QUOTE(Garysydney @ Aug 22 2017, 12:03 PM)
I am about to retire in Malaysia after having worked in Australia for 30 years (still holding Malaysian citizenship, PR in Aust). I have built up about A$1mil (RM3.3mil) in my superfund (EPF equivalent) and intend to just use the earnings from my superfund to fund my retirement in Malaysia. Would i need to pay any tax if i live in Malaysia during my retirement? I have no intention to come back to live in Australia. I am 55 now. Thank you for your advice.
Malaysia is a highly capitalist country . Only a few countries in the world that do not charge capital gains tax in the world.
You do not need to pay tax for income repatriated from Australia in monthly basis to Malaysia.
You do not need to pay for income brought to Malaysia in lump sump as well( must be a legal income).
Malaysia has no capital gains tax except for properties sold less than 5 years from date of purchase.
Tax Exemptions on Income in Malaysia
Tax exemptions in Malaysia come in many forms, and can be defined as “a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income”. Generally speaking, it means they are income items which can be from (we refrain from using the word deductions here, because tax reliefs are also ‘deducted’ from your taxable income) the individual’s paycheck. Below you will find a full list of those items for you to get a general idea:
1) Leave Passage
2) Medical and dental benefit
3) Retirement gratuity
4) Gratuity paid out of public funds
5) Gratuity paid to a contract officer
6) Compensation for loss of employment
7) Pensions
8) Death gratuities
9) Scholarships
10) Cultural performances
11) Interest
12) Dividend
13) Royalty
14) Income Remitted from Outside Malaysia
15) Fees or Honorarium for Expert Services
16) Income Derived from Research Findings
17) Company Special Service Awards
18) Travelling Allowances
19) Benefits in Kind Exemptions
https://ringgitplus.com/en/blog/Personal-Fi...Guide-2016.htmlYou should consult a tax attorney if you have any company incorporated in Australia that you wish to transfer ownership to a Malaysian company.
There are extremely less intelligent people talking nonsense about Malaysian economy.
Our inflation is under control. Malaysian economy is robust with GDP growth 2017 1st Q: 5.6% and 2nd Q: 5.8%.
IMF, world bank ,BNM , international rating agencies would be increasing our GDP growth target for 2017 soon. It should be 5.5 % upwards.
Read IMF report
Malaysia : 2017 Article IV Consultation-Press Release, 28th Apr 2017
https://www.imf.org/~/media/Files/Publicati...17/cr17101.ashx Read BNM report
Q2 2017 report.
http://www.bnm.gov.my/files/publication/qb...2Q17_Slides.pdfThis post has been edited by powerlinkers: Aug 22 2017, 12:27 PM