An Australian trying to retire in Thailand

[bazza40]

1 minute ago, Old Croc said:

I'm 68, but have never applied for the OAP. I would only get a partial pension, if any, as I would possibly fail the income test.  Immaterial anyway, because I'm not going to sit in Australia for two years to make the small amount I might receive, portable.

I live on my Comsuper pension and other investments. I'm very happy to have nothing to do with Centrelink and am independent of Medicare even though I help pay for it's upkeep..

When I came into this thread I thought the current discussion was about ATO's new tax rates for people they deem to be non-residents (Tax at 32.5% for Australian sourced income).  Several accountants have told me that, if I want to spend my retirement overseas, I would have to pay this rate on my work superannuation pension. This was gained through 30+ years working for the country in, at times, a very dangerous environment.  

I consider it to be grossly unfair that they want to take nearly a third of my work  pension in taxes while the OAP is untaxed  and can become portable. I've closely perused the Australian-Thai tax agreement and it specifies that my type of pension must come under the Australian tax regime even though I am classified as a non-resident. 

If any posters have any input on situations like mine I would be happy to hear from you.

 

Incidentally, in reference to some earlier posts, I had two hip replacements in Australia and every cent was covered by my private health supplier.

I had an SMSF which was paying no tax in pension phase. However, I didn't like shelling out accountant's and audit fees every year, so I closed the fund and invested in my own name.

I don't know the terms of your Comsuper pension. You may be able to take it out as a lump sum. You can earn up to $28,000 tax free as a senior citizen. More than that, you can use franking credits on shares to reduce your tax rate.

Obviously, I don't know your complete situation or what your risk comfort level is. Perhaps you should go back to the accountants.

BTW, even a part pension can be worth it. I was very pleasantly surprised at how much I got with a fair amount of assets.

 

Reading between the lines, I salute your service on behalf of Australia.

 

[bazza40]

16 minutes ago, georgemandm said:

Don't ask me ask the government I not care I not get the hand outs , I have to much from working very hard and thinking about my future.

if I had it my way I would make you all stay there for 5 years and put the money in to Australia not thailand.

get this and not forget it ok , you pay tax to run the country not to get a pension sorry but that is how it is now , so people have to live with it .

like I tell my young friends if you can't buy more then one home , put your money in to a good super fund for when you  retire .

but most people like to spend it and not care about the future.

not me .

Congratulations George, you'll be a rich man when you die.

[Aussie69]

23 hours ago, bazza40 said:

And if you have your money in a self-managed super fund, you can draw whatever you like above the minimum .The earnings of the fund are tax-free in the pension phase. Plus if the fund is invested in Australian shares, you get a full refund of franking credits from the ATO.

I would love to be in your position.I would be, if it wasn't for the abject incompetence of ASIC.

If you are looking for sympathy, I'd suggest you've come to the wrong address.

 

Those tax-free funds in the pension phase are from my already taxed income - the ATO aren't doing me any favours! 

 

And yes, I would like a little sympathy  

[georgemandm]

1 hour ago, bazza40 said:

Homes costing in the millions is hardly a recommendation, is it?

I don't consider I've given up my whole life for Thai pussy. 80% of my assets are still in Australia, and that's where they are staying. I have, however, given up on crappy weather, road rage far worse than Thailand, morbidly obese women, and a nanny state which polices everything you do. Australian citizens do not realise they are living in a legal dictatorship.

My opinion differs from yours. I would appreciate it if you could express yours more coherently.

Boy you make me laugh road rage far worse then thailand are you joking, give me a break you have no idea how bad it is here if you think like that , just ask my thai how bad thailand is , she has been to Melbourne 3 times and the first time she ask me why do people drive so good in Australia so you have that very wrong the road rage part .

home costing in the millions yes it is great for me because I have lots .

so why are you here for the thai  temples are you I think not more for thai pussy like all of us .

nannay state what the f??? Are you going on about that s??? For , I would  rather be in a place that is not  corrupt . 

I love the weather back home it is great .

And the last think , if not for that nanny state you would not be here  chasing thai pussy would you .

we are a dictatorship Australia are you  blind what is thailand now and you say you live here .

think before you get on here and have ago at my great country Australia, I can't put up with people like you trying to run my great country down because you want a  excuse 

to be here for the thai pussy .

i love thai Pussy yes , but I would not put my great country down to  support thai pussy like you .

[georgemandm]

14 minutes ago, bazza40 said:

Congratulations George, you'll be a rich man when you die.

No  I have had a great life now till I die and my kids will be ok .

you see I think about my self and my kids and hop they  appreciate it if not I will not know because I am dead .

i not need to  clock on to a government like lots do here and back home .

[hagler]

A pension is for people who basically haven't got their personal finances act together during their lives and so have to rely on the State to bail them out in their elderly years.

 

Beggars cant be choosers. If you want the handout then you play by the rules of the person handing out the dough. Pretty simple really.

 

No use whining and moaning when you had 40 years or more to get your act together.

[georgemandm]

1 minute ago, hagler said:

A pension is for people who basically haven't got their personal finances act together during their lives and so have to rely on the State to bail them out in their elderly years.

 

Beggars cant be choosers. If you want the handout then you play by the rules of the person handing out the dough. Pretty simple really.

 

No use whining and moaning when you had 40 years or more to get your act together.

How true is you  statement .

thanks I think like you .

[Bob9]

4 hours ago, F4UCorsair said:

 

I don't claim it to be THE correct opinion Bob.   It is MY opinion, no more and no less.

 

I agree that any GST and indirect taxes recovered from a pensioner are very small, but it's even less if the pension is spent out of the country!!  I don't think the government will have done the financial exercise on whether they are in front or behind on pensioners living out of the country and not sucking on medicare, or living in the country and sucking on medicare, so we'll never know.

 

On healthcare, Medicare brings in about $10 billion and pays out over $24 Billion, so you may well be right that it is their largest single expense.  

Fair enough - accept it is only opinion.

 

Take it from me 'they' have not officially done the numbers, but the evidence is clear that pensioners overseas cost way less than pensioners at home (overall) - they know what way the numbers would add up. CLink (part of Dept Human Services now) was one of my better customers - those in the know know, but the politicians dont want to know, so they keep Mum and get on with their job.  Never met a public servant that wanted more work and stress from any issue that would be 'political' (and gain themselves little advantage).

[bazza40]

1 hour ago, Aussie69 said:

 

Those tax-free funds in the pension phase are from my already taxed income - the ATO aren't doing me any favours! 

 

And yes, I would like a little sympathy  

When you salary sacrifice into your superannuation fund, you are taxed at 15% on the contribution. The earnings from those funds are then taxed prior to the pension phase, again at 15%. Not high compared to the upper tax rate of 48.5% outside superannuation. Once the pension is started, the earnings are tax free. As it stands, you can have earnings of $200K per year tax free, and also get a refund from the ATO of franking credits if your SMSF is weighted towards shares.

Sorry if I'm not sympathetic; however, I can't comprehend what you are bitching about.

[AlexRRR]

Most of the guys here talk shit.....if you were smart enough to get the info early you could plan your retirement as for centrelink there just an arm of the politicians we vote in, from my experience with them there to help you with in the guide lines there set, most in here play a lone wolf game then cry poor because they didn't work it out long before.

 

Sure the gov moved the goal posts during the game...bad luck...and there excuse was crap too, it comes down to you and thats getting the right info long before you need it, i did it, got info from an expert long before i was going to retire now I'm on the eve of retirement the changes sure hurt but haven't been to drastic, at this stage of life its about quality as your days are numbered.

 

 

 

[bazza40]

1 hour ago, georgemandm said:

Boy you make me laugh road rage far worse then thailand are you joking, give me a break you have no idea how bad it is here if you think like that , just ask my thai how bad thailand is , she has been to Melbourne 3 times and the first time she ask me why do people drive so good in Australia so you have that very wrong the road rage part .

home costing in the millions yes it is great for me because I have lots .

so why are you here for the thai  temples are you I think not more for thai pussy like all of us .

nannay state what the f??? Are you going on about that s??? For , I would  rather be in a place that is not  corrupt . 

I love the weather back home it is great .

And the last think , if not for that nanny state you would not be here  chasing thai pussy would you .

we are a dictatorship Australia are you  blind what is thailand now and you say you live here .

think before you get on here and have ago at my great country Australia, I can't put up with people like you trying to run my great country down because you want a  excuse 

to be here for the thai pussy .

i love thai Pussy yes , but I would not put my great country down to  support thai pussy like you .

Now George, this can't be doing your blood pressure any good. I think you need a cup of tea, a Bex, and a good lie down.

[Bob9]

3 hours ago, louse1953 said:

"qualifying period was increased and increased. Now it is 40 years, but before that is was 35 and 30 and 20 and 10. "

ASFAIK the qualifying period is 35 year of being available to work after age 16.It then decreases on a pro rata basis.

Yep - you are right. It is still 35 years. I was thinking that they had changed the rules making it 40, but it apparently did not proceed.  I know that the issue was on 'the agenda'.  

 

This link will show the mentality involved - http://www.theaustralian.com.au/federal-election-2016/federal-election-2016-800m-cost-of-offshore-pensioners/news-story/fb9a0fae67c217c3420e41d6f23a5830

The politicians  see the amount of money paid to pensioners overseas as the 'cost to maintain them' (as do many ignorant Aussies).  There is no accounting made for the net costs of all pensioners living in Australia - only what is paid to them.  If/when that comparison is finally done one day, the numbers will show that pensioners cost a LOT more than just their pension payments. EG - my Mother has been taken to hospital in an ambulance 2 times in the last few years - over 75s pay nothing for ambulance (she is fine now thanks). When she was there she noticed that at least half of those arriving in an ambulance were 'very old Bob'  (80 plus).  Seems that as soon as any pensioner over 75 is feeling a little off, their family/aged care facility call an ambulance - because it is free.  And although she is fine - she takes heavily subsidised medications - and has regular medical exams and tests. And the last time she was in a hospital before her first recent visit, was when my younger Brother was born - the point being she has lots of 'old people' living around her who cost a LOT more than she does in medical care - and some drink and smoke too - and they are all on the pension.  And she pays stuff all GST etc. - most things she pays/buts are either GST free or she is excempt/reduced.  

 

The total costs of pensioners is huge - way above the amount it costs to pay them a pension.  Saving a few hundred million by denying those overseas, will only force many to come back and the net effect will be more costs.  They should be encouraging pensioners to live overseas.

 

[georgemandm]

11 minutes ago, bazza40 said:

Now George, this can't be doing your blood pressure any good. I think you need a cup of tea, a Bex, and a good lie down.

You are joking you can't  handle the truth can you haha 

[AlexRRR]

7 minutes ago, Bob9 said:

Yep - you are right. It is still 35 years. I was thinking that they had changed the rules making it 40, but it apparently did not proceed.  I know that the issue was on 'the agenda'.  

 

This link will show the mentality involved - http://www.theaustralian.com.au/federal-election-2016/federal-election-2016-800m-cost-of-offshore-pensioners/news-story/fb9a0fae67c217c3420e41d6f23a5830

The politicians  see the amount of money paid to pensioners overseas as the 'cost to maintain them' (as do many ignorant Aussies).  There is no accounting made for the net costs of all pensioners living in Australia - only what is paid to them.  If/when that comparison is finally done one day, the numbers will show that pensioners cost a LOT more than just their pension payments. EG - my Mother has been taken to hospital in an ambulance 2 times in the last few years - over 75s pay nothing for ambulance (she is fine now thanks). When she was there she noticed that at least half of those arriving in an ambulance were 'very old Bob'  (80 plus).  Seems that as soon as any pensioner over 75 is feeling a little off, their family/aged care facility call an ambulance - because it is free.  And although she is fine - she takes heavily subsidised medications - and has regular medical exams and tests. And the last time she was in a hospital before her first recent visit, was when my younger Brother was born - the point being she has lots of 'old people' living around her who cost a LOT more than she does in medical care - and some drink and smoke too - and they are all on the pension.  And she pays stuff all GST etc. - most things she pays/buts are either GST free or she is excempt/reduced.  

 

The total costs of pensioners is huge - way above the amount it costs to pay them a pension.  Saving a few hundred million by denying those overseas, will only force many to come back and the net effect will be more costs.  They should be encouraging pensioners to live overseas.

 

 

If these guys could afford to live overseas before they got to an age they qualified for the age pension they dont need to come back....think about it....

[Bob9]

1 hour ago, hagler said:

A pension is for people who basically haven't got their personal finances act together during their lives and so have to rely on the State to bail them out in their elderly years.

 

Beggars cant be choosers. If you want the handout then you play by the rules of the person handing out the dough. Pretty simple really.

 

No use whining and moaning when you had 40 years or more to get your act together.

Whilst I wont disagree with your premise, I will point out that there are exemptions to all 'rules':

1.  The rules by which people have planned for 40 years, have changed and they keep changing - often it is a matter of staying informed to be aware of what to do, but sometimes it is just plain unfair.

2.  Some of use got 'raped' by the Family Court and all those plans (and most of the money) were lost under a system which is clearly unjust towards males (and not much better nowadays I understand).  And that by the way is why a LOT of Aussie blokes have come here

 

You know, a few years ago I mentioned to my eldest that if his Mother hadn't 'done the dirty' and decided to take me for everything she could get, (and then waste it and after 15 years end up fat and with no boyfriend), by now we would have been very comfortable and settling into a comfortable retirement with overseas trips etc. (and no need for the pension).  I wasn't there of course, but my daughter tells me the look on her face was 'priceless'.  

[louse1953]

2 hours ago, Old Croc said:

I'm 68, but have never applied for the OAP. I would only get a partial pension, if any, as I would possibly fail the income test.  Immaterial anyway, because I'm not going to sit in Australia for two years to make the small amount I might receive, portable.

I live on my Comsuper pension and other investments. I'm very happy to have nothing to do with Centrelink and am independent of Medicare even though I help pay for it's upkeep..

When I came into this thread I thought the current discussion was about ATO's new tax rates for people they deem to be non-residents (Tax at 32.5% for Australian sourced income).  Several accountants have told me that, if I want to spend my retirement overseas, I would have to pay this rate on my work superannuation pension. This was gained through 30+ years working for the country in, at times, a very dangerous environment.  

I consider it to be grossly unfair that they want to take nearly a third of my work  pension in taxes while the OAP is untaxed  and can become portable. I've closely perused the Australian-Thai tax agreement and it specifies that my type of pension must come under the Australian tax regime even though I am classified as a non-resident. 

If any posters have any input on situations like mine I would be happy to hear from you.

 

Incidentally, in reference to some earlier posts, I had two hip replacements in Australia and every cent was covered by my private health supplier.

I am being tax a third on my earnings from rent and bank interest.Quickly put all my bank money into my super where it is not taxable.I don't think they can tax you on your super or super earnings.I f you have that much that you don't need a top up from the OAP I rekon you should get professional advice.

[louse1953]

2 hours ago, georgemandm said:

Don't ask me ask the government I not care I not get the hand outs , I have to much from working very hard and thinking about my future.

if I had it my way I would make you all stay there for 5 years and put the money in to Australia not thailand.

get this and not forget it ok , you pay tax to run the country not to get a pension sorry but that is how it is now , so people have to live with it .

like I tell my young friends if you can't buy more then one home , put your money in to a good super fund for when you  retire .

but most people like to spend it and not care about the future.

not me .

Lucky for the rest of us you are wrong,wrong and wrong again.It was your choice to work hard and it was my choice to do it other ways and enjoy life.Live for today as tomorrow you may die and who wants to be the richest bloke in the cemetery.

[louse1953]

2 hours ago, bazza40 said:

I believe the expiry of Medicare is 5 years. That is, the card has gone unused for five years. Provided you are within that timeframe, you should be able to get it replaced. I'm not saying you won't have some paperwork hoops to jump through.

That would be 4 years.

[ripstanley]

11 minutes ago, louse1953 said:

That would be 4 years.

 

It is 5 years from the date that you permanently depart Australia. You have to apply each year for an exemption from Medicare  before you can claim it from the Taxation office.

[louse1953]

2 hours ago, georgemandm said:

Yes I am very lucky thank you .

i think my life is a lot better then your life in thailand, you would have f??? All back home I can see that .

i am not that stupid to give my life savers to a thai hooker like most of them in thailand.

and one more thing if the government changed it all next year you would not be living here at the governments expenses would you but I can so who is smarter me or you , not you that is for sure you can have thailand I give it to you I am not that stupid to live here full time like you .

if you think you are lucky to live in thailand good on you , but let's see if you get sick how much you will pay out to get well S??? Loads .

i would say you live on a  budget here like a poor thai .

i can  travel the world if I like because I worked hard and you are so wrong I wasted my life working , not at all I loved working and living my life in Australia would not give it up for the world.

I am a smart one made my  tenets pay for all my homes not like you .

your just  jealous I can go anywhere I want to and not report to the government like you .

As usual with all assumptions you know SFA about me and my situation.Like you i travel out of country many times. Lot of "if's" there as well.Now the truth is starting to emerge.I will make an assumption now and i bet you negative geared those houses,the biggest rort on taxpayers.

[louse1953]

2 hours ago, georgemandm said:

Boy you make me laugh road rage far worse then thailand are you joking, give me a break you have no idea how bad it is here if you think like that , just ask my thai how bad thailand is , she has been to Melbourne 3 times and the first time she ask me why do people drive so good in Australia so you have that very wrong the road rage part .

home costing in the millions yes it is great for me because I have lots .

so why are you here for the thai  temples are you I think not more for thai pussy like all of us .

nannay state what the f??? Are you going on about that s??? For , I would  rather be in a place that is not  corrupt . 

I love the weather back home it is great .

And the last think , if not for that nanny state you would not be here  chasing thai pussy would you .

we are a dictatorship Australia are you  blind what is thailand now and you say you live here .

think before you get on here and have ago at my great country Australia, I can't put up with people like you trying to run my great country down because you want a  excuse 

to be here for the thai pussy .

i love thai Pussy yes , but I would not put my great country down to  support thai pussy like you .

Calm down george before you die a rich man.You seemed obsessed by how much sex the rest of us are getting.Australia has gone to the dogs.It was a good country to grow up in but i wouldn't live their,even with your money.I bet you are in Australia 6 months and 1 day so you stay a resident and don't get taxed a third.

[CharlieH]

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[Will27]

3 hours ago, bazza40 said:

Now George, this can't be doing your blood pressure any good. I think you need a cup of tea, a Bex, and a good lie down.

If you had 5 Baht for every time he said "Thai pussy or Thai hookers", you wouldn't need the pension

[georgemandm]

2 hours ago, Will27 said:

If you had 5 Baht for every time he said "Thai pussy or Thai hookers", you wouldn't need the pension

Go away ???? Wit 

[georgemandm]

4 hours ago, louse1953 said:

Calm down george before you die a rich man.You seemed obsessed by how much sex the rest of us are getting.Australia has gone to the dogs.It was a good country to grow up in but i wouldn't live their,even with your money.I bet you are in Australia 6 months and 1 day so you stay a resident and don't get taxed a third.

Go away ???? Wit 

get a life because you not have one .

[Bender]

7 hours ago, georgemandm said:

Boy you make me laugh road rage far worse then thailand are you joking, give me a break you have no idea how bad it is here if you think like that , just ask my thai how bad thailand is , she has been to Melbourne 3 times and the first time she ask me why do people drive so good in Australia so you have that very wrong the road rage part .

home costing in the millions yes it is great for me because I have lots .

so why are you here for the thai  temples are you I think not more for thai pussy like all of us .

nannay state what the f??? Are you going on about that s??? For , I would  rather be in a place that is not  corrupt . 

I love the weather back home it is great .

And the last think , if not for that nanny state you would not be here  chasing thai pussy would you .

we are a dictatorship Australia are you  blind what is thailand now and you say you live here .

think before you get on here and have ago at my great country Australia, I can't put up with people like you trying to run my great country down because you want a  excuse 

to be here for the thai pussy .

i love thai Pussy yes , but I would not put my great country down to  support thai pussy like you .

"but I would not put my great country down to  support thai pussy like you ."

 

great post!

[georgemandm]

44 minutes ago, Bender said:

"but I would not put my great country down to  support thai pussy like you ."

 

great post!

Who the f??? Is putting they country down to support thai pussy ???? Wit 

[kevvy]

On 26/08/2016 at 10:43 PM, georgemandm said:

Not care to tell you the truth what people think  on TV ok .

And yes the government dose f??? Things up I understand that .

but if not for Australia I couldn't go to thailand and have the life I have now and the same goes for you I would think .

to tell you the truth if I had to  depend on a pension to live in thailand I would not come here at all .

i have work very hard in my life to be pension free and no help from anyone but do you see me get on here and blame the Australia government no .

do you not understand Australia is the lucky country I think not .

i have paid lots of taxes but you  guess what I not care , my kids go to a great school have great  opportunities to have a great life back home and if not for my taxes and your taxes we Australia would be like country who are poor .

i can't put up with people like you , having a go at my great country Australia you need to wake up and see how lucky you are to have had the opportunity to have work in Australia , so that you can have a good life out side of Australia.

and it is not about winning it is about how you and me can thank god we were so lucky to be Aussie.

 

oi oi oi

[Bender]

3 minutes ago, georgemandm said:

Who the f??? Is putting they country down to support thai pussy ???? Wit 

relax, i said great post.... and i was quoting you.

Edited August 27, 2016 by Bender

[georgemandm]

1 hour ago, Bender said:

relax, i said great post.... and i was quoting you.

Ok sorry ,  I  apologise for that .

just that lots of f??? Wits get on here and are having a go at me .

it is not about me , it is about pension at 65 years old and having to go home for 2 years to get it  and so they should.

i can't stand the f??? Wits on here who have ago at my great country Australia.

not my problem if most of them get suck in by thai pussy . 

Let them lose the lot see if I care . 

And 99% come here for the thai pussy like me , I am not afraid to say that I am a man not a  Mouse like most of them .

AND SORRY  once again.