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Hihat

Where to bank a small inheritance

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Hi, I am expecting to receive a small inheritance when my parent passes away and was wondering where it might be best to bank the money. I have a Thai bank account and also an Australian bank account. Would this be taxable and if it is how best to avoid paying tax on this amount?

 

Thanks.

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Not sure about the tax angle but if I were you I'd open a dual currency account with someone like Bangkok Bank, you can then move it into Baht as you need it or as the Baht varies in exchange rate.

 

 

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There is no Tax on inheritance in Australia. The best place to bank the money would be dependant on your personal circumstances, age, pensioner, other assets in Australia, investing the money, living off the money etc. Bank interest rates would be similar in both countries.

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1 hour ago, Peterw42 said:

There is no Tax on inheritance in Australia. The best place to bank the money would be dependant on your personal circumstances, age, pensioner, other assets in Australia, investing the money, living off the money etc. Bank interest rates would be similar in both countries.

Thanks for the advice..yes I am on the aged pension from Australia. Just wasn't sure if that would be affected by my inheritance.

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Admittedly, I am not a tax expert but I can inform you of a place to turn your small inheritance into a very small inheritance.

:-)

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10 hours ago, Hihat said:

Thanks for the advice..yes I am on the aged pension from Australia. Just wasn't sure if that would be affected by my inheritance.

You are allowed to have aprox  $250.000 in bank (cash) without affecting your pension (single) . Also you can put it into your super A/C, then Centrelink will Deem what interest you earn against your pension of which your allowed to earn monies up to aprox $5000 without affecting your pension. Which is a lot of interest! hope this helps.

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Buy  a trezor hardware wallet. Register at Independant reserve exchange in Sydney. Buy bitcoin. Send it to the hardware wallet. Sit on it for 2 yrs. It will be worth 5 times as much or more. Maybe 10 fold increase. Also buy some Bitcoin cash as a hedge. Bitcoin is cheap now at 10,000 per coin. Its probably going to rise to 30k or 50k by next xmas

 

good luck

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1 hour ago, davidst01 said:

Buy  a trezor hardware wallet. Register at Independant reserve exchange in Sydney. Buy bitcoin. Send it to the hardware wallet. Sit on it for 2 yrs. It will be worth 5 times as much or more. Maybe 10 fold increase. Also buy some Bitcoin cash as a hedge. Bitcoin is cheap now at 10,000 per coin. Its probably going to rise to 30k or 50k by next xmas

 

good luck

Seriously?

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If you don't need the money immediately, probably best to bank it in Australia. You can transfer it to Thailand at your leisure afterwards. There will not be any inheritance tax on it.

The Age Pension will only be affected if you exceed the minimum asset limit, as another poster has said. It does have to be reported to Centrelink, unless you are one of those people who think they can fly under the radar.

I notice you are getting unsolicited investment advice in response to the original question. Bitcoin reminds me of the pump-and-dump stock boiler rooms.

 

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6 hours ago, FNQ said:

You are allowed to have aprox  $250.000 in bank (cash) without affecting your pension (single) . Also you can put it into your super A/C, then Centrelink will Deem what interest you earn against your pension of which your allowed to earn monies up to aprox $5000 without affecting your pension. Which is a lot of interest! hope this helps.

I didnt know a person on an age pension  could make  superannuation  payments.

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Buy Thai gold and keep it safely in Thailand. Don’t tell Centrelink so as to keep your pension.

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BANGKOK 16 July 2018 23:19
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