Australian Aged Pension

[giddyup]

25 minutes ago, Lacessit said:

If you have assets in Australia such as shares, or a Thai bank account in baht, Centrelink will periodically adjust the pension to reflect current values. If the capital value of your shares goes up, your pension will be adjusted down accordingly. I'm not sure how often they do it, I think it is every 3 or 6 months.

I'm assuming you have a part pension, it should not be happening with a full pension.

I do get a Comsuper pension as well, so I only get a part OAP, about $1100 a month. The Comsuper gets adjusted if there is an increase in inflation, but not by much. I have only cash in the bank, no property or shares. I wouldn't have thought Centrelink would have any access to the balance of my Thai bank account. I'm a little surprised that in the 11 years I've been in Thailand Centrelink has never once asked me if there has been any changes in my finances, not that there has been.

Edited February 21, 2022 by giddyup

[ozfarang]

1 minute ago, giddyup said:

I do get a Comsuper pension as well, so I only get a part OAP, about $1300 a month. The Comsuper gets adjusted if there is an increase in inflation, but not by much. I have only cash in the bank, no property or shares. I wouldn't have thought Centrelink would have any access to the balance of my Thai bank account. I'm a little surprised that in the 11 years I've been in Thailand Centrelink has never once asked me if there has been any changes in my finances, not that there has been.

Centrelink would not have access to your Thai bank account, they have access to the amount of interest you Australian bank accounts earn though. That is probably the reason your part pension is adjusted periodically.

[giddyup]

Just now, ozfarang said:

Centrelink would not have access to your Thai bank account, they have access to the amount of interest you Australian bank accounts earn though. That is probably the reason your part pension is adjusted periodically.

What annoys me is that they deem everything over about $50K at 2.5%, but there's absolutely no way my bank will pay anything like that in interest, lucky if I can get .05%

[norbra]

2 minutes ago, ozfarang said:

Centrelink would not have access to your Thai bank account, they have access to the amount of interest you Australian bank accounts earn though. That is probably the reason your part pension is adjusted periodically.

You should check your asset details for your Centrelink account via my gov web site.I had details of my Thai holdings listed but have since removed them as I have realised them for medical treatment

[Lacessit]

8 minutes ago, giddyup said:

I do get a Comsuper pension as well, so I only get a part OAP, about $1300 a month. The Comsuper gets adjusted if there is an increase in inflation, but not by much. I have only cash in the bank, no property or shares. I wouldn't have thought Centrelink would have any access to the balance of my Thai bank account. I'm a little surprised that in the 11 years I've been in Thailand Centrelink has never once asked me if there has been any changes in my finances, not that there has been.

Centrelink AFAIK does not have access to Thai bank accounts. However, such assets are counted by Centrelink, and if you fail to declare them, you will be in a world of doo-doo IF they find out. I play it straight and declare mine.

[Lacessit]

5 minutes ago, giddyup said:

What annoys me is that they deem everything over about $50K at 2.5%, but there's absolutely no way my bank will pay anything like that in interest, lucky if I can get .05%

Join hundreds of thousands of part-pensioners who are similarly annoyed.

[Lacessit]

22 minutes ago, giddyup said:

I'm a little surprised that in the 11 years I've been in Thailand Centrelink has never once asked me if there has been any changes in my finances, not that there has been.

I used to regularly declare changes in assets to Centrelink, only at an office. I don't trust their online system to get it right.

Since the pandemic started, I have not notified them of any asset changes. It would not matter anyway, my asset base is eroding by about 5% a year.

In 2 years, they've said nothing, so neither will I.

[scorecard]

1 hour ago, Olmate said:

Does.OP have mygov. account.? Should be able to query there.

Or call Centrelink International (Services Australia) on their toll free number 0018006114136 from Thailand.  They don't bite, they listen, always pleasant focused conversation. Take your time to answer any ongoing questions if you're concerned how much specific information you want to share. These conversations are recorded.

 

As said in the post above, IMHO It's worthwhile to start/have online my.gov as an 'umbrella' online entry path to various Oz gov't agencies. 

 

I click on my my.gov favorites icon, go through the USERNAME / PASSWORD steps (easy, see below) then clcik on one of three gov't agencies i've installed under my.gov: Centrelink, Medibank, and DVA.  And there's many more gov't agencies that can also be added to your own mg.gov list of contacts (gov't agencies) under your my.gov entry point. One example; tax (ATO). There's many more.

 

If you're located in Australia you have to set up my.gov so that you get an OTP on your mobile every time you want to enter and you use the OTP to open your my.gov facility.

 

If your located outside of Australia, in the initial start up you can select to set up 3 personal questions (you create the 3 questions and the 3 answers - all very simple to create).

 

Then to enter you type in your USERNAME, then a PASSWORD (all set up by yourself), then automatically the system will show one of your own 3 questions; type in the correct answer and your in my.gov, now select the actual gov't agency you want to enter online e.g. Centrelink.

 

It works well.  

 

Before I relocated back to Thailand I called the Centrelink International number, very pleasant lady answered many questions and shared some interesting/valuable points, she  mentioned that I should (quickly* after relocating ) enter my.gov then Centrelink and update my address. Reality is of course, and no secret, Centrelink has a 24 hr online link to immigration activity and your depart Oz / return to Oz dates are automatically recorded into your Centrelink file. (* quickly because if it's a case where being in different locations can change your OAP rate then it's best done quickly. If you're overpaid they will take it back by deductions to future payments, and they will quickly realize that you're in in Australia - immigration records).

 

The lady I spoke to was obviously looking at all my info on her screen and advised that the only adjustment to my OAP rate (because of relocation to Thailand) would be a small reduction in the energy allowance (I think it reduced a bit under AUD4.00 per fortnight).

 

I also activated the change to a 4 weekly payment sent direct to my K Bank account in Thailand. Easy to set up, If you want to do that one appraoch would be to call Centrelink International on their toll free number 90018006114136, and ask for advice how to set up the automatic transfer abroad. Can't be done over the phone, for obvious security reasons but not difficult. It works well.

 

Also, with K Bank (and I guess other Thai banks) you can set up a 'Credit Advice', when the money arrives into your K Bank accont (it's sent direct from the Australian government) you get:

 

- An instantaneous automatic SMS message and a sound alert that a credit has been entered into your K bank account (have to set this up of course but only takes 5 minutes at K bank, not free, 20Baht debit to your account every message of an annual debit of 199Baht).

 

- An instantaneous automtatic e.mail 'Credit Advice' from K bank giviny you a lot of details of that specific transaction from Oz. This needs to be set up at a specific type of K Bank branch - usually a branch which provides specific export/import banking. It's free to set up and no transaction or yearly charges.

 

Only 1 K Bank branch in Chiang Mai handles this, on Tar Paer Road, look for some signage indicating Import/Export banking.  

 

Good luck.

Edited February 21, 2022 by scorecard

[ozfarang]

1 hour ago, norbra said:

You should check your asset details for your Centrelink account via my gov web site.I had details of my Thai holdings listed but have since removed them as I have realised them for medical treatment

I have no Thai assets listed.

 

I didn't list any Thai assets when I applied for the OAP 3 years ago because I had none.

[scorecard]

Re: Thai Annual personal taxation

 

Colleague just told me farang holding permanent residence for Thailand are now required to pay Thai annual personal tax on all monies coming into Thailand from abroad.

 

Anybody aware of this? Please share.

 

 

[Lacessit]

13 minutes ago, scorecard said:

Re: Thai Annual personal taxation

 

Colleague just told me farang holding permanent residence for Thailand are now required to pay Thai annual personal tax on all monies coming into Thailand from abroad.

 

Anybody aware of this? Please share.

 

 

The devil is in the detail. What does "permanent residence" mean?

I am aware of an agreement between Thailand and Australia relating to taxation which means someone earning income can be taxed in either country, but not both.

I doubt the Thai government would levy tax on pension income or capital transfers from abroad, although nothing this government does surprises me.

I am not a permanent resident of this country if I can be booted out by either failing to renew my visa extension, or having it refused.

[deej]

29 minutes ago, scorecard said:

Re: Thai Annual personal taxation

 

Colleague just told me farang holding permanent residence for Thailand are now required to pay Thai annual personal tax on all monies coming into Thailand from abroad.

 

Anybody aware of this? Please share.

 

 

Mission Impossible????

[ozfarang]

I'm not a "permanent resident" of Thailand therefore I'm not subject to Thai personal tax according to this article,

 

https://www.expattaxes.com.au/thailand-tax-brief-for-australian-expats/

 

 

 

[opalred]

the pension we get it is based on exchange rate when payed to your Thai bank 

the oz dollar has been up and down faster than my girlfriends pants

[Lacessit]

2 hours ago, opalred said:

the pension we get it is based on exchange rate when payed to your Thai bank 

the oz dollar has been up and down faster than my girlfriends pants

I accumulate my Australian pension in a bank account there, usually make transfers of $20K - $30K when I think the exchange rate is acceptable.

The state of your girlfriend's pants is an interesting analogy; however, I would point out you are leading with your chin.

[RJRS1301]

3 minutes ago, Lacessit said:

I accumulate my Australian pension in a bank account there, usually make transfers of $20K - $30K when I think the exchange rate is acceptable.

The state of your girlfriend's pants is an interesting analogy; however, I would point out you are leading with your chin.

or tongue?

 

[giddyup]

1 minute ago, Lacessit said:

I accumulate my Australian pension in a bank account there, usually make transfers of $20K - $30K when I think the exchange rate is acceptable.

The state of your girlfriend's pants is an interesting analogy; however, I would point out you are leading with your chin.

How are you able to transfer such high amounts? I'm limited to a max of $10K per day and can't increase it. That's with ANZ

[Lacessit]

4 minutes ago, giddyup said:

How are you able to transfer such high amounts? I'm limited to a max of $10K per day and can't increase it. That's with ANZ

I am with Australian Unity, a credit union. I do remember one snippy woman asking what I wanted the money for. I explained it was for living expenses, and asked in turn what business it was of hers.

Ironically, Australian Unity does the transfer through an ANZ branch. Go figure.

[RJRS1301]

18 minutes ago, Lacessit said:

I am with Australian Unity, a credit union. I do remember one snippy woman asking what I wanted the money for. I explained it was for living expenses, and asked in turn what business it was of hers.

Ironically, Australian Unity does the transfer through an ANZ branch. Go figure.

They need to know for transaction over 10K, the credit union has to report it to Government 

[Artisi]

1 hour ago, giddyup said:

How are you able to transfer such high amounts? I'm limited to a max of $10K per day and can't increase it. That's with ANZ

You can transfer what ever amount you want, over 10,000 has to be reported to the government - guess if you did it too often a flag would be raised and questions asked. 

[giddyup]

10 minutes ago, Artisi said:

You can transfer what ever amount you want, over 10,000 has to be reported to the government - guess if you did it too often a flag would be raised and questions asked. 

No you can't using ANZ online transfer. It will only allow up to $10,000.

[scorecard]

44 minutes ago, giddyup said:

No you can't using ANZ online transfer. It will only allow up to $10,000.

But surely:

 

- It's common sense the online facility has some limit?

- That online limit could be overridden, online, by the bank if requested

   or, the bank could use another banking process for over 10,000?

 

[Lacessit]

18 minutes ago, scorecard said:

But surely:

 

- It's common sense the online facility has some limit?

- That online limit could be overridden, online, by the bank if requested

   or, the bank could use another banking process for over 10,000?

 

IME common sense is not all that common, especially when dealing with any bureaucracy.

[ripstanley]

1 hour ago, Artisi said:

You can transfer what ever amount you want, over 10,000 has to be reported to the government - guess if you did it too often a flag would be raised and questions asked. 

You are wrong. Any amount transferred OS creates  an Austrac report. The $10,000 limit is only for passengers.

[giddyup]

2 hours ago, scorecard said:

But surely:

 

- It's common sense the online facility has some limit?

- That online limit could be overridden, online, by the bank if requested

   or, the bank could use another banking process for over 10,000?

 

Perhaps it can be overridden by a personal visit to the bank in Australia, but it can't be done online, I've tried.

[giddyup]

2 hours ago, ripstanley said:

You are wrong. Any amount transferred OS creates  an Austrac report. The $10,000 limit is only for passengers.

What do you mean it's only for passengers? Thought I already said that $10,000 is the limit to transfer from my bank in Australia to my bank in Thailand. It's set in stone, but the crazy thing is I can transfer $10000 every day, as long as I pay the $18 transfer fee.

Edited March 1, 2022 by giddyup

[Lacessit]

8 hours ago, giddyup said:

Perhaps it can be overridden by a personal visit to the bank in Australia, but it can't be done online, I've tried.

Have you contacted them by phone? I remember having a limit on my debit card increased that way.

[giddyup]

1 hour ago, Lacessit said:

Have you contacted them by phone? I remember having a limit on my debit card increased that way.

I have asked by email, and no, it can't be increased. Ii think it applies to all Aussie banks.

 

[Lacessit]

17 minutes ago, giddyup said:

I have asked by email, and no, it can't be increased. Ii think it applies to all Aussie banks.

 

Email is not the same as speaking to someone.

As I have said before, my credit union transactions are routed through ANZ via a telegraphic transfer.  So there does seem to be an anomaly between your limit of 10K, and my ability to transfer larger amounts through the SAME bank. Feel free to ask them why.

[Nemises]

40 minutes ago, giddyup said:

I have asked by email, and no, it can't be increased. Ii think it applies to all Aussie banks.

 

Raised my daily Westpac limit to $200,000 from $10,000

 

2 minute phone call.