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Post by bear on Sept 20, 2023 7:25:16 GMT 7
I've been contacted by several acquaintances in the last couple of days over this article. They're getting all in a tither; when the last words in the article are:- "It is unclear at this point how this will apply to foreigners living in Thailand on a retirement visa. This is a developing story and will be subject to update."
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Post by bear on Sept 20, 2023 7:51:28 GMT 7
Update:- Not the best source, but it makes sense to me. Cheers 🐻 Excerpt:- "This decision, governed by Section 48 of the Revenue Code, is expected to primarily influence three groups: individuals involved in foreign stock market trading via overseas brokerages, cryptocurrency traders, and Thais who have previously utilised a tax loophole to bring foreign income into the country tax-free after holding it in an offshore account for over a year." thethaiger.com/news/business/thailand-tightens-tax-rules-on-overseas-income-from-2024 |
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Post by Denis-NFA on Sept 20, 2023 15:32:34 GMT 7
bear , Don't know if it helps but I am under the impression that the ASEAN countries comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam are all trying to regularize their laws, as much as possible, with each other. One of their aims has been to capture in their tax systems business operators who are, say, running a business in Australia but operating it from an ASEAN country and avoiding tax in that ASEAN country. Basically they are telling those people no, you will pay tax in an ASEAN country for those operations. BUT, pension income paid to a non-citizen resident is not part of what they are looking at. And Australia does have double taxation agreements with most if not all ASEAN countries. Besides, pensioners are docile and the money is cheap! PS This is Not financial advice!
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Post by bear on Sept 20, 2023 16:29:59 GMT 7
bear , Don't know if it helps but I am under the impression that the ASEAN countries comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam are all trying to regularize their laws, as much as possible, with each other. One of their aims has been to capture in their tax systems business operators who are, say, running a business in Australia but operating it from an ASEAN country and avoiding tax in that ASEAN country. Basically they are telling those people no, you will pay tax in an ASEAN country for those operations. BUT, pension income paid to a non-citizen resident is not part of what they are looking at. And Australia does have double taxation agreements with most if not all ASEAN countries. Besides, pensioners are docile and the money is cheap! PS This is Not financial advice! I agree re ASEAN and regulatory regulations trying to be aligned Denis-NFA . Their visa policies are pointing to the same thing. Good on them, because either they're going to be a cohesive bloc or they're not. I hope they can pull it off, because Australia doesn't seem to be able to reign in big tech companies running businesses in Oz but operating out of tax havens in the Irish Sea or on the Irish mainland; paying little to no tax in Oz. Cheers 🐻 |
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Post by itsmylife08 on Sept 20, 2023 18:01:50 GMT 7
The A.T.O. does give this advice to people who are dual citizens of another country, and their obligations as such to said country. They also make mention of our obligations to Australia tax-wise in the event of anyone owning a business overseas. Worrying times name change anyone  Cheers Itsa  |
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Post by nomadic on Sept 20, 2023 20:16:22 GMT 7
The A.T.O. does give this advice to people who are dual citizens of another country, and their obligations as such to said country. They also make mention of our obligations to Australia tax-wise in the event of anyone owning a business overseas. Worrying times name change anyone Cheers Itsa homebody here itsa. |
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Post by bear on Sept 20, 2023 20:24:46 GMT 7
The A.T.O. does give this advice to people who are dual citizens of another country, and their obligations as such to said country. They also make mention of our obligations to Australia tax-wise in the event of anyone owning a business overseas. Worrying times name change anyone Cheers Itsa Sorry Itsa but..... ??I'm non comprende?? Do you have a link for 'that 👻 info' from the ATO? Cheers 🐻 |
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Post by itsmylife08 on Sept 20, 2023 21:12:24 GMT 7
Hi bear it was a direct quote from a Government department, probably Home Affairs or something like that and I can't quite remember but it was legit!!! They are all linked together as you know, Is that a little ghostie I see pmsl... Cheers Itsa P/S If you think it may be an issue just delete it!!! |
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Post by bear on Sept 21, 2023 5:46:19 GMT 7
No I don't see anything that is, or is likely to cause an issue itsa. I'm just trying to clarify the post because........ I can't for the life of me figure out or see anywhere in the thread, what the 'advice' you've mentioned actually is. Is the intent simply to advise we can contact all agencies to ask for advice; or is the advice you're talking about to do with the double taxation agreements, as referenced by Denis-NFA and in an earlier link? Maybe it's a sign of dementia on my part and yep; this is a ghostie '👻'. Does retirement loom.....have I finally lost the plot completely? Nevermind; cheers 🐻 |
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Post by itsmylife08 on Sept 21, 2023 7:39:01 GMT 7
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Post by bear on Sept 21, 2023 8:13:51 GMT 7
Ahhhh, link works fine...... thanx Itsa!! Great to see bureaucracy at it's finest; obfuscating in triplicate in both your link and mine below. www.ato.gov.au/Individuals/Coming-to-Australia-or-going-overseas/I have a distinct memory of government saying red tape and explanatory notes were to be from henceforth written in such basic English, that any nong could understand it; at some time in the past. Looks like they lied about that as well because; although everything I read is certainly well understood by taxation agents and advisor's, accountants and PwC etc.; it's little understood by this nong. Nevermind though; look.where that's gotten them!!
www.theguardian.com/australia-news/2023/sep/20/ato-powers-increase-tax-avoidance-labor-treasurer-jim-chalmersThere's just so much info which appears to be conflicting that my brain switches off and my eyes glaze over....... I guess that's the whole point of bureaucracies though and with this particular one, gotta keep the big money industry churning over. That would be a great segway to pop in the Pink Floyd song; but videos vs text..... It goes without saying that anything allowing us to claim or receive any more money from anywhere would be welcomed by all of us; I'm sure of that. Cheers 🐻 |
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Post by JJJ88 on Sept 21, 2023 9:15:35 GMT 7
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Post by bear on Sept 21, 2023 14:26:31 GMT 7
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Post by Denis-NFA on Sept 21, 2023 14:31:31 GMT 7
Good post JJJ88I guess the point I was getting at is that if you have an overseas business but you are sitting in your luxury condo (!?) in Chiang Mai or Argao and directing operations back in wherever then the taxation authorities in Thailand or Philippines will consider that you are engaged in income producing activity on their 'turf' and will be interested in what you are doing and the extent that your activities in directing those overseas operations might be considered "taxable income" in that ASEAN country. Income from passive investments taxed at source or not subject to taxation like a pension should be covered by double tax agreements but if income is not taxed at source they may want to talk to you. |
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Post by Denis-NFA on Sept 21, 2023 14:45:05 GMT 7
bearDepending on your computer keyboard but key combinations of control-c (Ctrl+c) is "copy" and control-v is "paste" - from prehistoric ' WordStar' But the last paragraph might indicate that the local banks are behind this,
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