Australian Term Deposit Investing.

[NONG CHOK]

Hi there, I need to invest money in an Australia Term Deposit online. I have an Aussie bank account and all the neccesary requirements. My problem is they require 2 different methods for ID. It can be passport details, driver licence details or medical card details. As I've been living in Thailand for the past 20 years I don't have a medical card and I've never had a drivers licence. Does anyone know of an Aussie Term Deposit where a passport is a sufficient means of ID to open an account online Thanks.

[farmerjo]

Had a similar problem,i got around it by using my passport and yellow book(with certified english translation)

That was for the government,not a bank.

 

[Leaver]

 

Do you own a property in Australia?  Maybe the property documents can be used.  

[Lemsta69]

have you considered opening an account with crypto.com and converting your AUD to TAUD at 1:1. then parking the TAUD in one of their 'Earn' products*?

 

current base rates are Flexible - 6%, 1 month - 8%, 3 month - 10%.

 

* not a financial advice

[Gsxrnz]

OP - proving your identification may be the least of your worries.  They will also demand evidence of the proof and legitimacy of the source of the funds as well as a list of all/any tax ID numbers and proof of your tax residency and income status in any country/ies.

 

They will require continuing proof of your tax residency if you are a non-resident and will be happy to freeze your funds if you fit their profile as a potential money launderer or tax evader.  I know somebody that this happened to - their crime was being a Kiwi with an Aussie tax number working in SE Asia for 10 years as a digital nomad and (arguably) not falling into any category as a tax payer in any country.

 

The Aussies decided they wanted their pound of flesh (because the Aussie tax department are as rabid as their immigration department) and froze all his Aussie assets.

 

Even if you make the deposit they will tax you as a non-resident at crippling tax rates.

[davidst01]

You should instead set up an online depository account at the perth mint and buy gold. Its guaranteed by the WA govt. They even guarantee to buy it back from you when you want to sell. I did all this and made 40% profit. Then they wired it to my thai bank account. tax free. Very professional. Highly recommend. good time to buy gold as the price has tanked recently. 

[mark5335]

4 hours ago, Gsxrnz said:

OP - proving your identification may be the least of your worries.  They will also demand evidence of the proof and legitimacy of the source of the funds as well as a list of all/any tax ID numbers and proof of your tax residency and income status in any country/ies.

 

They will require continuing proof of your tax residency if you are a non-resident and will be happy to freeze your funds if you fit their profile as a potential money launderer or tax evader.  I know somebody that this happened to - their crime was being a Kiwi with an Aussie tax number working in SE Asia for 10 years as a digital nomad and (arguably) not falling into any category as a tax payer in any country.

 

The Aussies decided they wanted their pound of flesh (because the Aussie tax department are as rabid as their immigration department) and froze all his Aussie assets.

 

Even if you make the deposit they will tax you as a non-resident at crippling tax rates.

That's good advice to be cautious, and that was an interesting case. Apart from freezing his assets did they also restrict his ability to freely come and go from Australia or did they try to prevent him from leaving as well?

[Gsxrnz]

21 hours ago, mark5335 said:

That's good advice to be cautious, and that was an interesting case. Apart from freezing his assets did they also restrict his ability to freely come and go from Australia or did they try to prevent him from leaving as well?

He's a Kiwi but lived and worked in Aussie and was a resident tax payer there.  He also holds a British passport and was coming and going to SE Asia on both passports.  He hasn't been back to Aussie.  

 

He hadn't actually been working in Australia for about 5 years before the mongrels decided to have a go at him.

 

The thing about Australia and Australians you have to be careful of is that "they" trust their government far too much,  It's a historical part of their psyche (maybe it comes from the convict genes of the 18th century) , because somewhat ironically, their government has done a very good job of administering the country for two centuries. Look at the pandemic situation - they have been literally in home detention for a year and because they as a people have ultimate faith in their government, they accept it like docile sheep. 

 

The same can be said of the Kiwis. Far too trusting and far too docile.