Taxation overseas

[JJJ88]

Does anyone anywhere in the world get taxed on their pensions?

Received a call from the manager of my branch of account last June asking where the monthly international inward remittance comes from and I explained to her it is an Australian Pension. I assume the taxation department were undertaking audits for accounts at the time here in the Philippines. Didn't hear anything else from them which is always a good thing me thinks.

With having a fair idea that in the Philippines foreign incomes are exempt from tax (especially welfare), it would be interesting to know if anyone else with offshore accounts have experienced the same thing?

Or any information on taxation of Australian Pensions from countries overseas?


Cheers

J

[nomadic]

Never heard of it and can't imagine it happening anywhere. But on a similar note. Do you guys in the Pines get any interest on your money in a local account? I get nil on my Thai bank and I'm told no foreigner get any. Although did hear there is one bank that pays a tiny bit.

[itsmylife08]

I only have an Australian bank account Citibank which has  now taken over by NAB. It goes wiothout saying that nothing ever accrues long enough in it to be worthy of tax  but be wary of transferring large amounts of cash via Paypal, because thats one area the ATO targets in the event that they do an audit on an Australian citizen it suspects of witholding taxes. Just like Services Australia it has agreements with numerous countries around the world, that it can tap into if they suspect you are being dishonest with your tax returns.

If you think I'm guilding The lily think again, many high flyers have been caught transferring money from offshore to fund their kids in private schools, obviously no one here need to worry about that aspect of things, but beware Big Bro is watching you if  needs be!!! 

Have a great new year guys, Regards Itsa   

JJJ88 I would suggest if you were concerned about tax you could get Clink to stop it at source if you wanted to, but I doubt there would be a need to really, dont you ? Itsa 

[bear]

Long ago welfare recipients had an option to have Tax withheld..... The main benefit from memory was to get it back in a lump sum as your tax return at tax time.

Does the option still exist? It appears as if it does; though for basic pensions under threshold limits it may/should not be necessary, though for Family Tax Benefits A & B things will likely be somewhat more complex. Either way rest assured, big brother will be watching you!! Cheers 🐻

www.servicesaustralia.gov.au/paying-tax-centrelink-payment

www.servicesaustralia.gov.au/deduct-tax-from-your-payment?context=51411

www.ato.gov.au/individuals/income-and-deductions/income-you-must-declare/amounts-you-do-not-include-as-income/

[JJJ88]

Dec 26, 2022 20:00:47 GMT 7 nomadic said:

Never heard of it and can't imagine it happening anywhere. But on a similar note. Do you guys in the Pines get any interest on your money in a local account? I get nil on my Thai bank and I'm told no foreigner get any. Although did hear there is one bank that pays a tiny bit.

Nomadic most banks here pay interest. I'm the same as you Itsa, it doesn't sit in my account long enough to accumulate interest. Wala pera ako lol.

Cheers

J

[Banjo]

Mai pen rai Thailand

[bear]

My Australian ANZ savings account hasn't paid interest for over a decade because of the dramas that could accumulate with the ATO over a few bucks worth of interest. Cheers 🐻

[nomadic]

Dec 27, 2022 12:59:21 GMT 7 bear said:

My Australian ANZ savings account hasn't paid interest for over a decade because of the dramas that could accumulate with the ATO over a few bucks worth of interest. Cheers 🐻

Never occurred to me but now come to think of it I cannot remember getting any on my CBA account either.