Revenue Department boss calls on tax residents in Thailand to file 2024 returns by March 31

[KhunHeineken]

On 1/13/2025 at 3:51 PM, MikeN said:

Westpac..."we think you are living overseas, prove otherwise or we freeze your bank account until you supply tax ID, and fill in these FATCA/CRS forms". Also have a backup account with NAB, who haven't said a thing...yet.

Strange. 

 

I also have a Westpac account.  I didn't receive any correspondence like that. 

 

What I do get from them, every few years, is a request to update my tax residency status.  Resident / Non Resident.  I say I am a resident for tax purposes.  I don't hear anything back about it for  few years until they ask the same question. 

 

Australia is proposing to change its current 90 year old laws around tax residency to a time based and physical presence model, the same as Thailand, but for 183 days.  This will take away ALL the loopholes, and non resident tax is 30% from $0 to $135,000.  

 

It's been well debated in the Australia forum, but basically, the aged pension is deemed to be an income, there is no tax free threshold in the non resident tax brackets, the aged pension is not covered by a DTA, if you are outside of Australia for 183 days you will be deemed a non resident for tax purposes, non resident tax start at 30% from zero dollars,  there are no exemptions or means testing mentioned in the proposed changes.  Put all of this together, and make of it what you will.