Thai taxes monthly income from home

[MadMuhummad]

Fairly straightforward question. I have funds invested in my home country of Australia. This gives me a regular income of 140000฿ per month.

 

I have a family trust structure in Aus from which all profits are placed and from which I draw a salary as a beneficiary. For those in the know this is extremely tax beneficial.

 

My question is, on transferring this monthly income to my thai bank account, legally am I responsible for notifying any official department for taxation purposes or would the bank flag it as an income as such and go ahead and tax that amount automatically.

 

Any rock solid information rather than anecdotal evidence would be highly appreciated.

 

Thanks for your time.

 

Edited April 11, 2017 by MadMuhummad

[OJAS]

I suggest that you take a close look at the double taxation agreement between Australia and Thailand to ascertain whether it specifically mentions your type of income as only being taxable in Australia - or whether, on the other hand, it either includes a statement to the effect that it is liable to be taxed in Thailand, or is completely silent on this point (meaning that it might, in theory, be so liable):-

 

http://www.austlii.edu.au/au/other/dfat/treaties/1989/36.html

[fletchsmile]

The simplest course of action: the income wouldn't be taxable if you don't bring it into the country in the calendar year it is actually earned. Bring it in the following calendar year. So if earned  between 1 Jan - 31 Dec 2017, bring it into Thailand on 2 January 2018 onwards, not during 2017. Unlikely you ever get asked to demonstrate this but it's possible. 

 

It's also worth having separate Oz bank accounts for this income, so you could clearly demonstrate the source if asked and that it's not mixed together with other sources of cash.

 

I do likewise with investment income from UK. 

 

 

[MadMuhummad]

On 15/04/2017 at 4:10 PM, OJAS said:

I suggest that you take a close look at the double taxation agreement between Australia and Thailand to ascertain whether it specifically mentions your type of income as only being taxable in Australia - or whether, on the other hand, it either includes a statement to the effect that it is liable to be taxed in Thailand, or is completely silent on this point (meaning that it might, in theory, be so liable):-

 

http://www.austlii.edu.au/au/other/dfat/treaties/1989/36.html

 

20 hours ago, fletchsmile said:

The simplest course of action: the income wouldn't be taxable if you don't bring it into the country in the calendar year it is actually earned. Bring it in the following calendar year. So if earned  between 1 Jan - 31 Dec 2017, bring it into Thailand on 2 January 2018 onwards, not during 2017. Unlikely you ever get asked to demonstrate this but it's possible. 

 

It's also worth having separate Oz bank accounts for this income, so you could clearly demonstrate the source if asked and that it's not mixed together with other sources of cash.

 

I do likewise with investment income from UK. 

 

 

Both present fantastic information. I've been talking to various thai accountants and also one here in Australia and not one has given me a definitive answer. I'm hoping I've found part of the answer here. 

 

Outstamding gents, thank you.