New Tax Laws For Expat 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

[email protected]

[sezzo]

Typical Aust govt ripping off the self funded retirees again. They probably have to do this so they can give more to centrelink system to enable the dole bludgers, professional single mothers etc. to have a better standard of living than the honest tax paying law abiding worker.

Dont be surprised if the pollies give themselves another pay rise shortly. God knows they have earnt it. Takes a tremendous amount of time and effort to rip us off again.

I know I sound cynical but I am sick of these mongrels. I thought that I would be away from all that rubbish over here but looks like it is following me here as well.