Transferring money to Thailand / Wise / New tax rules

[Kenny202]

Sorry if this has been answered elsewhere but not a regular reader so may have missed it. About to transfer my yearly living expenses from Australia. Usually use Wise. Is there any new requirements re transferring money? Paperwork / declarations required?

 

I am transferring from my superannuation account which is earning interest but non taxable in Australia as I have reached maturity age and it is my original Superannuation account that was paid into monthly when I was working. Will I need to declare or pay tax on this in a Thai tax declaration at the end of the year?....I assume no tax payable here as Australia / Thailand have a tax agreement? Has anything become clearer over the last few months? Any help appreciated

[CharlieH]

MOVED to Finance forum.

[Henryford]

The new rules are as clear as mud but i am assuming that i will need to submit a tax return next Jan - Mar 2025 on all monies remitted here during 2024. If i can prove they were subject to UK tax then there should be no Thai tax to pay.

[Mike Lister]

You could start by reading the document in the OP below which will explain the tax requirements. In a nutshell, you will need to determine what parts of the funds that you transfer are assessible to tax in Thailand and which parts are exempt and then potentially file a Thai tax return on the assessible income. There is an active thread about tax where you can ask questions as they occur to you, that thread is linked below also.

 

The Tax Guide is Here:

 

The Thread to Raise Issues is Here:

 

[Kenny202]

What I am most interested in, in the interim is if I will have any delay or problem....extra paperwork to fill out with Wise, or is that all as normal? Will there be a hold up or issues with the bank (please explain etc) when the money hits the Thai bank?

[Mike Lister]

4 minutes ago, Kenny202 said:

What I am most interested in, in the interim is if I will have any delay or problem....extra paperwork to fill out with Wise, or is that all as normal? Will there be a hold up or issues with the bank (please explain etc) when the money hits the Thai bank?

There is no relationship really between making bank transfers and taxation in Thailand, they are different and separate processes. You can make transfers all day and night and nothing has changed in that respect. You just need to understand whether that money you are transferring is taxable or not, only you can know that. Once the transfer is made, the money is in the country and if it is taxable, you can't undo the process later.

[ottrods]

Are UK military pensions taxable in Thailand

[Mike Lister]

2 minutes ago, ottrods said:

Are UK military pensions taxable in Thailand

No

[Kenny202]

9 minutes ago, Mike Lister said:

There is no relationship really between making bank transfers and taxation in Thailand, they are different and separate processes. You can make transfers all day and night and nothing has changed in that respect. You just need to understand whether that money you are transferring is taxable or not, only you can know that. Once the transfer is made, the money is in the country and if it is taxable, you can't undo the process later.

The money isn't taxable in Australia, I assume not taxable in Thailand?

[Mike Lister]

1 minute ago, Kenny202 said:

The money isn't taxable in Australia, I assume not taxable in Thailand?

Not a valid assumption at all!

 

Read the tax guide, plus you'll need to understand your DTA. I strongly suggest you join the thread in the second link I gave you and ask your question there where fellow Australians will be able to help.

[Kenny202]

3 minutes ago, Mike Lister said:

Not a valid assumption at all!

 

Read the tax guide, plus you'll need to understand your DTA. I strongly suggest you join the thread in the second link I gave you and ask your question there where fellow Australians will be able to help.

Thanks Mike, will do

[ottrods]

10 minutes ago, Mike Lister said:

No

Thank you

[OJAS]

4 hours ago, ottrods said:

Thank you

 

Military pensions are covered by Article 19(2)(a) of the UK-Thailand Double Taxation Convention:

 

https://assets.publishing.service.gov.uk/media/5a80bddc40f0b623026953eb/uk-thailand-dtc180281_-_in_force.pdf

 

then scroll down to page 27

[eddysacc]

Any new insights anybody?

[proton]

8 minutes ago, eddysacc said:

Any new insights anybody?

 

Just more confusion with the new news about taxing money even when not brought into the country, and we thought the last government were incompetent !

[CashMoon]

4 hours ago, proton said:

 

Just more confusion with the new news about taxing money even when not brought into the country, and we thought the last government were incompetent !

It seems to me that someone is trying to take out the pain of 15 years of exile on all Thais 😡