Singapore Expats Forum

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by Cohen123
Tue, 19 Feb 2019 7:08 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Yes, I heard about that too. I hear funds get stuck in the “pipeline “

Reliable options available are
(1) direct to overseas bank if CPF does that
(2) from Sg bank to Aus bank
by Cohen123
Tue, 19 Feb 2019 2:41 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Hello, would be a tax resident here. The sum transferred will go into financial planning strategies here. Hence the transfer. I don’t have any other assets anywhere else. The “tax event trigger” the accountants and lawyers are referring may mean one of several things (1) a letter to explain source o...
by Cohen123
Tue, 19 Feb 2019 12:09 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Yes. That is why I am only enlisting the tax account for the tax advice. I have also contacted a couple of tax lawyers. This is what was advised. I have no other asset outside of Aus so my tax filing is simple. I just have to declare the interest earned 31st December 2018. I have not renounced yet s...
by Cohen123
Mon, 18 Feb 2019 5:52 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Hi PNGMK,

It’s funny that I don’t have any accountant friends. I may ask if any of them have any accountant friends. May be big ask. Don’t know until I try, right ?
by Cohen123
Mon, 18 Feb 2019 2:00 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Thanks PNGMK, I appreciate your earnest in providing your perspective. St the moment, to declare yourself non-resident of Aus, you need to be away at least 2 years and establish domicile elsewhere. It is not an option for me, unfortunately. I have already spoken to 4 accountants about this. Each of ...
by Cohen123
Sun, 17 Feb 2019 6:54 am
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Unfortunately, this advice is not exactly what we want to hear. There are tax minimisation strategies to consider and hence it’s important to know where you stand.

But if anyone else has their experiences that is different, please share
by Cohen123
Sat, 16 Feb 2019 2:01 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Wanted to share this update from accountant. The lump sum transfer of CPF is subjected to tax the day you received it. It is treated as a foreign investment fund. The bad news is ATO ruling clearly states that there is no apportionment of the amount included in assessable income by reference to the...
by Cohen123
Sat, 16 Feb 2019 1:59 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Wanted to share this update from accountant. The lump sum transfer of CPF is subjected to tax the day you received it. It is treated as a foreign investment fund. The bad news is ATO ruling clearly states that there is no apportionment of the amount included in assessable income by reference to the...
by Cohen123
Fri, 15 Feb 2019 12:25 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Wanted to share this update from accountant. The lump sum transfer of CPF is subjected to tax the day you received it. It is treated as a foreign investment fund. The bad news is ATO ruling clearly states that there is no apportionment of the amount included in assessable income by reference to the ...
by Cohen123
Wed, 13 Feb 2019 7:49 am
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

I can barely comprehend what the ATO is saying... however I think you're are ok and do no have to declare your CPF as Australian income or capital gains if you close down CPF and withdraw the total amount ("amounts deposited") from the fund but income accumulated (which is both interest a...
by Cohen123
Tue, 12 Feb 2019 6:12 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Mad Scientist wrote:Yes on both of your questions. I do not need cooling off period as situations were getting out of control then


Hi MS,

Here’s hoping I am able to get the renunciation and CPF withdrawal all in ONE day.
by Cohen123
Tue, 12 Feb 2019 11:22 am
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Yes. Not much interest to declare there, as it is an everyday account, but I did. In case any one is keen on reading ATO rulings on CPF , here are 2 links. They do not mention SG CPF but the details are more than coincidental. I don’t have the accountancy expertise to decipher what it means. I think...
by Cohen123
Tue, 12 Feb 2019 10:13 am
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

From my experience, I had no problem with DBS and Citibank. Bear in mind , I had this done many years ago and rules may change. Once I had the CPF withdrawal approved from CPF, I showed them my POSB account to the CPF officer as POSB and DBS account remittance is done on the same day whereas other ...
by Cohen123
Tue, 12 Feb 2019 8:43 am
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Hello, Kind sharong from someone that I would be given a renunciation letter at ICA. With this letter, I can approach the bank to change details. Also the renunciation at ICA, presenting yourself in person will take about 6 weeks to process. Only after that, will they issue a letter for the CPF to w...
by Cohen123
Mon, 11 Feb 2019 5:19 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3062

Re: Bank Account after renouncing SG-ship

Hello, I had a terrible time with U** bank trying to withdraw some money sometime back. They refused to entertain any form of ID another than the pink IC. I showed them my driving license but they would not accept it. Hence that’s why I am asking how to maintain a bank account in SG, have the CPF mo...

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