There's no bank fees. I do not know what fees are you talking about. Unless you TT from bank to wise then yes there is fees. If you login directly via wise you only pay fees once. I am talking about Malaysian side (using Malaysian bank to transfer money via wise)

Do not login or send money via your bank account. Only login to wise. Then wise will ask you to pay using FPX (Malaysian side). When you pay with FPX, then only you login to your bank account.

Find banks which dont charge those fees. Like in Malaysia, all banks charged you RM8-15/year for the debit/ATM card. You can easily find acocunt without such fees. All my bank account in Malaysia and sg does not have any fees.

The correct flow is Wise -> select currency you want to send and the amount -> Make payment in RM via FPX or bank transfer. That's it. There's no extra charges apart from wise charges as you are paying via FPX in RM. Even your bank transfer is also in RM. IBFT/Duitnow is basically free. Yes there are banks which charge RM0.53/IBFT if you move more than RM5k. But essentially IBFT/duitnow is free.

Kindly read back his reply.
For better future for his kids.

This post has been edited by Ramjade: Jun 16 2023, 11:06 AM

Regardless if it's foreign bank in Malaysia, same thing. Unless the bank in question is overseas then I can't help you.

Btw nowdays there are digital bank which have no fees/minimum fees. You might want to look into them as replacement.

She's ok with paying higher taxes?

You are ok with paying so much for tax?

This post has been edited by Ramjade: Jun 16 2023, 07:53 PM

Is that pre tax or after tax? Cause right now I feel so sayang earning tax free dividend and if I make the move my dividends all will be tax.

This post has been edited by Ramjade: Jun 16 2023, 08:05 PM

Then not that bad. Thought will be like 40% tax. Btw as a foreigner there, does the medical insurance goes up in price as we age like Malaysia or you get to lock in the price from the moment you purchase it?

I don't like that I am getting tax on dividends at more or less same rate with my salary. I am getting my dividends tax free in Malaysia. And no I am talking about franking credits as I am not interested in Australia stocks.

I know it's for PR and citizenship. You as foreigner can't use Medicare but forced to pay for it.

What I am asking is medical insurance premium get more expensive every year with age. Is it the same over there or premium is more or less fix?

I think I will give you an example
Malaysia tax resident
Say I earned SGD10k in dividends from sg, I get to keep the full amount of dividend cause it's not taxed by Malaysia govt.

Australia tax resident
Say I earned SGD10k in dividends from sg, now this SGD10k will be added into my income tax. I don't get to keep my full SGD10k.

Hopefully it's clearer now.

What 17% tax for first scenario? There is no dividend tax from Sg side or Malaysia side. So if I am paid SGD10k from sg side, I get to keep the full SGD10k. That's not the case if I am Australia tax resident.

Btw, what is this "while the 2k tax paid is claimed as a tax offset in AU."? It's based off your tax bracket if I am not wrong. So if you are in the say 32.5% tax bracket, the dividends from sg side will be added further to your income tax and will be taxed at 32.5% too (provided it didn't cross the limit of AUD120k) even though it's tax free from sg side and would have been tax free if you are a Malaysian tax resident. That's 32.5% loss just like that.

This post has been edited by Ramjade: Jun 17 2023, 09:22 AM

If I don't care about future family, better work life balance I won't even consider about moving to Australia. I wont even be on this thread. Yes I want best of both world. No tax on investment and the Australia lifestyle for my kids and myself. But like they said you cant have your cake and eat it. I know there's a way to get both but I will need to be a private banking level and not normal people level.

No one's door.

Reason is I can FIRE if I dont move to Australia. With all the taxes I don't think I can FIRE. Maybe yes but take longer (which I don't want to wait). The reason for FIRE is to have early retirement and enjoy life.

I agree and I already start seeing the changes in Malaysia even though it's still cheap for now. 3% tax Vs say 32.5% tax.

This post has been edited by Ramjade: Jun 17 2023, 11:18 AM

Bro, they already know long time ago.

Lhdn already said they are going to tax all foreign source by 2025 or 2026 (can't remember which) that are remitted into Malaysia at 3%.

It was supposed to be implemented this year but huge backlash hence postponed.

I was looking at UK and Canada too and they have tax shelter stuff for their resident for retirement. Australia only have super and that's even tax 15%.

This post has been edited by Ramjade: Jun 17 2023, 11:39 AM

Maybe I am just stupid that I can't find any tax shelter in Australia for retirement purpose or maybe it just doesn't exist apart from super.

Well if you know any legit tax shelter for retirement in Australia, I don't mind hearing about it like ISA in the UK, TFSA in the Canada, Roth or 401k in US.

Like I said maybe I am stupid or it simply doesn't exist apart from super.

Salary is there anything like ISA/TFSA/Roth/401k in Australia? Or the only option available is super?

Salary if I work and stay I Australia on employment visa, am I taxed as Australia resident or foreign tax resident in Australia?

This post has been edited by Ramjade: Jul 5 2023, 08:05 PM

Thank you for the reply. As foreign tax resident, will I be taxed on my foreign sourced income (investment) or only my Australia pay?