52 yo Australian retired what to do

[laolover88]

Kenny. I'm missing one thing or maybe 2. What do you actually want to do? What's your bag? What are you good at? What gets you out of bed? What would you really want to have done 10 years later? What's your skill set? Can you really do those things in Thailand? The money stuff you can sort out. Your dreams probably cannot wait? I would endorse everything that is said about houses. You probably have no idea of the patience of a Thai family when it comes to fleecing you in 20 years time.

[Kenny202]

Kenny. I'm missing one thing or maybe 2. What do you actually want to do? What's your bag? What are you good at? What gets you out of bed? What would you really want to have done 10 years later? What's your skill set? Can you really do those things in Thailand? The money stuff you can sort out. Your dreams probably cannot wait? I would endorse everything that is said about houses. You probably have no idea of the patience of a Thai family when it comes to fleecing you in 20 years time.

No I don't want to buy a property...have no intention and don't see a condo as neither a good investment or appreciating asset. There are property opportunities here for sure (inner city apartments / renovation) but as I can't buy in my name it's all too hard. Looked at usufructs linked to mortgages etc but was still no guarantees investment wise. Ok if i wanted to buy and live there forever. What I'm really trying to do is provide us with an income stream over and above my savings. Preferably something we enjoy doing on some level. I am on a retirement visa and whilst I can help out behind the scenes at home essentially will be something the missus can do. I am an electrician by trade but last 20 years have worked in senior management, operations, business coaching and training.

I hear what your saying re families. The girls seemed to be ingrained with getting something for themselves or something for their future. Well village girls anyway. Understandable on some level I spose but in many cases their greed seems to eventually kill any sort of chances they would have had to build their own family (with husband and child). Know of such a case now. It appears to me the girl has no real love for the guy. It's not an age thing either. He's about 35 same age as her, good caring decent looking guy. They've even had a child together but her sole aim in life seems to be to provide her elderly mother, father and brother with as much possible as she can fleece out of my friend. Makes me sick. Hes bought the show home in the village, bought them a car. Indebted himsref to do it too even though they live in Europe and have no plan to move here for at least 15 years. The old girl gets around the village telling all who'll listen that he's kie neow and her daughter is only in Europe long enough to obtain citizenship and all the benefits that go with it. Then If He doesn't play ball financially he's out and she's to find another guy. They're reasonably well off village family too...land nice home etc. I don't understand why she wouldn't focus on her own family's future?

Edited March 13, 2016 by Kenny202

[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%?

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

my tax adviser was adamant that when I left Australia for longer than 6 months, and didn't own a property I would be considered a non resident. That was the key apparently. Buy a property in oz, and even if you rented it out u would always be considered a resident. The benefit for me being I would only be liable for normal tax on interest earned in the bank. In fact it would be no interest because the interest I'd earn would be under the tax free threshold. Could all be wrong but I did look into it deeply at the time

[farcanell]

Maybe your tax consultant knows how to massage the facts, but from what you have already said, it seems like your going to put down some roots anyway, so its probably academic for you situation

I got spooked by the exit strategy bit, so I started reading some tax law... But after getting awfully confused, I kicked the issue across to my brother, who is a Melbourne barrister, specializing in tax law.... I'll let him work out my exit strategy.for me.

Anyway.... Hope you have gleaned some useful info from the thread, and good luck.

[Roomuck]

Bloody hell, what do these plus sheilas usually provide for breakfast? Cereal out of a packet and milk out of a carton.

Got a Aussie mate with a Thai girlfriend in Oz. One night the drunk bush pigs all declared they wanted to learn thai cooking after the Thai cooked for them all. So a week later they all gave it a try. They were just too lazy to do it properly.

Why do you think Thai food is popular all around the world, and the only original thing the Aussie sheilas have come up with is a bloody lamington? Why are there no Aussie restaurants around the world? It is because the sheilas are to lazy and brain dead to come up with anything. Meat and three veg with tomato sauce. And when feeling exotic maybe they will come up with Spaghetti Bolagnase, stir fry or Mexican out of a packet from the supermarket.

Similar when I had a Korean girlfriend in Oz, we were invited to a "Great Aussie BBQ" pretty much slabs of meat thrown straight onto the BBQ with a salad that would take about 5minutes to prepare. Compare this to a Korean BBQ.

Same with the housework. Thai women usually do all the work and don't complain about it. Bush pigs have this feminism chip on their shoulder.

Plus theThai women are just more feminine than their beefy bush pig sisters from OZ.

Goodgrief!

Can't you cook yourself and tie up your own shoelaces?

You sound like a bitter fool going on about aussie bush pigs

That is your mother, grandmother, sisters, nieces, daughters you are talking about

To be fair to myself I didn't use the phrase bush pigs first. I was responding to another poster.

And I was also responding to yet another poster who claimed Thai women can't cook or were much good at all, basically that they are all stupid and lazy.

My comment was liked.

No I can't cook.

I wear thongs, no need for those shoelaces.

I am most likely a fool.

You have never seen my mum or razorback sisters or had to eat any of their cooking.

[zaZa9]

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

my tax adviser was adamant that when I left Australia for longer than 6 months, and didn't own a property I would be considered a non resident. That was the key apparently. Buy a property in oz, and even if you rented it out u would always be considered a resident. The benefit for me being I would only be liable for normal tax on interest earned in the bank. In fact it would be no interest because the interest I'd earn would be under the tax free threshold. Could all be wrong but I did look into it deeply at the time

"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 my point is that it's not a simple thing to become a non resident ...." farcanell

I stated that any Accountant was incorrect in telling you that the ATO must be informed that you were no longer a resident for tax purposes if you were "Travelling Thailand" for a few years - and farcanell goes one further and points out that it actually is DIFFICULT to get the ATO to see you as such !

And why not , the ATO want any taxes that are due , to be paid to their government , not some other countries.

Also note what I had learned a few years back ... " If your a habitual renter, or jump around the country, the ATO will still see you as a resident in Australia, regardless of time spent away"

So of course you are going to say you spend part of the year in the cool of CM , and the smokey season on the southern islands , and extended periods touring all over and in Bkk. Hell , lots of us tour Cambo, Laos , Malaysia , Myanmar etc as well , and have the stamps to prove it.... so we arent even staying permanently in LOS.

So we ARE touring , and not really living permanently anywhere outside Aus.

( We dont own cars here either BTW ....)

ONE simply has to state ( should they ever be asked- I havent been ) that they intend to return to Aus to live permanently at a later date and pay their taxes due on profits from investments on time in the mean time.

[cat handler]

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?

Wrong, the first $110,000 (or about that, Bill Shorten wants to reduce it) is tax free, after that you will be taxed as if it's income

[cat handler]

There is a simple calculator tool on the ATO website to determine if your a permanent resident of Australia. If your earning interest it's very important you remain a PN Australian resident as you get the tax free threshold where as non-residents get taxed the same rate if they earn $1 a year or $80,000 a year.

2 ways to ensure you remain a resident is fly back twice a year or maintain a rental property that you intend to return to when your 103 years old.

Non residents are not taxed if they earn money in Thailand

Residents get taxed on earnings in Thailand

[just another day]

Has everyone on here including comsuper recipients or disability notified the respective departments that they are here in Thailand. I am on an allocated comsuper pension and have told no-one. This week, as I always do, I checked my payment online at CSS.Gov.Au and there is no payment there for me on the 17/03 but a payment for the 31/03?

I felt ill and still do. I am thinking they have tracked my I.P..and held off paying me knowing I will have to contact them when no pension arrives.

Panicking, I booked a flight home for today and will phone them Friday to query the non payment. Any suggestions would be great. I will use zaza9 tip off that I have spent the past 8 years on an extended holiday. I did PM a couple of people.

I have been returning to Australia every year for 3 months a time. God forbid I don't I have to line up at Centrelink for benefits. I'm 63 so have a few years yet for the age pension pittance that I will pass on. Centrelink now Human Service and I can assure you there's no humans serving us.

[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%?

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

my tax adviser was adamant that when I left Australia for longer than 6 months, and didn't own a property I would be considered a non resident. That was the key apparently. Buy a property in oz, and even if you rented it out u would always be considered a resident. The benefit for me being I would only be liable for normal tax on interest earned in the bank. In fact it would be no interest because the interest I'd earn would be under the tax free threshold. Could all be wrong but I did look into it deeply at the time

"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 my point is that it's not a simple thing to become a non resident ...." farcanell

I stated that any Accountant was incorrect in telling you that the ATO must be informed that you were no longer a resident for tax purposes if you were "Travelling Thailand" for a few years - and farcanell goes one further and points out that it actually is DIFFICULT to get the ATO to see you as such !

And why not , the ATO want any taxes that are due , to be paid to their government , not some other countries.

Also note what I had learned a few years back ... " If your a habitual renter, or jump around the country, the ATO will still see you as a resident in Australia, regardless of time spent away"

So of course you are going to say you spend part of the year in the cool of CM , and the smokey season on the southern islands , and extended periods touring all over and in Bkk. Hell , lots of us tour Cambo, Laos , Malaysia , Myanmar etc as well , and have the stamps to prove it.... so we arent even staying permanently in LOS.

So we ARE touring , and not really living permanently anywhere outside Aus.

( We dont own cars here either BTW ....)

ONE simply has to state ( should they ever be asked- I havent been ) that they intend to return to Aus to live permanently at a later date and pay their taxes due on profits from investments on time in the mean time.

I do own vehicles and have a retirement visa which would indicate an intention to stay here. I assume they have access to that information. On the other hand an extension of stay "on the basis of retirement" could be argued was only a year to year thing. Being retired is a statement of your working intentions, not living area intentions I guess

[Kenny202]

There is a simple calculator tool on the ATO website to determine if your a permanent resident of Australia. If your earning interest it's very important you remain a PN Australian resident as you get the tax free threshold where as non-residents get taxed the same rate if they earn $1 a year or $80,000 a year.

2 ways to ensure you remain a resident is fly back twice a year or maintain a rental property that you intend to return to when your 103 years old.

Non residents are not taxed if they earn money in Thailand

Residents get taxed on earnings in Thailand

I've never heard the fly back twice a year thing?

[farcanell]

Has everyone on here including comsuper recipients or disability notified the respective departments that they are here in Thailand. I am on an allocated comsuper pension and have told no-one. This week, as I always do, I checked my payment online at CSS.Gov.Au and there is no payment there for me on the 17/03 but a payment for the 31/03?

I felt ill and still do. I am thinking they have tracked my I.P..and held off paying me knowing I will have to contact them when no pension arrives.

Panicking, I booked a flight home for today and will phone them Friday to query the non payment. Any suggestions would be great. I will use zaza9 tip off that I have spent the past 8 years on an extended holiday. I did PM a couple of people.

I have been returning to Australia every year for 3 months a time. God forbid I don't I have to line up at Centrelink for benefits. I'm 63 so have a few years yet for the age pension pittance that I will pass on. Centrelink now Human Service and I can assure you there's no humans serving us.

I really hope everything works out for you, and hope your worrying about nothing.

Given that they missed one payment, then paid the next, I think it may be a systems error ( and I'm assuming your dates are for February, not March), otherwise they would have stopped all payments, and advised you of this... And why

I would have used a phone, first.... But still, your on your way now, so good luck.... Oh...,and remember, don't volunteer any information that's not asked for. (Which is completely different from lying... Don't do that either)

[zaZa9]

" I do own vehicles and have a retirement visa which would indicate an intention to stay here. I assume they have access to that information. On the other hand an extension of stay "on the basis of retirement" could be argued was only a year to year thing. Being retired is a statement of your working intentions, not living area intentions I guess "

Ive never heard of the 'twice a year thing' either ( my original post was poorly worded)

Since its theoretically possible ( tho practically almost impossible ) to obtain 'Permanent Residency' and eventually 'Citizenship' ( I think about 10 foreigners a year achieve this ) , I believe having a ONE YEAR EXTENDED Retirement Visa hardly indicates any permanency ....

Ive heard that buying a house , condo or apartment is a much more solid indicator , and admitting to owning a car CAN add to that.

How 'they' would check for a car is beyond me...

[Stevemercer]

I'm sure your payments are fine, maybe there is just an error in the online record. If there was a tax problem the dispute would be with that department. There is no way your Super payments can be held up without your knowledge. A tax dispute would take some time to sort out.

[farcanell]

" I do own vehicles and have a retirement visa which would indicate an intention to stay here. I assume they have access to that information. On the other hand an extension of stay "on the basis of retirement" could be argued was only a year to year thing. Being retired is a statement of your working intentions, not living area intentions I guess "

Ive never heard of the 'twice a year thing' either ( my original post was poorly worded)

Since its theoretically possible ( tho practically almost impossible ) to obtain 'Permanent Residency' and eventually 'Citizenship' ( I think about 10 foreigners a year achieve this ) , I believe having a ONE YEAR EXTENDED Retirement Visa hardly indicates any permanency ....

Ive heard that buying a house , condo or apartment is a much more solid indicator , and admitting to owning a car CAN add to that.

How 'they' would check for a car is beyond me...

I've not heard about the returning home deal twice a year... And I doubt it would matter, as you need to prove non residency, not residency

But... That's for the tax man... I don't know what difference there are between him and the social services requirements, or other branches of government

As to proving ownership of a vehicle... The burden of proof is on the individual, and registration papers would prove this

[peeba7]

I toy with the idea of trading commodity futures. Very risky but also can have very high rewards. Not sure I want the stress so when oil was at 30 a barrel I passed. Commodities never go to zero but contracts do mature and expire.