AndersB

Are superannuation investments bad for the economy?

52 posts in this topic

Singapore tax rates are roughly half for me, so about a 100K p.a. saving. I don't have to live there - in fact the Singaporean government discourages it.

 

I was getting some stuff done by the lawyer the other day and he was not only supportive of my plan but wondering how he could switch to it. He is probably about 70 and we immediately came up with some pretty quick and easy ways he could do almost exactly what I am doing. He would have to come back here pretty often for his qualifications; I have none and so not the same problem.

 

The only issue I have been hitting a bit which might come back to bite me in future is the "current address" requirement for many legal bits and bobs. Currently I have one, in about 7 months I won't, I am loading up with long lasting proof of address and identity and so on type of documents at the moment, things I have never done in the past. To be honest it is pretty trivial but it does mean leaving the house to stand in queues which I do rather dislike. It does look like postal redirect for my water bill / rates etc would work for most stuff though and I believe they cover most of the documents I have gone through recently.

 

It is selfish I admit but I would rather be wandering the world doing my stuff than paying taxes to support a country just because I happened to help them out a bit at some time.

Sorry I haven't been following your posts on this (have just started reading SS again) but am wondering how you achieve this non-resident status if you are not actually living in Singapore. Are you travelling the world and just not spending 183 day in oz? My understanding is that you not only have to be resident and working overseas but also limit your trips back to Australia. My accountant suggested not more than 4 trips in a year. Apparently the tax department now has the ability to marry up the airport arrival declarations with your tax info. I know people who have lived 10 years o/s who are still concerned about their wives visiting children at boarding school in Australia as this could create a 'connection' to Australia and make the husband resident in Australia for tax purposes, even though his job is in another country. It's related to where you are domiciled and not just how many days you spend out of the country. Giving up voting rights, drivers licence, selling oz property and buying o/s property all helps establish that you intend to live permanently overseas. Would be interested to hear if you have had different advice. This issue keeps me awake at night!!

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My accountant is going through the plans to see where we sit regarding residency status. I won't be coming back to oz in the near future, if ever. I will be giving up voting rights, don't have a drivers license, cancelling bank accounts, insurance, selling all my stuff etc.

 

Owning property here is apparently not really an issue, you have to have an ABN and do a tax return but overseas people pushing up the prices is fine :) The only real reason I am not selling it is because I am inherently cautious and this is a big change, if it screws up I don't want to be out of options. Realistically I should probably sell it as prices have surely topped now though.

 

The only things which could be an issue for me are that I want to retain my martial arts membership here for competition purposes (but I can change that to the NZ federation if required - my sensei will understand and just beat the crap out of me should we meet in competition). The other one is the lack of permanent overseas residence. The accountant does recall "citizen of the world" being granted to an Australian and is going to check out how that one worked.

 

All things being equal I think I am pretty safely going to be in the "non resident" box though.

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