Any Australians here that are non residents for taxation purposes but still retain a bank account in Oz

[Will27]

7 hours ago, Artisi said:

When I checked the subject  was about non residents. 

Residents or non-residents, I still can't see it.

 

It would be pretty much a directive from the government due to a new law.

 

[KhunHeineken]

On 3/22/2022 at 11:00 PM, Artisi said:

Sorry, the ATO don't give a preverbial flying xxxx for what any overseas Aussie pensioner thinks / wants / believes. 

 

Especially as the vast majority of them don't make their way to the Australian Embassy to vote at election time.   

[KhunHeineken]

On 3/23/2022 at 9:16 AM, Will27 said:

Residents or non-residents, I still can't see it.

 

It would be pretty much a directive from the government due to a new law.

 

 

Which is exactly what is being proposed.  

[4MyEgo]

On 10/23/2021 at 1:08 PM, Will27 said:

I'm not sure how being a non-resident has anything to do with your bank account either.

I know this was posted a while back, but I just want to give all the heads up.

 

If you are a non-resident for tax purposes and have a bank account back in Oz with an overseas address, the banks will now cancel your account.

 

I say this because one of my accounts was closed today with ING bank, they stated that their policy was for residents of Australia and as I was not a resident of Australia they were cancelling my account.

 

Was with them for 13 years and had a few mortgages with them over the years.

 

Fortunately for me I have another account with CBA and my residential address is in Sydney, and I am going to keep it that way, and if anyone asks, I don't do tax returns anymore as I am retired and fly to and from Australia a few times a year, and if they ask me what my residency status is, I will say I hold Australian residency status.

 

Fark the lot of em, what next, the shirt off of me back.

[KhunHeineken]

On 5/4/2022 at 5:04 PM, 4MyEgo said:

I know this was posted a while back, but I just want to give all the heads up.

 

If you are a non-resident for tax purposes and have a bank account back in Oz with an overseas address, the banks will now cancel your account.

 

I say this because one of my accounts was closed today with ING bank, they stated that their policy was for residents of Australia and as I was not a resident of Australia they were cancelling my account.

 

Was with them for 13 years and had a few mortgages with them over the years.

 

Fortunately for me I have another account with CBA and my residential address is in Sydney, and I am going to keep it that way, and if anyone asks, I don't do tax returns anymore as I am retired and fly to and from Australia a few times a year, and if they ask me what my residency status is, I will say I hold Australian residency status.

 

Fark the lot of em, what next, the shirt off of me back.

Are you transferring to Thailand out of your CBA account? 

[4MyEgo]

1 hour ago, KhunHeineken said:

Are you transferring to Thailand out of your CBA account? 

Banks charge far too much to transfer here.

 

When I did transfer from ING, I would transfer to my Wise account and then transfer the money to my Thai account.

 

I will now be using my CBA account to transfer to Wise, then to my Thai account.

 

The thing to know with your wise account is, if you put more money in than the threshold that they allow, I think it's $20,000AUS they will charge you something like 1.6% interest monthly or something like that, so best to get it in and out asap.

 

Edited May 5, 2022 by 4MyEgo

[KhunHeineken]

13 hours ago, 4MyEgo said:

Banks charge far too much to transfer here.

 

When I did transfer from ING, I would transfer to my Wise account and then transfer the money to my Thai account.

 

I will now be using my CBA account to transfer to Wise, then to my Thai account.

 

The thing to know with your wise account is, if you put more money in than the threshold that they allow, I think it's $20,000AUS they will charge you something like 1.6% interest monthly or something like that, so best to get it in and out asap.

 

Good move.

 

Those constantly transferring from their bank here, to an account in their name overseas, draws attention.  

[4MyEgo]

Just now, KhunHeineken said:

Good move.

 

Those constantly transferring from their bank here, to an account in their name overseas, draws attention.  

As I am a non-resident for tax purposes, I was ok with the banks paying the ATO the withholding tax and them knowing I resided overseas.

 

I well, guess the ATO miss out on any withholding tax now because of the banks policy on overseas residence.

 

As I have an Australian address with my CBA account, if the ATO ever said oi, you haven't notified your bank to withhold the tax from your account, I will simply say, if I told them I have an overseas address, they will shut my account down and I need an account to invest large sums of money into the ASX which you guys encourage.

 

Can't have your cake and eat it too, they can provide me with what I owe them in withheld interest not held by the bank and I will transfer it to them, however doubt that day will ever arrive.

[Adumbration]

On 5/4/2022 at 2:04 PM, 4MyEgo said:

I know this was posted a while back, but I just want to give all the heads up.

 

If you are a non-resident for tax purposes and have a bank account back in Oz with an overseas address, the banks will now cancel your account.

 

I say this because one of my accounts was closed today with ING bank, they stated that their policy was for residents of Australia and as I was not a resident of Australia they were cancelling my account.

 

Was with them for 13 years and had a few mortgages with them over the years.

 

Fortunately for me I have another account with CBA and my residential address is in Sydney, and I am going to keep it that way, and if anyone asks, I don't do tax returns anymore as I am retired and fly to and from Australia a few times a year, and if they ask me what my residency status is, I will say I hold Australian residency status.

 

Fark the lot of em, what next, the shirt off of me back.

Thanks for the heads up.  I have an account with INGdirect.  I have a good deal of money in the account.  About a year ago I received an email from them (lucky I did not delete it as spam) and it linked to a form that I had to complete otherwise the bank would close my account.  All the questions on the form were asking where did the money come from and there were dozens of questions.  The money was my savings for Gods sake.

 

I have been very unwell but am slowly getting better.  I am looking very closely at the concept of unbanking and moving my assets into crypto and other hard commodities.  It is now nothing short of a nightmare dealing with Australian banks as an expat.

 

I did a sizable transfer using Wise the other day when the rate hit 24.6 (should have did it at 25+ a few weeks back).  I also had to complete a whole new set of questions to finish the transfer including what nationality I am.

 

Banks have most workaday folks entirely stitched up now with obscene debt obligations.  As a consequence they have become tyrannical in their interactions with customers and they manifestly despise having to service an account of someone like myself that has large deposit account balances, a platinum credit card that has never once been in debit, and no mortgage or other borrowings.

Edited May 6, 2022 by Adumbration

[4MyEgo]

1 hour ago, Adumbration said:

Thanks for the heads up.  I have an account with INGdirect.  I have a good deal of money in the account.  About a year ago I received an email from them (lucky I did not delete it as spam) and it linked to a form that I had to complete otherwise the bank would close my account.  All the questions on the form were asking where did the money come from and there were dozens of questions.  The money was my savings for Gods sake.

They made me so crazy a few years back wanting me to provide them with my address details on some kind of official government document witnessed by a JP.

 

I no JP's here, besides they can't witness overseas documents, being a retired JP from when I moved here 6 + years ago, oh, then a Notary is ok, I said not for me at $90 per paper they sign, that said, as I was going to back to Oz in a couple of months at that time, I said make a note of that and I will email you witnessed JP docs of my overseas license as there was nothing else that I could provide them with, except a CBA statement that had my address on it, both with do, they later rejected the license as Google maps couldn't recognise the address....lol, but they were ok with the CBA statement, go figure.

 

They came back a year + later wanting the same stuff again, and again fortunately for me, I was going back to Oz and did it again for them, wasn't happy about it, but you got to do what you got to do.

 

Last year I changed the address of the CBA account to a local address in Oz because I heard some guys saying the banks closed their accounts because they were overseas, as for the ING account I didn't change it as I don't use that account much, except when I want to get free international charges and ATM fees when I go to Oz.

 

Your not wrong about banks and some government departments, like Medicare, don't use it for 5 years, then you lose it, so we go back roughly every two years to use it, and when the date is getting close to the 5 year car renewal mark, I go to their website and say I lost the card, they then renew it with another 5 years and I pick it up from my daughter when back in Oz next.

 

This is all becoming a game you have to play to stay ahead of it.

 

As far as CBA are concerned, I live in the Oz address they have, and if they ever got in touch with me, I am overseas on holiday at the moment, and yes I am returning, next month, sometimes you have to BS, don't like it, but honesty got my ING card and account cancelled.  

[Adumbration]

7 minutes ago, 4MyEgo said:

They made me so crazy a few years back wanting me to provide them with my address details on some kind of official government document witnessed by a JP.

 

I no JP's here, besides they can't witness overseas documents, being a retired JP from when I moved here 6 + years ago, oh, then a Notary is ok, I said not for me at $90 per paper they sign, that said, as I was going to back to Oz in a couple of months at that time, I said make a note of that and I will email you witnessed JP docs of my overseas license as there was nothing else that I could provide them with, except a CBA statement that had my address on it, both with do, they later rejected the license as Google maps couldn't recognise the address....lol, but they were ok with the CBA statement, go figure.

 

They came back a year + later wanting the same stuff again, and again fortunately for me, I was going back to Oz and did it again for them, wasn't happy about it, but you got to do what you got to do.

 

Last year I changed the address of the CBA account to a local address in Oz because I heard some guys saying the banks closed their accounts because they were overseas, as for the ING account I didn't change it as I don't use that account much, except when I want to get free international charges and ATM fees when I go to Oz.

 

Your not wrong about banks and some government departments, like Medicare, don't use it for 5 years, then you lose it, so we go back roughly every two years to use it, and when the date is getting close to the 5 year car renewal mark, I go to their website and say I lost the card, they then renew it with another 5 years and I pick it up from my daughter when back in Oz next.

 

This is all becoming a game you have to play to stay ahead of it.

 

As far as CBA are concerned, I live in the Oz address they have, and if they ever got in touch with me, I am overseas on holiday at the moment, and yes I am returning, next month, sometimes you have to BS, don't like it, but honesty got my ING card and account cancelled.  

I have no family whatsoever in Australia.  So the game has been even more difficult for me.  Now that wet season is here I will spend much more time on my computer.  I am seriously looking at unbanking entirely.  Of course there are significant risks with crypto.  But there is also a bigger risk in my experience that a bank will interfere with you obtaining your own money.

Edited May 6, 2022 by Adumbration

[4MyEgo]

Just now, Adumbration said:

I have no family whatsoever in Australia.  So the game has been even more difficult for me.

I take it you are trying to keep your residency for tax purposes, whereas I don't and reap the reward of not having to pay any tax, albeit 10% withholding tax from the interest paid to me by the banks.

 

This suits me as I have family here, and no property back in Oz. I do have a daughter there though who collects my mail for me.

[Adumbration]

11 minutes ago, 4MyEgo said:

I take it you are trying to keep your residency for tax purposes, whereas I don't and reap the reward of not having to pay any tax, albeit 10% withholding tax from the interest paid to me by the banks.

 

This suits me as I have family here, and no property back in Oz. I do have a daughter there though who collects my mail for me.

Over this last year during being barricaded into my street by the Army because a neighbor had covid I also had a number of huge problems dealing with my Australian banks.  I have started a number of threads regarding those problems if you search my post history.  I was suffering depression at the time and was literally on the brink of nervous breakdown and suicide.

 

I made a conscious decision just to ignore all of the bank and government related issue and just enjoy my life..fishing and playing in the sea by my little home.  Now that the wet season has just arrived I have to now return to my list of problems and there are now 27 serious items on that list.  There was 26 but I recently received an email advising that they wanted to take my .com.au domain name (and thus my email address from me).  I have had the domain since the day they were released.  It is a three letter domain and has a six figure value.

 

Over the next six months I will be doing everything possible to unbank and ungovernment myself.

 

I will not be communicating with my banks to resolve any of the existing issue, I will be using the banking ombudsman.

Edited May 6, 2022 by Adumbration

[chalawaan]

On 10/23/2021 at 4:07 PM, Lemsta69 said:

@olmate bloody oath it's confusing, it's making my head spin! at least it's not as bad as what the Septics have to put up with, what with FATCA and FBAR etc etc

"Seppos" mate, get it right! ???? I was good mates with a Seppo, and he loved the moniker, especially when I oz-splained it to him.

He died young. Murdered in a 'dodgy escort' home invasion. The best blokes always leave too soon. RIP 'Seppo' Brian. ????????????

[chalawaan]

23 minutes ago, Adumbration said:

Over this last year during being barricaded into my street by the Army because a neighbor had covid I also had a number of huge problems dealing with my Australian banks.  I have started a number of threads regarding those problems if you search my post history.  I was suffering depression at the time and was literally on the brink of nervous breakdown and suicide.

 

I made a conscious decision just to ignore all of the bank and government related issue and just enjoy my life..fishing and playing in the sea by my little home.  Now that the wet season has just arrived I have to now return to my list of problems and there are now 27 serious items on that list.  There was 26 but I recently received an email advising that they wanted to take my .com.au domain name (and thus my email address from me).  I have had the domain since the day they were released.  It is a three letter domain and has a six figure value.

 

Over the next six months I will be doing everything possible to unbank and ungovernment myself.

 

I will not be communicating with my banks to resolve any of the existing issue, I will be using the banking ombudsman.

Mate, I hear your pain. I was royally screwed over by Canberra as a goldbug expat, my choice was: Sell your offshore bullion immediately (at a loss) or face being criminalized, no <deleted>!

Since <deleted> like Skase ruined holding gold offshore for all of us and the 9/11 <deleted>, the last thing you want to do is play games with ANY tax regime.

It's basically down to "F@rk around and find out" these days. 

It's not worth it.

Being a non-resident is great if you're loaded, but if you're just a retired PAYE non resident, you're missing out on Medicare, which is a HUGE benefit as you age. So get decent professional advice, but don't fall for super upsells either. It's not easy being non-resident as a PAYE retiree, and worth getting professional advice if this is your situation. 

 

[Adumbration]

6 minutes ago, chalawaan said:

Mate, I hear your pain. I was royally screwed over by Canberra as a goldbug expat, my choice was: Sell your offshore bullion immediately (at a loss) or face being criminalized, no <deleted>!

Since <deleted> like Skase ruined holding gold offshore for all of us and the 9/11 <deleted>, the last thing you want to do is play games with ANY tax regime.

It's basically down to "F@rk around and find out" these days. 

It's not worth it.

Being a non-resident is great if you're loaded, but if you're just a retired PAYE non resident, you're missing out on Medicare, which is a HUGE benefit as you age. So get decent professional advice, but don't fall for super upsells either. It's not easy being non-resident as a PAYE retiree, and worth getting professional advice if this is your situation. 

 

I am still a tax resident.

[KhunHeineken]

8 minutes ago, Adumbration said:

I am still a tax resident.

Will you still be a resident for tax purposes after the new changes come in?

[4MyEgo]

1 hour ago, Adumbration said:

Over this last year during being barricaded into my street by the Army because a neighbor had covid I also had a number of huge problems dealing with my Australian banks.  I have started a number of threads regarding those problems if you search my post history.  I was suffering depression at the time and was literally on the brink of nervous breakdown and suicide.

 

I made a conscious decision just to ignore all of the bank and government related issue and just enjoy my life..fishing and playing in the sea by my little home.  Now that the wet season has just arrived I have to now return to my list of problems and there are now 27 serious items on that list.  There was 26 but I recently received an email advising that they wanted to take my .com.au domain name (and thus my email address from me).  I have had the domain since the day they were released.  It is a three letter domain and has a six figure value.

 

Over the next six months I will be doing everything possible to unbank and ungovernment myself.

 

I will not be communicating with my banks to resolve any of the existing issue, I will be using the banking ombudsman.

Wow, thanks heavy.

 

Give yourself time to resolve the issues on your list and advise the banks that you are taking the matter to the Ombudsman, at least that way, they are on notice and probably won't want to do anything untoward to pi$$ you off further.

 

I have a list too, but with slow planning the list is getting smaller by the day and like you, the more I distance myself from these corporations, the better off I am, albeit I will continue to use them to my advantage in the game where I can.

 

Edited May 6, 2022 by 4MyEgo

[Lemsta69]

3 hours ago, chalawaan said:

"Seppos" mate, get it right! ???? I was good mates with a Seppo, and he loved the moniker, especially when I oz-splained it to him.

He died young. Murdered in a 'dodgy escort' home invasion. The best blokes always leave too soon. RIP 'Seppo' Brian. ????????????

soz. my mum is posh and we weren't allowed to use that kind of language. i'd get a clip round the ear if I said I was goin' round to Davo's house.

 

sorry to hear about Seppo Brian, that's some pretty bad luck.

[KhunHeineken]

2 hours ago, Lemsta69 said:

i'd get a clip round the ear if I said I was goin' round to Davo's house.

A clip around the ear is illegal now.  It's now called child abuse.  ????  

[Lemsta69]

5 hours ago, KhunHeineken said:

A clip around the ear is illegal now.  It's now called child abuse.  ????  

yeah complete BS. Mum chasing us around with the wooden spoon was the best time of my young life ????

[KhunHeineken]

6 hours ago, Lemsta69 said:

yeah complete BS. Mum chasing us around with the wooden spoon was the best time of my young life ????

Dad chasing you around was a different story.  ????