears to me it is far too open to interpretation IMO and I assume it cannot be done with anonymity?

 

I appreciate you do not want to share the letter but I would be interested in hearing more general specifics with regards to your situation if you don't mind sharing. Particularly the what you believe impacted their ruling. 

 

For mine I'm in my mid 50s retired and derive my income from shares, both dividend and capital gains and rental property. I also currently return to Australia annually for a few weeks. No real superannuation to speak of and no hope of ever getting the pension.

 

Anyway I would really appreciate any further information you're prepared to share.

 

Cheers

Hey @ThaiBunny I'm not sure if you missed my post here I'm really interested in any further feedback you may have With respect to your tax ruling. 

 

Like I said in a following post I wasn't talking about the interpretation of your ruling but rather of the interpretation of the tax department rules.

[sikishrory]

11 minutes ago, 1 said:

I missed this in @Thaidaddy original post.

 

Are you sure this is correct? It seems very odd to me.

It's correct.

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1 minute ago, sikishrory said:

It's correct.

Do you know if this relates back to the double tax treaty. 

 

I really know nothing about my tax liabilities with in Thailand with respect to being either a resident of Australia or a non-resident for tax purposes.

 

I guess it's a bit naive but as all my income is derived from Australia I guess I've given precedence to that. 

[1]

On 5/17/2019 at 1:13 PM, 4MyEgo said:

Just remember the tax wiz is only as good as the information you completed, and I have to say 5 years sounds odd ?

Yes I agree but I was completely truthful and that's the result he gave me. Possibly something to do with the fact that I return to Australia every year. No specific length of stay in Australia.

[1]

19 hours ago, sikishrory said:

I was advised by a number of people to close all bank accounts.

RE: Voting... I believe you also need to remove yourself from the electoral roll.

Number 1 "selling property" also applies if you move back to Australia and then sell it. They will still tax you crazy CGT on the rise in value for the years you were away.

With regards to your last point I don't think that's going to be a problem the way the market has being going! 555

 

But I'm also interested to know if you have anything further to offer regarding the closing of bank accounts I have not come across that piece of advice?

[sikishrory]

15 minutes ago, 1 said:

With regards to your last point I don't think that's going to be a problem the way the market has being going! 555

 

But I'm also interested to know if you have anything further to offer regarding the closing of bank accounts I have not come across that piece of advice?

There is no clear advice that I know of issued by the ATO on how to build a non residency case for yourself.

My information comes from a number of tax advisors that I have emailed over the last few years.

It is about building a strong position for yourself. Little links, assets, relationships and things like this can all build up and be used against you. The account is also subject to tax as mentioned. If you want to keep money there keeping it in an investment portfolio is the way to go.

[4MyEgo]

1 hour ago, 1 said:

I missed this in @Thaidaddy original post.

 

Are you sure this is correct? It seems very odd to me.

Checked, double checked, and triple checked ????

 

These link may help, Google is a great tool.

 

https://www.atlaswealth.com.au/australian-expat-investor-shares/

 

https://www.expattaxes.com.au/tax-free-capital-gains-on-australian-shares/

 

http://stanleywilliamson.com.au/cgt-rules-for-non-residents/

 

https://www.knowledgeshop.com.au/bid/339607/Non-resident-tax-on-Australian-sourced-income

[4MyEgo]

1 hour ago, 1 said:

But I'm also interested to know if you have anything further to offer regarding the closing of bank accounts I have not come across that piece of advice?

There is nothing wrong with keeping bank accounts, it doesn't establish your residency, it's just easier to do things when your trading, e.g. transferring money from Australia to Thailand like I do from my bank account via Transferwise.

 

Even though I still hold an Australian drivers license and have my Medicare card current, it doesn't establish that I am a resident for tax purposes, even though I use a mates address for notices such as driver's license renewal & Medicare notices, it is because "they" require an address outside of your PO Box, the majority of my mail goes to my PO Box where it gets collected by a friend and I pick it up when I go over for a holiday once a year to visit family and friends.

 

I think what also establishes me as a non resident moreso that others is that I have kids that go to school here, suffice to say if I was a resident of Australia, they would be going there, that would be my strongest argument, that and the fact that I have no intentions to return, now that may change in the future, but what we are doing is establishing residencies, e.g. I have no property in Australia, I do not rent anything, or own a car, furniture, although I have some affiliations with clubs, registrations, these are just to save me from having to start all over when I return in the future, if I return, it bypasses the bureaucracies if you get my drift  ????