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Bobby *******
This is a summary of
Bobby *******
's contributions to the platform. They have posed 20 questions and added 5133 comments.

QUESTIONS

COMMENTS

Bobby ********
@Damien *******
It's not a 33% tax on expat pensions. It's if an expat loses the "Resident for tax purposes" status, which means as a non-resident they can no longer claim the tax-free threshold, which means every dollar of income is taxed at 33%. I'd post a link to a myriad of information which is available in an Australian group, but the admins in this group don't like links to other groups! 😆
Bobby ********
Stuart Simpson. You're better off doing the 65k/month process. The 800k (if you decide to remain in Thailand) you'll never see again. The 65k/month you can spend as soon as you get it
Bobby ********
Jim Davidson. The ATO is adopting new criteria for the "Resident for tax purposes" status, depending on a number of factors, such as number of days spent each year in Australia, economic interest (if you have interest in business or property etc), family links etc. If the ATO deem that you're no longer a "resident for tax purposes" you will lose the tax-free threshold on income, and be subject to taxation on every dollar of income at 33%, which effectively means if the state pension is your only source of income you will lose one third of it. This is not yet law, but it's expected to be introduced in the
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financial year.
Bobby ********
If you need to show the pension as part of the criteria for a retirement visa, do it yourself, as there's no guarantee it will show as an international transfer if you leave it to Centrelink. Also be aware of the upcoming changes to tax residency in Australia. If the ATO deem you're no longer an Australian resident for tax purposes, your pension will be taxed at 33% from the first dollar as you will no longer be able to claim the threshold. You stand to lose one third of your pension
Bobby ********
@Isabella ***********
. She's already said she only has a standard retirement visa, so she needs the whole kit and caboodle to re-enter
Bobby ********
@Jenny *****
. You can't get permanent residence from a retirement visa. But that's irrelevant at this stage. At the moment you're on a retirement extension which at most gives you 12 months permission to remain in the country
Bobby ********
Jenny Hale. If you already have insurance, you only have to show it covers US$20,000 including covid. Most travel insurances would cover this.
Bobby ********
@Jenny *****
. Ok, so you're on a temporary extension of stay. That's a non-immigrant visa/extension. You would have to satisfy all the requirements of the Thailand Pass, the same as any other foreigner (or "alien" as Thai immigration refer to us!)
Bobby ********
Jenny Hale. Nobody buys insurance intending to use it! The hope is that you don't need to use it!
Bobby ********
Are you a permanent resident or citizen? I'm not familiar with a "resident visa". Although it makes little difference with Thailand Pass, but you might be exempt the insurance requirement.