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David Walden

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About David Walden

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  1. Australian Aged Pension

    Thank you.
  2. Australian Aged Pension

    Apart from big words I can't see any intelligence in your correspondence at all. I will file your ravings away in my file for future reference. PS that's where I get most of my information about Centrelink matters. From my friend who is a Centrelink Financial Service Officer
  3. Australian Aged Pension

    I know nothing about the financial requirement details if you inherit a super fund. Perhaps if you are a 20 y/o. It gets to you in a tax free area, it now belongs to you, I suggest if he wants to spend the money or even save it in a bank it he will now have to pay the tax on the surrender value which is likely would have been payable if the original owner had to pay if he surrendered it or it wasn't in a super fund. Perhaps if you rolled it over you may be able to retain some of those tax free benefits but you are a 20 y/o and the value of the fund may be double of what it may have been if you used it as everyday income and paid tax on it. The money got there tax free. Big penalties are payable in surrendering Super retirement assets before maturity, dying has no benefit I suggest (sorry). Inheriting one probably has the same penalties...this is nothing to do with death duties which were abolished in Australia in 1978. Your insults to me about me suggest you are a really self describing yourself. The questions you asked have simple answers but very unpopular answers. Those are the rules. If you don't like the rules take the issues up with politicians and government. People often make enquiries about pension matters, quite often if they don't get the answers they want to hear they get very nasty. do you know anyone like that Bazza?
  4. Australian Aged Pension

    This appears to have not much to do with tax on super except the value of the super fund is going from a tax free environment to someone who has inherited a legacy to pay income tax on the funds. So what new?
  5. Australian Aged Pension

    There are no death duties payable in Australia...please read this... https://www.ato.gov.au/Individuals/Deceased-estates/. There are no death duties payable in Australia since about 1978. It may be that when assets are distributed from a decease estate capital gains tax may be payable. This would be just the same if you sold a commercial property or shares package whilst you are still alive at a profit much higher then the CPI or inflation and didn't pay the Tax. When you die a major tax return is submitted by the executor. The tax man will catch up with many things you didn't tell him when you were alive. It will all come out warts and all, perhaps that's how you got that great super A/C 10 years ago. didn't pay tax on the money in the 1st place?...the tax man get first bite of the estate...he believes it was his anyway maybe for years so interest is wacked on in abundance...Like the tax man says about unpaid tax "give him enough rope and he will hang himself".
  6. Australian Aged Pension

    It's pretty simple as I've said dozen times already on this site the only thing that stops you getting the Australian Aged Pension if you qualify by residency is if your income is too high or your assets are too high. That's all you need to know.
  7. Australian Aged Pension

    Once you retire I believe yes at the required 5% minimum, above 65 Y/o but you can go back to work if you wish, maybe part time. As far as I know Centrelink matters and Taxation matters are 2 different issues. I haven't seen anything that changes taxation threshold matters with the retirement age from 65 y/o. Any changes would set the trumpets blaring with self funded retirees if the taxation commitments were altered inline with aged pension entitlements which are going up. "I stand corrected" It's only the asset value of your retirement fund that effects your assets with Centrelink, it's your money similar to being in a bank.. How much you take is up to you but you must take 5% if you are 65 to 75 y/o If you do take the lot Centrelink will want to know where its gone. If you have divested yourself of this money or put it in a secret Hongkong Bank A/c then there is a limit of how much you can give away or the deeming issue will come into play. This is presently $10,000 per year or $30,000 limit over the next 5 years if you give it away now. If you give away $500,000 to your kids Centrelink you will be assesd as still having a $470,000 asset and perhaps blow your pension. It's best if you blow it gambling or a 12 month World tour but even then you will have some explaining to do. If you divest your self of assets it's a big no no with Centrelink. If you can get away with this it would greatly increase you pension payments at Govt expense. A big no, no with Centrelink.
  8. Australian Aged Pension

    Bassa 73...If you are loosing some of your pension, that is you are getting a part aged pension then your asset or income is over the limit...period. If you are loosing $400 p/f then you are likely to be about $100,000 or more over the asset level allowed. If you want advice about how the Australian pension system works please tell the truth. For about the 10th time now I have made it clear that it is of no concern to Centrelink how much your house house is worth. The very fact that you have a house makes your asset value limit $255,000 and you will still get the full aged pension. I'm not interested if any taxation is payable upon my death or any taxation matters I don't pay tax but I'm close to it, anyway that is a problem for someone else it does not concern me. When I'm dead and it will surely happen that is some other persons problem. Death duties are a taxation matter. We are discussing Centrelink matters.... I never ever worked for public service but was in a long time relationship with a lady who was an investigator for Centrelink. People like you with warped understanding of the system drove her to early retirement, death threats everyday. Get real we have just about the best retirement system in the world, not perfect could be better but pretty bloody good. If and when you come to Thailand and you meet some Norwegians or Swedish people their system perhaps is better. Swedish like to tell the story of the man who owns Ikea the big international retail business. The man boasts that even though he earns billions of Euros a year he still collects his aged pension. Try sitting back and enjoy what you get. Me thinks you are so far over the level that you get nothing...sorry. If you own a house in Australia and your assets are over the limit and are loosing part of your pension already then of course any additional assets you have overseas will affect your pension payments further if Centrelink is advised. That's not news this is how its been now for a hundred years. Anyway what's with the agro, enjoy life it's not a rehearsal you know.
  9. Australian Aged Pension

    Dear Bassa 73 1...My super is grandfathered so I don't have to worry about the new regulation that place a tax on the profits before I see any of it. For newer super contributions there is a tax on profits which comes out before you see anything. 2...Yes the value of a house you own is irrelevant it can be millions of dollars, but if you do own a house for a single person the presn't threshold is now about $255, 000 ( the house value has nothing to do with this) at which a formula is invoked to reduce you pension payments (look up C/link to study it if you like). If you don't own a house the threshold for asset is about $457,000 before you start to lose some of your pension. If you own a condo in Thailand as an investment well as far as I know overseas investment are just part of your assets, you could rent it to your girlfriend and be the star boarder. If owning one puts your assets over the threshold well you will lose some of your pension. If owning a condo investment in Thailand keeps your assets under the asset threshold well BOB'S YOUR UNCLE. 3...If you are single and get an Aussie aged Pension and get a payment from your super fund as well and that super and has a profit for that year e. g. of $10.000 under the new system the dividend would now likely be $8500.00 which is what you will receive, you have been taxed $1500 by stealth. Australian governments for year and years have promised not to tax super payments. But they lied! all of them. You didn't get taxed the super fund did but it was really your dividend. 4...I'm not trying in any way to advise what, where, why or how you invest your super. I have my nice modest super in a bank managed fund which has increase in value by about 10% per year spread over ASX200 and other blue chip investment which make things very simple. No book work, running around, no tax returns. Every month the funds sends me a $1000 which is all above board, the tax man knows all about it, I'm getting the full single aged pension (less penalty for being absent from Aus) and this makes retirement in Thailand quite comfortable. The fund claims it only charges me 0.5% fee which seem OK. 5...As far as I know there are no death duties payable in Australia at present. Watch this space though. 6... I sorry you seem so agitated Bassa, Quite frankly judging by the tone of your comments that unless your problem is that you have more then the asset threshold to invest ($457.000 and no house, $255.000 if you own a house) you may be better putting your money into a managed super fund, paying the 0.5% management fee and receive what you will from the fund (you must take 5%, over 75 y/o 6%) collect the Aged pension, don't even do a tax return for ever and live in eternal bliss in Thailand or other place you desire and live happy ever after . Highly recommended. Tax liabilities are different once you reach 65y/o. Regardless of where your money comes from the tax threshold for a single person in about $35,000. Not $19.000 as for other normaaal people. As far as I know no tax credits are available for the already tax paid with the new 15% tax on super profits. if tax credits were allowed 90% of pensioners with a bit of super would likely get these payments back. That would be the honest way but not for the Governments in Aus. Labour invented the bullets the Libs fired the gun.
  10. I stand corrected...When you apply for a visa in your home country to have a 3 months holiday in Thailand, bla, bla, bla...any Thai Consul in Australian or the World will refer to it as a "90 day Thai Tourist Visa". Your pedantic approach to getting the technical matters correct on visa applications in Thailand is a great contribution in establishing the "Dogs Dinner" mentality that exists when applying for visas. You are preaching to the converted now about Thailand. Making things simpler for tourists especially novices I hoped could produce a better tourist industry in Thailand "Where there is a will there is a way" "Improving entry for Thailand may help Thai tourist industry." Read the title to this post and learn and look for positive approaches. There are lots available.
  11. If you look on the Thai Australian web site and ask how to get a 90 day visa for a holiday in Thailand you will get a plethora of confusing information which if in Australia you tried to describe as a product you are offering for sale. Without diplomatic protection you would be prosecuted.
  12. In Australia as is in most western countries the Coroner decides where, when, how and why a person dies in very accurate detail when possible, that is every death. This information may not come available till some time after the accident. In the interim the police will give a very accurate estimate to promote road safety. This may be adjusted even years later. Coroner's court are sometimes speculative and often conducted informally as people giving evidence can be quite emotional, and that includes policemen and women assisting the coroner to sort out the issues at hand. And even the Coroner themselves can become emotional. Just sitting in a Coroners Court of a major vehicle accident hearing can be a lesson in life that you will never forget.
  13. When you get apply for a 90 day tourist visa in Australia USA and I believe anywhere at a Thai Consulate and comply with all the requirements you get a visa which allows you to enter Thailand for 60 days (not 90 days). At the conclusion of 60 days you can then apply (complicated) to Thai Immigration in the province where you live to have that Visa extended for a further 30 days (lots more red tape). The 90 day tourist visa in Thailand is a Claytons visa like the "90 day visa you get when your not having a 90 day visa". They can call it what they like but it is really permission to apply for a further 30 day stay in Thailand with all its complications and apply at Immigration inside Thailand. The whole issue is so very complicated for a novice that most people can't believe anyone could think up such a procedure. When you apply for the the 90 days tourist visa it say so on the form "Application for 90 tourist visa". Just confusing , confusing, confusing...It seems I might be breaking the law by telling people the facts. Someone needs to get real. PS... and pay another Bt 1900 for this extra 30 days.
  14. Australian Aged Pension

    I had a partner who was an investigator for Centrelink she loved it when her turn came around to serve answering the "dob-in-line" as she called it. Some very interesting and tragic stories there...lots and lots, pity.