Australian Aged Pension

[Lacessit]

6 minutes ago, KhunHeineken said:

You really have no idea. 

 

See "cash at hand - inside or outside Australia." 

 

I don't report posts, but NO ONE should listen to ANY of your advice.  You are suggesting to them to break the law. 

 

https://www.servicesaustralia.gov.au/asset-types?context=22526

 

Financial investments

Tell us about any financial investments you and your partner own, or partially own, in and outside Australia. Financial investments include any of these:

• bank, building society and credit union accounts
• cash on hand
• deeming accounts
• term deposit accounts
• uncleared cheques
• managed investments, including margin loans
• shares and securities.

They also include any of these:

• superannuation investments if you are over Age Pension age
• annuities and income streams
• money loaned
• money held in solicitor trust accounts
• bonds and debentures
• gold, silver or platinum bullion
• gifting
• Home Equity Access Scheme advance payments.

Read more about financial investments and what’s included in the test.

Cash on hand is invisible. You think Centrelink is going to send out search parties to find it?

 

Everything you listed is traceable one way or another. With one exception.

 

Cash is not, which is why most governments are trying to get rid of it.

[Lacessit]

24 minutes ago, KhunHeineken said:

If you are living in Thailand, how do you know this?

 

Link please?

 

They don't have to come after anyone. 

 

You will be outside of Australia for more than 183 days, therefore will be a non resident for tax purposes, the tax bracket for non residents is 30% from $0 to $135,000, the pension is deemed an income, and the pension is taxable, and there are no exemptions or new tax free thresholds. 

 

You have never addressed the above.  You just continue to shoot the messenger. 

 

Link please.

 

It's the ATO that will inform Centerlink what Australians are non residents for tax purposes after 183 days. 

 

Once again, you are suggesting to members to break the law.  It's against forum rules, but more than that, it's very poor advice. 

 

Here's an example.  He did "the right thing" and look what happened to him.  You are suggesting members should do "the wrong thing." 

 

https://9now.nine.com.au/a-current-affair/lotto-numbers-pensioner-centrelink-winnings/5906339b-634e-486d-b8a3-517e1431c8d6

 

Aren't we talking about pensioners, not part pensioners?

 

Part pensioners are going to be screwed.  Simple as that.  That income that only sees them qualify for a part pension is up for 30% non resident tax.  No way out of it. 

 

You keep banging on about "chasing."  There is no chasing.  You are outside of Australia for 183 days and WILL BE deemed a non resident for tax purposes.  

 

It amazes me how many accept that being in Thailand for more than 180 days means you will be a tax resident of Thailand, yet, CAN NOT accept the day where Australia adopts a physical presence and time based model also, and being outside of Australia for 183 days means you WILL BE a non resident of Australia for tax purposes.     

It amazes me you, in the face of a very specific email from the Deputy Commissioner of Taxation, continue with the fiction the OAP will be taxed at 30%.

 

You have wasted enough of my time. You won't be doing it again.

[Olmate]

Upcoming pension plus  ++, Budget bonus on the.way🙏beauty Albo! 

[LosLobo]

21 minutes ago, Olmate said:

Upcoming pension plus  ++, Budget bonus on the.way🙏beauty Albo! 

URL Link FYI : https://biif.com.au/age-pension-increase/

[Olmate]

16 minutes ago, LosLobo said:

URL Link FYI : https://biif.com.au/age-pension-increase/

Cheers LL🙏

[CygnusX1]

16 hours ago, KhunHeineken said:

You will be outside of Australia for more than 183 days, therefore will be a non resident for tax purposes, the tax bracket for non residents is 30% from $0 to $135,000, the pension is deemed an income, and the pension is taxable, and there are no exemptions or new tax free thresholds. 

To avoid unnecessarily panicking some people, when quoting the 183 day rule you should always add the rider that this is just the first test in determining Australian tax residency. If you satisfy further tests such as ownership of assets and social ties in Australia, you may still be a resident for tax purposes.

 

The 183 day rule is still only an initial test even under the proposed new legislation, which may state that if you're not in Australia for at least 45 days, you're no longer a tax resident, with no further tests possible. In fact, on June 14 last year, you yourself posted a useful summary from a law firm of the proposed new legislation - "If you are inside Australia for more than 45 days, but less than 183 days, there are some secondary tests that are not too difficult to meet, but some may have some difficultly meeting them.  Also, Labor has hinted at changing the 45 days to possibly 60, maybe 90".

 

I'm well aware that the above is of little comfort to those who have cut all ties to Australia, maybe or maybe not most on this forum.

 

With regards to reporting of assets to Centrelink, I report mine every 2 weeks, on the day my superannuation pension's credited to my bank account, and would panic if I forgot to include a small reinvested dividend. I'm reassured by the more lackadaisical approach of some posters!

 

 

[KhunHeineken]

6 hours ago, CygnusX1 said:

To avoid unnecessarily panicking some people, when quoting the 183 day rule you should always add the rider that this is just the first test in determining Australian tax residency. If you satisfy further tests such as ownership of assets and social ties in Australia, you may still be a resident for tax purposes.

Yes, you are correct, but how many Aussie expat pensioners who haven't been home for several years can meet the Factor 2 tests?

 

Sure, they can meet one of them, "right to reside" which is easy, as they are an Aussie citizen, but what about meeting any of the others?

 

6 hours ago, CygnusX1 said:

The 183 day rule is still only an initial test even under the proposed new legislation, which may state that if you're not in Australia for at least 45 days, you're no longer a tax resident, with no further tests possible. In fact, on June 14 last year, you yourself posted a useful summary from a law firm of the proposed new legislation - "If you are inside Australia for more than 45 days, but less than 183 days, there are some secondary tests that are not too difficult to meet, but some may have some difficultly meeting them.  Also, Labor has hinted at changing the 45 days to possibly 60, maybe 90".

All true, but how does that help the Aussie expat pensioners who haven't been home in several years?

 

6 hours ago, CygnusX1 said:

I'm well aware that the above is of little comfort to those who have cut all ties to Australia, maybe or maybe not most on this forum.

 

Bingo. 

 

The percentage is high. 

 

6 hours ago, CygnusX1 said:

With regards to reporting of assets to Centrelink, I report mine every 2 weeks, on the day my superannuation pension's credited to my bank account, and would panic if I forgot to include a small reinvested dividend. I'm reassured by the more lackadaisical approach of some posters!

You have covered your a**, do good for you.

 

Many on this forum still think "it's only for guys like Paul Hogan."