You have done pretty well with two kids in University. Are your kids living together in Sydney? It must cost you a bomb to have these kids in Sydney.

I think with the way Malaysia is going, a lot of people will be looking to migrate - you can see it is very obvious that Chinese have no future here anymore. I am retired now with quite substantial retirement assets but i really feel for those with less financial resources. Very sad indeed. I think it is good for you to help your nephew go overseas. You are in deed a good uncle indeed 

Hope you are aware that after 1 Jan 2022, there may be a 3% tax on incoming remittance for Msian residents.

Don't know how the govt is going to implement this - may have to send before 1 Jan 2022 to avoid this tax. Really affect people who have money overseas and regularly send money back to Msia.

Real bummer!!

I think everyone is waiting for more details to come out.

I have already transferred more than rm1mil over the past 8 months (transferred with CBA to MBB with rates between 2.98 and 3.17). Can only do A$50k max each time and fees from CBA was A$22 each time via telegraphic transfer and Maybank deposits the money in my acct in less than 1 hour with tt. I was not intending to transfer more starting from 2022 but you never know when we might need more ringgit - maybe a very attractive investment opportunity might come by.

I have been following https://forum.lowyat.net/topic/3524728/+200

Really terrible news even though 3% may not be a huge sum. Any form of tax is repulsive and despicable!!

Hello Hansel, thank you for your reply.

If for some reason, lhdn classifies me as a tax resident of Msia, are you inferring that i have to pay the 3% for the money that i currently have in my name? I would have thought that it is only after Jan 1 2022 that the 3% ruling applies for funds sent after that date and that any money that is already in Msia will not be taxed. Isn't that your understanding?

Thanks very much for your input. I may have to engage a tax specialist as i have quite a lot of ringgit in my name. A bit concerned about this 3% tax now with Jan1 2022 fast approaching.

Had a few friends who take glee in trolling and doing things like creating alternate/dupe accounts is merely one of the many tools. People do all sorts of things for fun or attention, which are why some of these forumers react/behave this way. They've probably experienced it multiple times.
I can understand where they come from as I can be equally as cynical or distrustful (especially online where it's easy to hide behind a screen name). The above is the reason why I'm quite reluctant to join in some conversations unless they're serious or interesting enough.
You'll be able to find like-minded people and have a good conversation, but trolls will be everywhere - why waste your time trying to convince them?

Driving in KL is pretty stressful - try to time your driving when it's not peak hours and you should be alright. Let others overtake if they want to and just avoid the troublemakers as it'll be mostly a waste of time engaging with them. Gotta limit your generosity while driving or other drivers will take advantage of it. Gotta think it's as if you're driving in the Punchbowl/Bankstown.
Spend another year or two and it'll be fine - you'll be back in your element in no time. Just be more mindful of petty crime as it will not be going away (in my opinion, never going away). Take the Bankstown approach to things: don't keep valuables in car and always lock it either in/outside. Always keep an eye out for bikes with 2 male riders and pick pockets.
Motorcyclist are always right in accidents and always hide the handbag (especially the ones your wife likes). Makes me miss KL a lot less whenever I think about all my old encounters. My mum always locks the car doors immediately after dropping me off since childhood and I've been making fun of her ever since.. but that's the mentality we practice when living in KL.

Stay safe and Happy New Year all!

Thanks for your advice.

Your advice rings true now that you bring it up. The drivers here are so different compared to drivers in the Eastern suburbs.

I have never used any social media before - /k is the one and only and i only discovered it by accident as i was trying to find retirement costs in KL. Now that i have been living here for more than half a year, all my worries about not having enough money to retire have all vanished. KL is a lot cheaper compared to Sydney. You have very good advice about trolls and people using /k for fun - i never thought people would create dupes just to troll. Well, i have just learnt something about social media but i honestly cannot comprehend trolls and how creating fake stories can be fun - maybe i am just born into the older generation and having no kids makes me unable to understand what the younger generation would do for fun.

Happy new year to you and thanks for your advice 

Have you tried to applied for RRV? I heard some just keep applying for 1 year RRV for the sake of keeping the visa every year.

Why do you need IC to apply for your rrv. It is the Aust Immigration jurisdication to give you the rrv so you don't need your IC. You just apply online and fill in the form - very simple as i have done it many times online (each time 5 year rrv).

Hope this helps

Aiyoh.

You will need your IC to renew your Msian passport. You may need to get a temporary one from either the Melbourne or Canberra High Comm. May have to go through a lot of problem.

My friend was in an Alumni of his previous Uni, apparently a lot of people came back like you and never renewed. if it is for retirement then I would understand. they just let it expire without doing anything which some of them did.

But if it is still young I am thinking very wasteful. But per visa is AUD 410 per year renewal. assuming you have children and a spouse could go all the way up to thousands a year.

I am in my dilemma if I should renew it since my business expanded exponentially in the past 2 years. Like what will happen if i wanted to move again in maybe 10 years time when my kids grow up? Will it affect the application. since it was expired once.

Having a PR while not really staying also has it's problems....and if children are young, and not ready to move, doesn't make sense....that's why we gave up last time....

A lot of my friends in the earlier days gave up their PR because they couldn't meet the 2 years stay after they graduated from Uni. It was very much easier to get our PR in the earlier days as well.

Nowadays the Aussie PR is a lot more desirable with the direction that Malaysia is heading (especially for the younger generations).

Definitely agree with you about not needing PR when you are much older. The PR 2 year restriction is very prohibitive and restrictive.

I have nieces and nephews who went over to do their high school and was able to adapt quite well to life after graduating Uni in Sydney - they all are doing well and in good jobs so going there a little earlier was beneficial for them. The only problem with younger people nowadays is that parents may need to help children with the initial deposit to get them started in the housing market. Properties are so expensive in Melbourne and Sydney!!

Nowadays the Aussie PR is a lot more desirable with the direction that Malaysia is heading (especially for the younger generations).

my business sector friends who came back all say the same....it's not a bad place to do business, for 2 of the points above....

everything can be "adjusted"....lol

and the intrinsic inefficiencies allow you to get ahead, and avoid the rules....lol lol

Actually you can clearly project what will happen in the future - people living here will not have sufficient funds to live and have to resort to crime to justify their daily means.

I didn't know the culture in Malaysia very well as i have lived in Sydney too long having never worked in Msia at all. Coming back here and living here makes me realise how lucky i have been living in Sydney in my working years. I would never have got as far as i have living here in Msia. I am glad i migrated at a very age. I have the funds for a very comfortable retirement so can choose whether i want to live in Msia or return to Aust. I can see the future of the nons in this country is looking extremely bleak unless you are fortunate to be born in a wealthy family. Very sad to see this happen in this country.

I don't think you are locked out but it will take more time than it would for a local to get to the same position and it's not because of racism or anything like that.

It's just because to get to the c-suite level, you require strong relationships. Your skills get you to upper management but to progress beyond that it's all about your ability to build professional relationships and for us coming from Malaysia our network is in a different country so it will take longer to develop that in a new environment.

For those born here, it's easier because it's their own culture and people so naturally you're going to build relationships more easily. In addition to that, they grew up here and as a result have a larger circle of influence. A circle they have been subconsciously building since they were kids. We are starting in our mid-20's sometimes 30's so it's going to take longer and it may not even happen.

But I'd say if you are a master of you skill, with out without relationships you'd be able to get to an upper management level which will pay you between AU$220k and AU$350k depending on your industry. To break the AU$500k and more mark though, you really need to build a professional network and broaden your circle of influence which like I mentioned above will take time because we are starting from a disadvantaged position.

The only way to break $500k otherwise is if you're a doctor or business owner. Otherwise you really need to work on building your network and influence to stand a chance.

My two cents.