New Tax Laws For Expats Ozzies

[chris2155]

i will give you my example:

i was planning to retire next year and was thinking of putting my money in a govt pension fund which work's out if i lived in australia i could draw up to 25,000 per year.

with the first $6000 free and the balance at tax of 17% up to $21,600 then the remained at 30% up to the 25,000, but the govt offer you a 15% rebate so all in all it works out that i would not have to pay tax on (up to $25000)

but here is the change that has just come into play.

if you live overseas for more than 183 days of the financail year, you will be classed as a non-resident for tax purposes which means that taken the same example as above you will pay tax from dollar $1 at 29cents in the dollar up to $21,600 and 30cents for the remaining $3,400.

so if i prefer to live in thailand on my retirement after having worked and paid taxes from the age of 15yrs to 57 yrs(42 yrs)

so if i want to live on my own super saving i will have to pay around $7200 tax on $25,000 therefore leaving me with $17,800 for living in Thailand.

but if i live in Australia i could have the whole $25,000 tax free.

so the only way around it i see is spend 182 days in thailand and then return for ther other 183 days, every year,

and or take you money from the superfund on retirement and find a good fund that can offer you a extremely good return that you can pay their tax that the aust govt want to rip off you for not staying.

work for 40yrs here in aust now i want to retire with a little bit of money i have in super and they want that tooo, shame shame i say.

anyone with any better thought's to

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[Pink Mist]

Dont forget you've paid 15% on the way into the fund also, I would talk to an accountant about it.

I know you can take out just over $100,000 tax free, you could leave the rest in your fund if the admin fees arn't too much.