Singapore Expats Forum

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by Cohen123
Fri, 22 Mar 2019 9:12 am
Forum: Strictly Speaking
Topic: Banks, emigration and CRS (Common Reporting Standard)
Replies: 6
Views: 861

Re: Banks, emigration and CRS (Common Reporting Standard)

Thank you to everyone who contributed and wrote me to share your personal stories.

Many thanks
by Cohen123
Mon, 18 Mar 2019 7:24 pm
Forum: Strictly Speaking
Topic: Banks, emigration and CRS (Common Reporting Standard)
Replies: 6
Views: 861

Re: Banks, emigration and CRS (Common Reporting Standard)

sundaymorningstaple wrote:Yeah, tell me 'bout it! :-(


Did something happen to you with the CRS?
by Cohen123
Mon, 18 Mar 2019 6:47 pm
Forum: Strictly Speaking
Topic: Banks, emigration and CRS (Common Reporting Standard)
Replies: 6
Views: 861

Re: Banks, emigration and CRS (Common Reporting Standard)

I think some countries like Canada, NZ and Australia already uaing CRS a means to recoup overseas income from tax residents, similar to the US FATCA. Most new emigrants will have bank accounts in their home countries. These accounts will likely generate interest. What’s more if you sell your propert...
by Cohen123
Sun, 17 Mar 2019 4:36 pm
Forum: Strictly Speaking
Topic: Banks, emigration and CRS (Common Reporting Standard)
Replies: 6
Views: 861

Banks, emigration and CRS (Common Reporting Standard)

Hello, (and happy st Patrick’s day if you celebrate the occasion ) , Has any emigrants been affected by the CRS reporting to banks recently? Some countries now expect its tax residents to pay tax on their overseas income ( such as bank interests). Has anyone here been affected in that way ? Thanks f...
by Cohen123
Tue, 19 Feb 2019 7:08 pm
Forum: Strictly Speaking
Topic: Bank Account after renouncing SG-ship
Replies: 41
Views: 3703

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: 3703

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: 3703

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: 3703

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: 3703

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: 3703

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: 3703

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: 3703

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: 3703

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: 3703

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: 3703

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.

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