sonjai Posted May 1, 2021 Share Posted May 1, 2021 (edited) I wonder if any other Australian expat retirees here are having issues with their Australian banks regarding their tax residency. Westpac Bank, being OK for many years that I was no longer a tax resident of Australia and was residing in Thailand, is suddenly not happy with this and say they may block my account unless I provide a local tax identification number. Has anyone had a similar recent experience and what did you do to solve the problem? I posted details on another forum (https://forum.thaivisa.com/topic/1215584-australian-bank-demands-thai-tax-id-tin/) but think now that perhaps my post would be of more interest here. Edited May 1, 2021 by sonjai correction Link to comment Share on other sites More sharing options...
thasoss Posted May 1, 2021 Share Posted May 1, 2021 29 minutes ago, sonjai said: a local tax identification number. by this do you mean a thai tax number? Link to comment Share on other sites More sharing options...
thasoss Posted May 1, 2021 Share Posted May 1, 2021 So you are now resident oversees for tax purposes?And the aussie bank automatically taxes any income from your accounts at 10%...am i correct?....so yes why would westpac want any other details?do they think you are gainfully employed in thailand? Link to comment Share on other sites More sharing options...
sonjai Posted May 1, 2021 Author Share Posted May 1, 2021 Yes, I meant a Thai tax identification number (TIN). Wespac has been charging a 10% withholding tax on interest in my account for years. I updated my internet banking profile regarding my Thai tax residency years ago. I'm at a loss why suddenly the bank's CRS department asked me to confirm yet again my Thai tax residency and is demanding my Thai TIN, which I don't have. Link to comment Share on other sites More sharing options...
thasoss Posted May 1, 2021 Share Posted May 1, 2021 5 minutes ago, sonjai said: Thai tax residency and is demanding my Thai TIN, which I don't have. So are you working in tailand? Link to comment Share on other sites More sharing options...
sonjai Posted May 1, 2021 Author Share Posted May 1, 2021 I do 4 minutes ago, thasoss said: So are you working in tailand? No, I"ve been residing in Thailand on a retirement extension for years and naturally could not work here. I live off my savings. Link to comment Share on other sites More sharing options...
thasoss Posted May 1, 2021 Share Posted May 1, 2021 only thing to do is call them.Ask why are you requesting this? I am retired,I dont work,so why would i have a thai tax number. Aussie banks are a pain in the <deleted>,all of them. Link to comment Share on other sites More sharing options...
simple1 Posted May 1, 2021 Share Posted May 1, 2021 (edited) 9 minutes ago, sonjai said: I do No, I"ve been residing in Thailand on a retirement extension for years and naturally could not work here. I live off my savings. Sounds like the bank is carrying out due diligence, been a lot of pressure on the banks to fully comply with regulations; likely automated letter generated from data mining. If you're not earning any income from working or assets in Thailand, inform the bank. Edited May 1, 2021 by simple1 1 Link to comment Share on other sites More sharing options...
sonjai Posted May 1, 2021 Author Share Posted May 1, 2021 1 minute ago, simple1 said: Sounds like the bank is carrying out due diligence. If you're not earning any income from working or assets in Thailand, inform the bank. Westpac CRS department has been harassing me with emails all week. I explained everything to them in emails and called them in person -see my yesterday's post The argument they keep making is that if I don't pay any tax in Thailand I'm not a tax resident of Thailand. Idiotic, really, as in Australia pensioners, unemployed , and lots of businesses with losses to offset earnings, do not pay tax but are still Australian tax residents. These CRS people seem to be very aggressive in their correspondence with me and keep reminding that they can restrict my account. Link to comment Share on other sites More sharing options...
simple1 Posted May 1, 2021 Share Posted May 1, 2021 1 hour ago, sonjai said: Westpac CRS department has been harassing me with emails all week. I explained everything to them in emails and called them in person -see my yesterday's post The argument they keep making is that if I don't pay any tax in Thailand I'm not a tax resident of Thailand. Idiotic, really, as in Australia pensioners, unemployed , and lots of businesses with losses to offset earnings, do not pay tax but are still Australian tax residents. These CRS people seem to be very aggressive in their correspondence with me and keep reminding that they can restrict my account. ATO sets the rules. IMO take up the issue with ATO, copying Westpac. Link to comment Share on other sites More sharing options...
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