Welcome Guest ( Log In | Register )

157 Pages « < 87 88 89 90 91 > » Bottom

Outline · [ Standard ] · Linear+

 USD/MYR v5

views
     
Garysydney
post Aug 22 2017, 12:03 PM

On my way
****
Junior Member
511 posts

Joined: Jul 2017


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.
Ramjade
post Aug 22 2017, 12:09 PM

20k VIP Club
*********
All Stars
22,200 posts

Joined: Feb 2011


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.
*
Read this
» Click to show Spoiler - click again to hide... «

If you have no kids to send for overseas edu, then it's enough. If you have kids which are going overseas, then no.
powerlinkers
post Aug 22 2017, 12:13 PM

On my way
****
Junior Member
652 posts

Joined: Jun 2017


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.html
You 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.pdf

This post has been edited by powerlinkers: Aug 22 2017, 12:27 PM
powerlinkers
post Aug 22 2017, 12:15 PM

On my way
****
Junior Member
652 posts

Joined: Jun 2017


deleted.

This post has been edited by powerlinkers: Aug 22 2017, 12:17 PM
Garysydney
post Aug 22 2017, 02:48 PM

On my way
****
Junior Member
511 posts

Joined: Jul 2017


Thanks for the information about retirement in Malaysia. I dont have any children and my wife is also a Malaysian citizen with Aust PR (migrated together in the late 80s). We are the same age. She has 2 units in MK (3-bedder and a studio) rented out which she bought a while ago - we will probably live in the 3-bedder when we return to KL. I was initially planning to buy another 1 or 2 apartment in MK with my retirement fund when i go back but a lot of my KL friends have advised me not to. I am now in 2 minds whether to leave my retirement fund in Aust (tax-free once we retire after 55) since the rental return on our 2 MK units are only averaging 3.8% per annum (used to be a lot higher but we had to cut rent last year to keep the Japanese tenants). My superfund gives me roughly 5-6%pa average over the last 10 years. What would you advise - to move money back or not?
powerlinkers
post Aug 22 2017, 03:03 PM

On my way
****
Junior Member
652 posts

Joined: Jun 2017


QUOTE(Garysydney @ Aug 22 2017, 02:48 PM)
Thanks for the information about retirement in Malaysia. I dont have any children and my wife is also a Malaysian citizen with Aust PR (migrated together in the late 80s). We are the same age. She has 2 units in MK (3-bedder and a studio) rented out which she bought a while ago - we will probably live in the 3-bedder when we return to KL. I was initially planning to buy another 1 or 2 apartment in MK with my retirement fund when i go back but a lot of my KL friends have advised me not to. I am now in 2 minds whether to leave my retirement fund in Aust (tax-free once we retire after 55) since the rental return on our 2 MK units are only averaging 3.8% per annum (used to be a lot higher but we had to cut rent last year to keep the Japanese tenants). My superfund gives me roughly 5-6%pa average over the last 10 years. What would you advise - to move money back or not?
*
My personal opinion:

1.Wait until your funds are tax free.

2.Wait for next crash(which should be due this or next year September/October), then move your money back to Malaysia provided current government(Barisan Nasional) stays in power (which is highly likely with current political cloud).

Always buy when assets are cheap and when other people are unable to get loans.

This post has been edited by powerlinkers: Aug 22 2017, 03:04 PM
Ramjade
post Aug 22 2017, 03:07 PM

20k VIP Club
*********
All Stars
22,200 posts

Joined: Feb 2011


QUOTE(Garysydney @ Aug 22 2017, 02:48 PM)
Thanks for the information about retirement in Malaysia. I dont have any children and my wife is also a Malaysian citizen with Aust PR (migrated together in the late 80s). We are the same age. She has 2 units in MK (3-bedder and a studio) rented out which she bought a while ago - we will probably live in the 3-bedder when we return to KL. I was initially planning to buy another 1 or 2 apartment in MK with my retirement fund when i go back but a lot of my KL friends have advised me not to. I am now in 2 minds whether to leave my retirement fund in Aust (tax-free once we retire after 55) since the rental return on our 2 MK units are only averaging 3.8% per annum (used to be a lot higher but we had to cut rent last year to keep the Japanese tenants). My superfund gives me roughly 5-6%pa average over the last 10 years. What would you advise - to move money back or not?
*
Don't move all your money back. Why? In the long run, RM will depreciate. Bring back only what you need. Keep the rest in AU. If you bring back everything now, it's game over for you in the future as you cannot get more RM to spend.
Hansel
post Aug 22 2017, 03:47 PM

Look at all my stars!!
*******
Senior Member
8,950 posts

Joined: Aug 2010
QUOTE(Garysydney @ Aug 22 2017, 02:48 PM)
Thanks for the information about retirement in Malaysia. I dont have any children and my wife is also a Malaysian citizen with Aust PR (migrated together in the late 80s). We are the same age. She has 2 units in MK (3-bedder and a studio) rented out which she bought a while ago - we will probably live in the 3-bedder when we return to KL. I was initially planning to buy another 1 or 2 apartment in MK with my retirement fund when i go back but a lot of my KL friends have advised me not to. I am now in 2 minds whether to leave my retirement fund in Aust (tax-free once we retire after 55) since the rental return on our 2 MK units are only averaging 3.8% per annum (used to be a lot higher but we had to cut rent last year to keep the Japanese tenants). My superfund gives me roughly 5-6%pa average over the last 10 years. What would you advise - to move money back or not?
*
QUOTE(Ramjade @ Aug 22 2017, 03:07 PM)
Don't move all your money back. Why? In the long run, RM will depreciate. Bring back only what you need. Keep the rest in AU. If you bring back everything now, it's game over for you in the future as you cannot get more RM to spend.
*
I agree with my bro, Ramjade,... don't withdraw everything from your Super,... just continue to enjoy the yearly 5%-6% dividend returns (assuming they are ASX stocks) and 'pullback' whatever amount you need for usage in KL later-on. YOU still have your rental income from the renting of the other unit of your M Kiara studio.

The Ringgit is not a good currency moving fwd,... hold-on to your AUD,...

Just curious here - why do you wish to retire in MY ? Is it because the $$$ can go a longer way here ? Or other reasons pls ?
Hansel
post Aug 22 2017, 04:24 PM

Look at all my stars!!
*******
Senior Member
8,950 posts

Joined: Aug 2010
Lots of pessimism,... this will translate into RM strength,....or weakness,....

https://asia.nikkei.com/Features/FT-Confide...c-among-Asean-5

Most inconfident even in Asean ??
OPT
post Aug 22 2017, 04:27 PM

Wee wang wang
*******
Senior Member
2,016 posts

Joined: Feb 2011
QUOTE(powerlinkers @ Aug 22 2017, 03:03 PM)
My personal opinion:

1.Wait until your funds are tax free.

2.Wait for next crash(which should be due this or next year September/October), then move your money back to Malaysia provided current government(Barisan Nasional) stays in power (which is highly likely with current political cloud).

Always buy when assets are cheap and when other people are unable to get loans.
*
How do you know next crash date?

I agree with the others here, bring sufficient for expenses in Malaysia, keep the bulk of it in Australia.

Then every year or two can go holiday and bring back money.
Ramjade
post Aug 22 2017, 04:58 PM

20k VIP Club
*********
All Stars
22,200 posts

Joined: Feb 2011


QUOTE(OPT @ Aug 22 2017, 04:27 PM)
How do you know next crash date?

I agree with the others here, bring sufficient for expenses in Malaysia, keep the bulk of it in Australia.

Then every year or two can go holiday and bring back money.
*
This person very bullish towards ringgit come rain or shine whistling.gif whistling.gif
OPT
post Aug 22 2017, 05:17 PM

Wee wang wang
*******
Senior Member
2,016 posts

Joined: Feb 2011
QUOTE(Ramjade @ Aug 22 2017, 04:58 PM)
This person very bullish towards ringgit come rain or shine whistling.gif whistling.gif
*
I tunggu big crash until neck long long 🤣
TOMEI-R
post Aug 22 2017, 06:05 PM

Extraordinaire
*********
All Stars
23,591 posts

Joined: Mar 2007
From: Kuala Lumpur


QUOTE(Garysydney @ Aug 22 2017, 02:48 PM)
Thanks for the information about retirement in Malaysia. I dont have any children and my wife is also a Malaysian citizen with Aust PR (migrated together in the late 80s). We are the same age. She has 2 units in MK (3-bedder and a studio) rented out which she bought a while ago - we will probably live in the 3-bedder when we return to KL. I was initially planning to buy another 1 or 2 apartment in MK with my retirement fund when i go back but a lot of my KL friends have advised me not to. I am now in 2 minds whether to leave my retirement fund in Aust (tax-free once we retire after 55) since the rental return on our 2 MK units are only averaging 3.8% per annum (used to be a lot higher but we had to cut rent last year to keep the Japanese tenants). My superfund gives me roughly 5-6%pa average over the last 10 years. What would you advise - to move money back or not?
*
You are looking at this issue at a different perspective compared to what the others are looking at it. You are planning to move back to Malaysian while most here are looking to move there. Its a whole different perception and ideology if you were to ask me. If you would ask me, I would actually prefer to have my retirement in Australia compared to here if circumstances permits.
I do understand your dilemma here. You have been earning AUD which once converted to RM, you would have much better spending power here compared to in Australia. Aud $1 = Rm3.45. I would put it as you would feel very comfortable with the kind of money here in Malaysia rather than in Aus. Food is cheap, houses and rental is cheap. My opinion on this is, if you are really comfortable with staying in Malaysia and retiring here as well and have no plans on going back to Australia, well yeah, why not move all your funds here since the RM is at one of its lowest yet. Rather than wait for the Rm to climb back up and you would get less Rm for your Aud.

Ramjade
post Aug 22 2017, 06:10 PM

20k VIP Club
*********
All Stars
22,200 posts

Joined: Feb 2011


QUOTE(OPT @ Aug 22 2017, 05:17 PM)
I tunggu big crash until neck long long 🤣
*
Last nov when trump was elected, malaysia market crash a bit what. If global crash, then we are close. 10 years is coming. biggrin.gif biggrin.gif
OPT
post Aug 22 2017, 06:35 PM

Wee wang wang
*******
Senior Member
2,016 posts

Joined: Feb 2011
QUOTE(Ramjade @ Aug 22 2017, 06:10 PM)
Last nov when trump was elected, malaysia market crash a bit what. If global crash, then we are close. 10 years is coming. biggrin.gif biggrin.gif
*
Mau betul-betul crash lar...abit no use

Abit tu...hiccup saje

This post has been edited by OPT: Aug 22 2017, 06:36 PM
Ramjade
post Aug 22 2017, 07:07 PM

20k VIP Club
*********
All Stars
22,200 posts

Joined: Feb 2011


QUOTE(Hansel @ Aug 22 2017, 04:24 PM)
Lots of pessimism,... this will translate into RM strength,....or weakness,....

https://asia.nikkei.com/Features/FT-Confide...c-among-Asean-5

Most inconfident even in Asean ??
*
QUOTE
On public perception, Socio-Economic Research Centre executive director Lee Heng Guie said the general sentiment among Malaysians remained one of cynicism and indifference, regardless of the country’s strong economic performance.

The centre, which also nudged up its own full-year projection to 5.5% from 5.0%, stressed that there remains a disconnect between the strong GDP growth and the reality on the ground.

“The surprisingly strong headline GDP numbers for two consecutive quarters in a row have masked some disillusionment.

“They (Malaysians) have mixed reactions about the numbers; not so upbeat as they are not feeling the impact of the strong economic growth.

“The sense we get is that the feel-good factors and strong economic growth are not trickled down to the man in the street, as moderate salary increments were offset by the rising cost of living and increasing prices of necessities,” he pointed out.

http://www.thestar.com.my/business/busines...tious-optimism/

Hansel
post Aug 22 2017, 08:03 PM

Look at all my stars!!
*******
Senior Member
8,950 posts

Joined: Aug 2010
QUOTE(Ramjade @ Aug 22 2017, 07:07 PM)

*
Exactly, bro,... all those talks of great achievements are not what we are feeling at our side. Things are getting more expensive, that fella is telling us to eat cheap 'kangkung' then everything will be fine but we hear so many stories and allegations of diamonds and billions gone missing,....

Then when we go out of the country, everybody out there looks down on our MYR and our MYR can't buy so many things anymore,.... come on,..

Things are becoming more and more expensive as the days go by,... how-lar, bros,...

What GDP growth to be proud of ?

When I compare and I earn foreign currencies, I can see and feel the difference,...

So, nothing to be proud of,... just stay here and live with it,... don't tell us to be proud of anything,.... and if can convert into MYR from foreign currencies earned from outside, can use that money which would be a lot and 'buy' anything we want here,... even,.... (jokingly) criminal activities,.......
Ckmwpy0370
post Aug 22 2017, 08:15 PM

Look at all my stars!!
*******
Senior Member
3,772 posts

Joined: May 2016
QUOTE(Hansel @ Aug 22 2017, 08:03 PM)
Exactly, bro,... all those talks of great achievements are not what we are feeling at our side. Things are getting more expensive, that fella is telling us to eat cheap 'kangkung' then everything will be fine but we hear so many stories and allegations of diamonds and billions gone missing,....

Then when we go out of the country, everybody out there looks down on our MYR and our MYR can't buy so many things anymore,.... come on,..

Things are becoming more and more expensive as the days go by,... how-lar, bros,...

What GDP growth to be proud of ?

When I compare and I earn foreign currencies, I can see and feel the difference,...

So, nothing to be proud of,... just stay here and live with it,... don't tell us to be proud of anything,.... and if can convert into MYR from foreign currencies earned from outside, can use that money which would be a lot and 'buy' anything we want here,... even,.... (jokingly) criminal activities,.......
*
overall surface looks good to outsider, Inside/internal like crap
Hansel
post Aug 22 2017, 08:24 PM

Look at all my stars!!
*******
Senior Member
8,950 posts

Joined: Aug 2010
QUOTE(Ckmwpy0370 @ Aug 22 2017, 08:15 PM)
overall surface looks good to outsider,  Inside/internal like crap
*
Err, bro,... not really, wherever I have been travelling lately in the last few months,... I get statements like the following from foreigners :-

1) Msian politicians are really,... then he did the thumbs-down sign to me,... Thailand.

2) You are not taking part in any actions to remove anyone from office ? - Australia.

3) Yeah,... that PXXX of yours, really hammered a lot,... - Singapore.

Everybody outside knows now, bro,....

Other bros should try to,...

Need to add this : The above will take place if they know I am from Kangkung land,... if they don't, then they won't comment like that,... biggrin.gif

Anyway,... like I always tell my friends and neighbours, if want to stay here, complain so much also no point,... just do what the Romans do, perhaps with some finesse to it,.. most important is must have $$$$$$$$,.... everything can, err,....they call it 'kautim',....

This post has been edited by Hansel: Aug 22 2017, 08:28 PM
Ckmwpy0370
post Aug 22 2017, 08:28 PM

Look at all my stars!!
*******
Senior Member
3,772 posts

Joined: May 2016
QUOTE(Hansel @ Aug 22 2017, 08:24 PM)
Err, bro,... not really, wherever I have been travelling lately in the last few months,... I get statements like the following from foreigners :-

1) Msian politicians are really,... then he did the thumbs-down sign to me,... Thailand.

2) You are not taking part in any actions to remove anyone from office ? - Australia.

3) Yeah,... that PXXX of yours, really hammered a lot,... - Singapore.

Everybody outside knows now, bro,....

Other bros should try to,...
*
SAD SAD.. Sigh..

in this case
my above quote valid for internal to view like katak in tempurung biggrin.gif biggrin.gif



157 Pages « < 87 88 89 90 91 > » Top
 

Change to:
| Lo-Fi Version
0.0274sec    0.44    6 queries    GZIP Disabled
Time is now: 29th March 2024 - 10:13 PM