52 yo Australian retired what to do

[davidst01]

4 pages of dribble but I made it to the end.

If the ato catch you out you will pay fines for not declaring to be a non resident for tax purposes.

As a non resident you will pay higher withholding tax on interest earnt in bank accounts but you will not need to include this interest income as 'taxable income' when doing your return. You will have to pay higher tax which will impact you if you have an investment property earning rent.

The reason I was happy to change to be a non resident was because any gains I make on trading of shares domestically or abroad (from my oz share trading account) is TAX FREE. Yes this is correct... I made 28% gain on shares I bought on nasdaq last year and when I sell them I dont have to pay tax. Ive had this confirmed from 3 different oz accountants.

If you want to double or triple your money in the next 2 to 5 yrs invest in this:

http://www.thaivisa.com/forum/topic/825815-invest-in-facebook-shares-now-and-double-your-money-in-1-to-2-yrs/

FB is taking googles market share in advertising currently. It has huge prospects with monetising the Instagram and whatsapp platforms. When its virtual reality technology takes off the stock is going to explode and this will happen as soon as its allowed to operate in China. You have to deal with currency risk if buying shares on nasdaq from oz account. But if the price doubles or triples you will still make a huge return even if the aud/usd goes north. The best is that you legally dont have to pay tax as a non resident of oz.

Good luck.

[georgemandm]

I for the life of me can't understand how someone would come to thailand and try and set up his thai partner in a business and hop she will make money , gets me , is the haire loseo that good here .

Look it is great to have a thai lady but to come here at a young age and try and set one up is not that smart, I have been coming here for 7 years and hear all the stories and I just not understand it .

It is not like you can't read about the thai bull s??t that go's on here now .

I try and tell some mates about the s??t that go's on with thai lady and ones from the bar but they not listening to me so now I not say f??k all let them find out the hard way .

As Thais would say , som nam nar .

[Stevemercer]

'mydee' seems to know what he is talking abut so it might be worthwhile getting Super advice from him. You won't be able to access any of your Super until your preservation age and then you will have several options. Earnings and pensions paid out from an allocated pension or transition to retirement fund are tax free provided the fund has been set up from your Super account. Given you are 8 years away from accessing your Super, and that the Government is bound to change the rules, you have plenty of time to consider your options to minimise taxation.

But, I would say, do maintain an Australian address. It is easier when maintaining an Australian bank account, filing tax returns etc. You can do most things online, including through the Australian 'MyGov' website once you have managed to establish yourself and link to Medicare and Tax. However, you will still occasionally need 'hard copy' letters or tax assessments proving your home address. It's just about keeping all your options open.

The Tax Department, as a matter of policy, will not run checks against immigration databases to check Australian residencies. However, you can always run afoul for other reasons.

In my circumstances, I was in the fortunate position of being able to retire and access my Super at age 55. I took some as an indexed pension, some as a lump sum to set myself up in Thailand and some as an allocated pension to provide an additional pension stream and to have the capital accessible in case I really needed it. I don't have any assets in Australia due to a recent divorce so I just have my Super (though I lost 30% of that too).

The flat 33% tax rate for 'non residents' (no tax free threshold and no over 60s offset) is punitive if your Super pension is relatively low (<50,000). It's a very regressive tax because the lower your income the worse off you will be (because you are not eligible for the 18,000 tax free threshold). However, it is a good deal if you are a politician, high level public servant or other high income earner on 75,000 plus because you will pay less tax. Similarly, if you deal in shares there are tax concessions. So the 'non resident' tax rules are good for the wealthy, but bad for the average pers

Sorry about the rant. I feel a little annoyed that, despite working hard all my life to earn an early retirement (and not needing an old age pension when I'm old enough), in the worst case tax scenario I could end up getting less than the old age pension by living in Thailand.

Edited March 12, 2016 by Stevemercer

[Kenny202]

Can I clarify one thing? I am under the assumption if I live in Thailand for the next 8 years (non resident) turn 60, I can withdraw all or some of my super tax free? Is that correct? I turn 60 I can direct my super company to transfer all of my funds to my bank account no tax no restrictions?

[georgemandm]

Can I clarify one thing? I am under the assumption if I live in Thailand for the next 8 years (non resident) turn 60, I can withdraw all or some of my super tax free? Is that correct? I turn 60 I can direct my super company to transfer all of my funds to my bank account no tax no restrictions?

Yes you can , but why would you not get a very good super fund and that makes good money tax free .

[Stevemercer]

Can I clarify one thing? I am under the assumption if I live in Thailand for the next 8 years (non resident) turn 60, I can withdraw all or some of my super tax free? Is that correct? I turn 60 I can direct my super company to transfer all of my funds to my bank account no tax no restrictions?

Yes, others might clarify, but where you live is irrelevant for access to Super. As you know, there are taxable and non-taxable components and you might have to pay a little tax. But whether you are an Australia 'resident' or 'non resident' for tax purposes makes no difference. The super company will make whatever funds transfer that you require to any Australian bank account. They might also transfer to an overseas account, but you will not want to do this because of possible losses through bank fees and exchange rates.

I'm just suggesting that you look at transferring some of the Super funds to an allocated pension fund account. The money can still be invested conservatively and and the earnings will be similar to a Super fund. But the great advantage is that the earnings are tax free and the pension stream that is paid out to you monthly or fortnightly is also tax free. It is probably a better investment, and more certain income stream, than spending the same on money on buying/renting out a house or starting a business in Thailand. Anyway, you are still some years away from all this.

Edited March 12, 2016 by Stevemercer

[Kenny202]

Can I clarify one thing? I am under the assumption if I live in Thailand for the next 8 years (non resident) turn 60, I can withdraw all or some of my super tax free? Is that correct? I turn 60 I can direct my super company to transfer all of my funds to my bank account no tax no restrictions?

Yes, others might clarify, but where you live is irrelevant for access to Super. As you know, there are taxable and non-taxable components and you might have to pay a little tax. But whether you are an Australia 'resident' or 'non resident' for tax purposes makes no difference. The super company will make whatever funds transfer that you require to any Australian bank account. They might also transfer to an overseas account, but you will not want to do this because of possible losses through bank fees and exchange rates.

I'm just suggesting that you look at transferring some of the Super funds to an allocated pension fund account. The money can still be invested conservatively and and the earnings will be similar to a Super fund. But the great advantage is that the earnings are tax free and the pension stream that is paid out to you monthly or fortnightly is also tax free. It is probably a better investment, and more certain income stream, than spending the same on money on buying/renting out a house or starting a business in Thailand. Anyway, you are still some years away from all this.

No I didn't know there were taxable and non taxable components? I'm still getting mixed responses. I've only ever made the minimum payment towards super from my wages.

I turn 60, I withdraw all my super.

I pay tax? Yes, no or maybe?

[mrfaroukh]

Not many people make money here even though they seem to do so. Specially if the business is in your wife or girl friend name you will be her slaves and anytime they tired of you, then you will be out and a new one will replace.

The best alternative for you I guess is to buy a property in Australia ( if you have enough cash) , rent it out and use the money in Thailand.

If you are sure you are going to live here then you better buy a cheap condo so that it is in your name. At least you will not waste your money on rent.

Not sure but may be you are eligible for pension in Australia if you spend few months a year there.

[georgemandm]

Can I clarify one thing? I am under the assumption if I live in Thailand for the next 8 years (non resident) turn 60, I can withdraw all or some of my super tax free? Is that correct? I turn 60 I can direct my super company to transfer all of my funds to my bank account no tax no restrictions?

Yes, others might clarify, but where you live is irrelevant for access to Super. As you know, there are taxable and non-taxable components and you might have to pay a little tax. But whether you are an Australia 'resident' or 'non resident' for tax purposes makes no difference. The super company will make whatever funds transfer that you require to any Australian bank account. They might also transfer to an overseas account, but you will not want to do this because of possible losses through bank fees and exchange rates.

I'm just suggesting that you look at transferring some of the Super funds to an allocated pension fund account. The money can still be invested conservatively and and the earnings will be similar to a Super fund. But the great advantage is that the earnings are tax free and the pension stream that is paid out to you monthly or fortnightly is also tax free. It is probably a better investment, and more certain income stream, than spending the same on money on buying/renting out a house or starting a business in Thailand. Anyway, you are still some years away from all this.

No I didn't know there were taxable and non taxable components? I'm still getting mixed responses. I've only ever made the minimum payment towards super from my wages.

I turn 60, I withdraw all my super.

I pay tax? Yes, no or maybe?

No

[georgemandm]

Can I clarify one thing? I am under the assumption if I live in Thailand for the next 8 years (non resident) turn 60, I can withdraw all or some of my super tax free? Is that correct? I turn 60 I can direct my super company to transfer all of my funds to my bank account no tax no restrictions?

Yes, others might clarify, but where you live is irrelevant for access to Super. As you know, there are taxable and non-taxable components and you might have to pay a little tax. But whether you are an Australia 'resident' or 'non resident' for tax purposes makes no difference. The super company will make whatever funds transfer that you require to any Australian bank account. They might also transfer to an overseas account, but you will not want to do this because of possible losses through bank fees and exchange rates.

I'm just suggesting that you look at transferring some of the Super funds to an allocated pension fund account. The money can still be invested conservatively and and the earnings will be similar to a Super fund. But the great advantage is that the earnings are tax free and the pension stream that is paid out to you monthly or fortnightly is also tax free. It is probably a better investment, and more certain income stream, than spending the same on money on buying/renting out a house or starting a business in Thailand. Anyway, you are still some years away from all this.

No I didn't know there were taxable and non taxable components? I'm still getting mixed responses. I've only ever made the minimum payment towards super from my wages.

I turn 60, I withdraw all my super.

I pay tax? Yes, no or maybe?

No you don't pat tax at 60

[mydee]

Kenny

Yes Once you have turned 60 most Australians can withdraw all or some of their superannuation and it will be free of tax.

The exceptions are very rare and are usually people like public servants and judges who's employers' didn't pay tax on the contributions that they made to the fund on these people's behalf (that's why they are called untaxed contributions). I would be very surprised if this applied to you and if it does I am happy to give you an opinion on your position.

Can I clarify one thing? I am under the assumption if I live in Thailand for the next 8 years (non resident) turn 60, I can withdraw all or some of my super tax free? Is that correct? I turn 60 I can direct my super company to transfer all of my funds to my bank account no tax no restrictions?

[farcanell]

Perhaps a pest control business... I know a guy who has just set one up, with no previous experience.

Or a pancake side cart... They are always popular, and you can get away with only having to go out from 7pm till 10pm, if you want

Otherwise, buy a nice wee house and rent it out, perhaps

[farcanell]

Hi Kenny,

Do not know how much money you have, but, there are stilol good investments to be made that are as safe asw possible in a troubled world.

$AUD500,000 invested today with (XXXXXX) will increase by 117% in 9 years. So your money will be $1085,000 at the end of term Guaranteed.

http://bit.ly/1XjMlQb will take you to the "expat" site. There you can do your own research if you want to.

NOTE: I have NO affiliation with the site in ANY way, it is simply my own research.

Kenny, I know a fair bit about the OZ pension.

The Abbott gov changed the "eligibility" from 25 yrs to 35 yrs. There are too many variables to say who is eligible. SO I will give a simple example.

• Thai girl marries OZ man at age 18. Becomes an Aussie when she is twenty. Works for Gov as an interpretor until she is 67. Picks up her Super, applies for (and gets) her pension. Retires to Thailand with a "few" hundred thousand AUD in the bank and a FULLY indexed pension for life.
• Aussie "dude" goes on dole at age 18 and stays on dole all his life. At age 67 he transfers to Aged Pension. Has no cash, but has FULLY indexed pension anywhere in the world - for life.

What this means is:- After you have been eligible for a pension for 35 years or longer, you will continue to get a FULL indexed pension, no matter where in the world you live - for the remainder of your life.

Doom-sayers will tell you all sorts of stories... Get the facts - not hard. NEVER TELL A LIE... The consequences are terrible for those that try to lie & cheat.

Getting your pension in Thailand. You have told no lies right?? So tell them you live here. Tell them you want your pension transferred here. It will be sent MONTHLY via the Reserve Bank at the "INTERBANK" rate. As I type the interbank rate is $AUD1.00 = B25.5027. That is the rate you get deposited in your bank account.

The one fly in the ointment for your circumstances Kenny is that you MUST live in OZ for two years before you can apply for your pension.

Good Luck Mate.

Do you know if a person can get unemployment benefits, during the two years back in Oz?

[Kenny202]

Hi Kenny,

Do not know how much money you have, but, there are stilol good investments to be made that are as safe asw possible in a troubled world.

$AUD500,000 invested today with (XXXXXX) will increase by 117% in 9 years. So your money will be $1085,000 at the end of term Guaranteed.

http://bit.ly/1XjMlQb will take you to the "expat" site. There you can do your own research if you want to.

NOTE: I have NO affiliation with the site in ANY way, it is simply my own research.

Kenny, I know a fair bit about the OZ pension.

The Abbott gov changed the "eligibility" from 25 yrs to 35 yrs. There are too many variables to say who is eligible. SO I will give a simple example.

• Thai girl marries OZ man at age 18. Becomes an Aussie when she is twenty. Works for Gov as an interpretor until she is 67. Picks up her Super, applies for (and gets) her pension. Retires to Thailand with a "few" hundred thousand AUD in the bank and a FULLY indexed pension for life.
• Aussie "dude" goes on dole at age 18 and stays on dole all his life. At age 67 he transfers to Aged Pension. Has no cash, but has FULLY indexed pension anywhere in the world - for life.

What this means is:- After you have been eligible for a pension for 35 years or longer, you will continue to get a FULL indexed pension, no matter where in the world you live - for the remainder of your life.

Doom-sayers will tell you all sorts of stories... Get the facts - not hard. NEVER TELL A LIE... The consequences are terrible for those that try to lie & cheat.

Getting your pension in Thailand. You have told no lies right?? So tell them you live here. Tell them you want your pension transferred here. It will be sent MONTHLY via the Reserve Bank at the "INTERBANK" rate. As I type the interbank rate is $AUD1.00 = B25.5027. That is the rate you get deposited in your bank account.

The one fly in the ointment for your circumstances Kenny is that you MUST live in OZ for two years before you can apply for your pension.

Good Luck Mate.

Do you know if a person can get unemployment benefits, during the two years back in Oz?

That's a great question actually. Say you're 58....things have gone tits up here and looking grim. Is there a safety net back in Australia or waiting period for unemployment benefit?

[GuestHouse]

If you need to do any work to supplement your income at 52 then I suspect your long term retirement planning needs a thorough independent examination.

Specifically do a check of the impact of inflation on your spending power over the next ten, twenty, thirty and perhaps 40 years.

Here's an example to try out.

http://www.thisismoney.co.uk/money/saving/article-1633422/Inflation-savings-danger-calculator.html

[cat handler]

Kenny,

You can withdraw your super in full once 55 in Aus if your leaving for good. Then nothing else stopping you from applying for a pension on correct age. It depends on for many years you have work in Aus. Would stay away from any business in Thailand.

Stock market can be good or bad. It is an open gamble. Currency fluctuations also play a big part!

Sure you can withdraw Super n full but expect it to be taxed as income if taken before 60. I would also like to know how the hell you can live off 50,000 a month, I'm 51 and investing to retire there but want to own a Condo and a bike there and wouldn't retire unless I had 100,000 baht a month spending money, I don't want to sit in my room counting loose baht hoping I had enough to hit the piss tomorrow. I'm Salary Sacrifice $800 a fortnight into Super + my employer contributions and trying to buy $40,000 worth of shares every year hoping a fully franked dividend will give me some beer money.

I hear too many stories of Aussies living in Thailand with no money, best to prepare first even if it means work for a few more years.

Edited March 12, 2016 by cat handler

[jacko45k]

If you have decided to retire, stay retired.

I understand the initial discomfort of not having a regular salary coming in, but you will get used to it.

You are right to be dubious of your wife's abilities, the ones who thrive are rare. Most have interest early on, but like getting a puppy are bored with it quickly and dislike making effort. If the investment is small it is no mind, but you already sound dubious.

Play it safe, many 'investments' are not what they seem, your circumstances dictate low risk. I wouldn't worry too much about bringing some money here if returns are better, I believe banking is quite stable here... although beware the government protection on deposits has just decreased substantially. (Do they know something?)

Edited March 12, 2016 by jacko45k

[Kenny202]

Kenny,

You can withdraw your super in full once 55 in Aus if your leaving for good. Then nothing else stopping you from applying for a pension on correct age. It depends on for many years you have work in Aus. Would stay away from any business in Thailand.

Stock market can be good or bad. It is an open gamble. Currency fluctuations also play a big part!

Sure you can withdraw Super n full but expect it to be taxed as income if taken before 60. I would also like to know how the hell you can live off 50,000 a month, I'm 51 and investing to retire there but want to own a Condo and a bike there and wouldn't retire unless I had 100,000 baht a month spending money, I don't want to sit in my room counting loose baht hoping I had enough to hit the piss tomorrow. I'm Salary Sacrifice $800 a fortnight into Super + my employer contributions and trying to buy $40,000 worth of shares every year hoping a fully franked dividend will give me some beer money.

I hear too many stories of Aussies living in Thailand with no money, best to prepare first even if it means work for a few more years.

Well therein lies the difference between you and me. You cite "drinking piss" as your priority. I don't drink and it is expensive here to drink. I own my car and bike and everything else. Live in a large air con home. We eat like kings. Have true vision, internet. Can live well here on 50k a month for sure

[zaZa9]

I stopped drinking recently and it is surprising how little money I now go through !

I live in Phuket , which is not a 'cheap' province , in similiar conditions to the Op , and now see my monthly expenditure dropping to 60k from about 70k previous.

But just to recap : You can withdraw all your Aus super at 60 and pay no tax on it , but myself as well as other BMs ask the question , "Why do so when Aus super usually returns at a rate better than most investments and anything it earns will be tax free?"

For those who would bring their savings here and earn interest on bank deposits in Thailand , it should be noted that one needs to register and pay tax on that to the Thai government. ( Im not sure over what amount )

For those who would bring money into Thailand to buy a house , I note very extensive waiting periods for them to be sold , and in Phuket , supply far outstripping demand.

And for Farcanell , of course you can draw unemployment benefits if you return home and present yourself at a CES office as ready to work.... as long as you meet their criteria.

[Kenny202]

All good advice but as for returns on super....up until 2 years ago I was seeing growth of at least 8% every year. Last 2 years decreased by that much with no sign of change in the foreseeable future. Have no intention of bringing any large sums here to Wally World

[rhodie]

I havent read the rest , but you do NOT have to be a "Non-resident for taxation purposes" !

You are only that if YOU nominate to be so , and dont let any accountant tell you otherwise.

( Thus you pay 'normal' tax - and will/may be eligible for a pension )

Simply ALWAYS state you are on extended vacation on any Aus documentation , never ever admit you are Living O/S , and make yearly or 2 visits home , and maintain a permanent address at a friends or kids place.

No one can 'make' you be a non-resident or stop 'holidaying' , as long as you maintain thats what you are doing.

I have been doing this here for 8 years .

Dont know what the others have rec'd re the missus and biz - just dont outlay precious capital on things you cant own !

Get to know lots of people , and small jobs will fall into her hands.

Mine does laundry , cleans villas and is a casual in a restaurant - all work thats up to her and all the cash she keeps....

Finally : DO NOT BUY A HOUSE !!

2 points Firstly foreigners can't buy a house. Secondly anyone using your method of returning for short periods to Oz thinking their residancy is protected will be in shock when applying for a pension, they will get tripped up 100‰

Next shock will be Medicare

Sent from my SC-01D using Tapatalk

mcfish,

could you elaborate on what shock he will be in for? Information would be helpful. And also Medicare? What will be that shock?

Thanks

[rhodie]

Hi Kenny,

Do not know how much money you have, but, there are stilol good investments to be made that are as safe asw possible in a troubled world.

$AUD500,000 invested today with (XXXXXX) will increase by 117% in 9 years. So your money will be $1085,000 at the end of term Guaranteed.

http://bit.ly/1XjMlQb will take you to the "expat" site. There you can do your own research if you want to.

NOTE: I have NO affiliation with the site in ANY way, it is simply my own research.

Kenny, I know a fair bit about the OZ pension.

The Abbott gov changed the "eligibility" from 25 yrs to 35 yrs. There are too many variables to say who is eligible. SO I will give a simple example.

• Thai girl marries OZ man at age 18. Becomes an Aussie when she is twenty. Works for Gov as an interpretor until she is 67. Picks up her Super, applies for (and gets) her pension. Retires to Thailand with a "few" hundred thousand AUD in the bank and a FULLY indexed pension for life.
• Aussie "dude" goes on dole at age 18 and stays on dole all his life. At age 67 he transfers to Aged Pension. Has no cash, but has FULLY indexed pension anywhere in the world - for life.

What this means is:- After you have been eligible for a pension for 35 years or longer, you will continue to get a FULL indexed pension, no matter where in the world you live - for the remainder of your life.

Doom-sayers will tell you all sorts of stories... Get the facts - not hard. NEVER TELL A LIE... The consequences are terrible for those that try to lie & cheat.

Getting your pension in Thailand. You have told no lies right?? So tell them you live here. Tell them you want your pension transferred here. It will be sent MONTHLY via the Reserve Bank at the "INTERBANK" rate. As I type the interbank rate is $AUD1.00 = B25.5027. That is the rate you get deposited in your bank account.

The one fly in the ointment for your circumstances Kenny is that you MUST live in OZ for two years before you can apply for your pension.

Good Luck Mate.

Do you know if a person can get unemployment benefits, during the two years back in Oz?

That's a great question actually. Say you're 58....things have gone tits up here and looking grim. Is there a safety net back in Australia or waiting period for unemployment benefit?

If you return to Australia the day you are eligible for the OAP, you can apply and receive straight away. But you need to stay for 2 years before you can receive it outside of Australia. If you return 2 years before you are eligible for the OAP, you can work for those 2 years and then leave once you have applied for the OAP and receive it outside of Australia.

[Kenny202]

Hi Kenny,

Do not know how much money you have, but, there are stilol good investments to be made that are as safe asw possible in a troubled world.

$AUD500,000 invested today with (XXXXXX) will increase by 117% in 9 years. So your money will be $1085,000 at the end of term Guaranteed.

http://bit.ly/1XjMlQb will take you to the "expat" site. There you can do your own research if you want to.

NOTE: I have NO affiliation with the site in ANY way, it is simply my own research.

Kenny, I know a fair bit about the OZ pension.

The Abbott gov changed the "eligibility" from 25 yrs to 35 yrs. There are too many variables to say who is eligible. SO I will give a simple example.

• Thai girl marries OZ man at age 18. Becomes an Aussie when she is twenty. Works for Gov as an interpretor until she is 67. Picks up her Super, applies for (and gets) her pension. Retires to Thailand with a "few" hundred thousand AUD in the bank and a FULLY indexed pension for life.
• Aussie "dude" goes on dole at age 18 and stays on dole all his life. At age 67 he transfers to Aged Pension. Has no cash, but has FULLY indexed pension anywhere in the world - for life.

What this means is:- After you have been eligible for a pension for 35 years or longer, you will continue to get a FULL indexed pension, no matter where in the world you live - for the remainder of your life.

Doom-sayers will tell you all sorts of stories... Get the facts - not hard. NEVER TELL A LIE... The consequences are terrible for those that try to lie & cheat.

Getting your pension in Thailand. You have told no lies right?? So tell them you live here. Tell them you want your pension transferred here. It will be sent MONTHLY via the Reserve Bank at the "INTERBANK" rate. As I type the interbank rate is $AUD1.00 = B25.5027. That is the rate you get deposited in your bank account.

The one fly in the ointment for your circumstances Kenny is that you MUST live in OZ for two years before you can apply for your pension.

Good Luck Mate.

Do you know if a person can get unemployment benefits, during the two years back in Oz?

That's a great question actually. Say you're 58....things have gone tits up here and looking grim. Is there a safety net back in Australia or waiting period for unemployment benefit?

If you return to Australia the day you are eligible for the OAP, you can apply and receive straight away. But you need to stay for 2 years before you can receive it outside of Australia. If you return 2 years before you are eligible for the OAP, you can work for those 2 years and then leave once you have applied for the OAP and receive it outside of Australia.

nicely and clearly put. I got a letter from centre link stating exactly that. I guess if you were over 55 and very little chance of getting a job you would go on the dole straight away. Do you qualify for the dole if uve been out of the country for a lengthy period? Ie non resident

[mcfish]

I havent read the rest , but you do NOT have to be a "Non-resident for taxation purposes" !

You are only that if YOU nominate to be so , and dont let any accountant tell you otherwise.

( Thus you pay 'normal' tax - and will/may be eligible for a pension )

Simply ALWAYS state you are on extended vacation on any Aus documentation , never ever admit you are Living O/S , and make yearly or 2 visits home , and maintain a permanent address at a friends or kids place.

No one can 'make' you be a non-resident or stop 'holidaying' , as long as you maintain thats what you are doing.

I have been doing this here for 8 years .

Dont know what the others have rec'd re the missus and biz - just dont outlay precious capital on things you cant own !

Get to know lots of people , and small jobs will fall into her hands.

Mine does laundry , cleans villas and is a casual in a restaurant - all work thats up to her and all the cash she keeps....

Finally : DO NOT BUY A HOUSE !!

2 points Firstly foreigners can't buy a house. Secondly anyone using your method of returning for short periods to Oz thinking their residancy is protected will be in shock when applying for a pension, they will get tripped up 100‰

Next shock will be Medicare

Sent from my SC-01D using Tapatalk

mcfish,

could you elaborate on what shock he will be in for? Information would be helpful. And also Medicare? What will be that shock?

Thanks

Basically, if you are absent from Australia for more than 6 months of the year you are no longer a permanent resident for Taxation/Medicare/Centrelink purposes.

After 5 years of not being a permanent resident you will lose medicare benefits unless you return to Australia and demonstrate that you are now permanent.

I wasn't clear on the pension I was referring to the disability pension that I have. If you get sick and return to Oz you will be flatly refused on the grounds of being a non resident and you only need to be gone more than 6 month's but there are no clear guide lines on this and to confuse it more, center link, ATO have different requirements for residancy . Before I got permanent portability I was hounded by center link and forced back to Oz even though I had a valid Oz address, bank accounts and driver's license and this was at the time we were allowed 3 months travel at a time, you flew back, report it and flew out again same day.

Sent from my SC-01D using Tapatalk

Edited March 13, 2016 by mcfish

[slipperylobster]

It is a full time job just keeping the ladies away from lotto and building coffee shops.

[zaZa9]

Thanks to the BM who posted this link-

https://www.ato.gov.au/Individuals/International-tax-for-individuals/Work-out-your-tax-residency/

[farcanell]

Thanks for the information zaZa9.... The whole thread has been interesting, so thanks to Kenny as well

After nine years of filling in tax returns as a non resident, I am about to start paying tax again, using my sisters address, as I had always intended to return to Oz for my retirement

At the moment, I have work for a couple of months a year, in Australia, to top up my funds, and as a non resident, the tax man wants 50%... Hence my decision to advise the ATO that I am again a resident for tax purposes, which is open to be challenged

Doing the tax returns is important, because the tax man has to agree that you are a non resident for tax purposes, and they have a number of years (3 Years, i believe) to do this, (challenge your residency status) so if you don't advise them, and move back to Oz, they can still have a go at you

The single most important document I have is the retirement visa in my passport, as it proves that I am resident in Thailand, if challenged.... Because one of the ATO checkboxes requires you to be able to demonstrate residency in another country.

[Kenny202]

Thanks for the information zaZa9.... The whole thread has been interesting, so thanks to Kenny as well

After nine years of filling in tax returns as a non resident, I am about to start paying tax again, using my sisters address, as I had always intended to return to Oz for my retirement

At the moment, I have work for a couple of months a year, in Australia, to top up my funds, and as a non resident, the tax man wants 50%... Hence my decision to advise the ATO that I am again a resident for tax purposes, which is open to be challenged

Doing the tax returns is important, because the tax man has to agree that you are a non resident for tax purposes, and they have a number of years (3 Years, i believe) to do this, (challenge your residency status) so if you don't advise them, and move back to Oz, they can still have a go at you

The single most important document I have is the retirement visa in my passport, as it proves that I am resident in Thailand, if challenged.... Because one of the ATO checkboxes requires you to be able to demonstrate residency in another country.

I dont understand what point your trying to make mate? Are you saying it's an advantage to be a non resident or not? Obviously going back to oz and earning money you want to be a resident for reduced tax. But living in LOS with money invested in Australia what are the pros / cons? In any case it seems to me it's not really a choice. If ur out of the country for 6 months ur a non resident.

As far as tax goes for a non resident...is it really 48%?

[swoods58]

I havent read the rest , but you do NOT have to be a "Non-resident for taxation purposes" !

You are only that if YOU nominate to be so , and dont let any accountant tell you otherwise.

( Thus you pay 'normal' tax - and will/may be eligible for a pension )

Simply ALWAYS state you are on extended vacation on any Aus documentation , never ever admit you are Living O/S , and make yearly or 2 visits home , and maintain a permanent address at a friends or kids place.

No one can 'make' you be a non-resident or stop 'holidaying' , as long as you maintain thats what you are doing.

I have been doing this here for 8 years .

Dont know what the others have rec'd re the missus and biz - just dont outlay precious capital on things you cant own !

Get to know lots of people , and small jobs will fall into her hands.

Mine does laundry , cleans villas and is a casual in a restaurant - all work thats up to her and all the cash she keeps....

Finally : DO NOT BUY A HOUSE !!

Mmm, interesting.I thought the ATO made the decision for you depend on your time away,6 months and 1 day.Interested to hear otherwise.Might have to find a creative accountant.I have admit nothing on paper.

What do you write on your arrival/departure cards at the airport in Australia? Edited March 13, 2016 by swoods58

[farcanell]

Thanks for the information zaZa9.... The whole thread has been interesting, so thanks to Kenny as well

After nine years of filling in tax returns as a non resident, I am about to start paying tax again, using my sisters address, as I had always intended to return to Oz for my retirement

At the moment, I have work for a couple of months a year, in Australia, to top up my funds, and as a non resident, the tax man wants 50%... Hence my decision to advise the ATO that I am again a resident for tax purposes, which is open to be challenged

Doing the tax returns is important, because the tax man has to agree that you are a non resident for tax purposes, and they have a number of years (3 Years, i believe) to do this, (challenge your residency status) so if you don't advise them, and move back to Oz, they can still have a go at you

The single most important document I have is the retirement visa in my passport, as it proves that I am resident in Thailand, if challenged.... Because one of the ATO checkboxes requires you to be able to demonstrate residency in another country.

I dont understand what point your trying to make mate? Are you saying it's an advantage to be a non resident or not? Obviously going back to oz and earning money you want to be a resident for reduced tax. But living in LOS with money invested in Australia what are the pros / cons? In any case it seems to me it's not really a choice. If ur out of the country for 6 months ur a non resident.

As far as tax goes for a non resident...is it really 48%?

Being a non resident is advantageous, only if you are earning a foreign income... If earning a foreign income as a resident, you have to pay tax to the ATO, on the money earned.

If you have investments or property in your name in Oz, it would be deemed that you are still bonded to Australia, and therefore a resident, besides, you would still have to pay tax on earnings from investments, and if the investments are in a company name..., still a resident

The tax department stipulates that a period away of two years, or more, may demonstrate non residency, but that is not guaranteed....

you also have to develop ties to your new country of residency, such as owning a property, to demonstrate that your putting down roots in a different country, as you must be able to prove residency elsewhere than in Oz.... If your a habitual renter, or jump around the country, the ATO will sill see you as a resident in Australia, regardless of time spent away

And yes, the taxation on monies earned in Australia, by a non resident, is the same as monies earned by people without a tax file number.

Sorry if I confused the issue, and my point is that it's not a simple thing to become a non resident

I am attaching a screenshot from the ATO, which may better explain my post, because one damn near needs to be a lawyer, when talking tax, as the ATO really really wants your money