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Thread: Legal theiving

  1. #11
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    Default Re: Legal theiving

    #10... And tomorrow never comes. !!! JS

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  3. #12
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    Default Re: Legal theiving

    My state pension and MNOPF are added together by the tax man and the tax is deducted from my MNOPF. Rgds Den

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    Default Re: Legal theiving

    Here in Oz they have what is called SAPTO (seniors and pensioners tax offset) of $57948 per year. Tax is paid on dividends, Pension. If you fall below this threshold then no tax is paid for a couple. Also any NHI pension from the UK if assessed under the income test for the Oz pension is reduced by 0.50 in the dollar over the allowable income limits. Yes both the sheriff and myself end up having to pay tax each year simply because we get more than the threshold which I think puts us in the lucky basket thankfully. Sure we could have cut out paying any tax if I had kept my superannuation and used it as a pension. Consider that I made the right move that suits us just fine as have more control over finances. Always stated when working that why the feck should I pay someone to look after my money and control it after I had worked this long doing it myself and accumulated what I have. My logic is to complicated to bore you with in this post. Simply means that I have total control still and have not looked backward since doing it over a decade ago. Biggest teacher for me was the GFC as it taught me how shares work.
    That's the way the mop flops.

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    Default Re: Legal theiving

    I fall below that Les, but still pay tax.. I have had this out before with my accountant but he still insists I have to pay tax. I went for a second opinion and got the same answer. I don’t hold shares as got rid of s long time ago and still have a credit for capital gains, which will never use. My pensions were all contributory and paid for.. the way I see it is that approx. everything over roughly 32000 dollars I get I pay tax on, the wife who gets less than 18000 dollars pays no tax. I have never understood the tax methods and never will , will just have to go back to reading my Playboy. Cheers JS.

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    Default Re: Legal theiving

    Thanks for all of that info, will pass it on.

    As Les Tells it, here in Oz for every dollar we get from UK we lose 50 cents from state pension.
    The allowance for income before the pension is lowered is about $240 per payment.

    But with Super there is the , deeming rate;. This is the rate the gov thinks you are earning on your super, so the pension is paid according to that supposed earning.
    It is often the case that your super will earn at a much higher rate than that but it does not effect the current year, only the next year from June 1.

    But better than NZ, there all income for seniors no matter where from or how previously taxed is taxed again, it is in effect for many double taxation.

    John, if your super is split between the two of you there should be no tax payable, unless you have other income such as investment property.
    Last edited by happy daze john in oz; 22nd April 2020 at 06:34 AM.
    Happy daze John in Oz.

    Life is too short to blend in.

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    Default Re: Legal theiving

    Hi Les
    When I left the Sydney Water board I got paid out my super, they sent us to a consultant to see about investments, before going we asked our son who was an accountant in a bank what he thought, he said, ask him how much was capital guaranteed, The bloke told us 3%, we said stuff it and put it in the bank at 5%, all gone now but we controlled it.
    AS a thought don't go and live in NZ if you don't want to pay tax, it starts there on your first dollar, even on the basic pension, and that goes for any interest from a bank, shares what ever.
    Des

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    Default Re: Legal theiving

    No investment property’s , just pensions.. as said previously it is not allowable according to my accountants to add all the pensions together and divide by 2. Cheers JS.

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    Default Re: Legal theiving

    There must be some truth in the saying 2. Can live as cheaply as one. The situation with a married couple as I see it is ... if one dies first then whatever pension they were receiving in my case God forbid if the wife went the house wpuld be say $18000 dollars worse off. If I go first the house will be 30.000 $ worse off. It’s a no no win situation , whatever supplements they put to local pensions is never going to catch up, as was. Maybe this stems back to Egyptian mythology where the wife of the pharaoh had to go at the same time as him !!!???
    JS
    Last edited by j.sabourn; 22nd April 2020 at 07:21 AM.

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    Default Re: Legal theiving

    re post #14
    I used an account a couple of years ago simply because I made movement with our shares that caused Capital Gains Tax. Went back to doing online tax through Mygov site. On of the box's that one has to make sure they tick is the Seniors tax offset (or one like that) as that is the one that lowers the rate. Another useful item is the old dog and bone. I used it to find out information because I had done something wrong and return seemed to light on. Asked them about the SAPTO and the person I was talking to did not know about it. So once I got through to them about it everything fell into place as it was simply a matter of a tick in a box to remedy my problem LOL. As for the NZ tax it seems that they take all of the UK pension 100% of it and also make sure that anyone entitled to it apply to get it even though the person does not get a cent of it. Des it sounds like you sold all your shares at the wrong time like a lot of others do when the stock market goes tits up. Water under the bridge now but that is what is called? Realising your loss because holding onto your shares makes it a paper loss that can be recouped hopefully later on. That is one of the lessons I learnt from the GFC. I know at the time people that I worked with where telling me that they where reducing their super and I told them that they where fecking idiots because that was the time to put more money into it especially if they where into the share part of the super. I have been told much later on that they had wished they had listened.
    That's the way the mop flops.

    My thanks to Brian for this site.

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    Default Re: Legal theiving

    Am simply being a pedant but there is confusion in this string on NZ tax.

    #15. Where income, including a pension, is derived from outside NZ and where there is a reciprocal agreement between NZ and the other country, tax deducted at source becomes a credit against NZ tax otherwise payable. There is not double taxation.

    #16. It's correct that all income is taxed right from the first dollar. (10.5% on the first $14000, 17.5% from $14k to $48k, 30% from 48k to $70k, 33% on all above $70k)

    #19. "NZ tax it seems that they take all of the UK pension 100% of it and also make sure that anyone entitled to it apply to get it even though the person does not get a cent of it"
    Sorry Les, but the 3 points here are out of kilter so let's look at the "does not get a cent of it" firstly. At request of an ex-NHS pensioner, UK will pay the pension directly into NZ's Gov't Westpac Bank A/c from where the Gov't collects - so it's true the pensioner doesn't receive it; BUT as a result, the pensioner receives a full NZ pension instead of only a part of it.(See later) On to your "make sure that anyone entitled to it apply to get it". This is true, as if a person is entitled they should go for it. NZ Gov't doesn't accept that a NZ Pensioner should receive more than one State pension so, given that the overseas pension becomes payable the amount received is deducted from any NZ Super payable. This is where the first part of your comment arises. By NHS, for example, paying into Westpac, the full NZ pension becomes payable. All fair in love and war.
    My own example of NHS payments was that it became a hassle to receive monthly payments of irregular amounts, due to exchange fluctuations, and fortnightly NZ payments also of irregular amounts due the NHS variables that I threw the towel in and let NHS pay into Westpac since which I have had no problem whatever and now receive the full NZ Super living-alone (wife died in Dec) fortnightly after-tax sum of $844.00 (About 405 (ish) pounds)
    Other
    'Pension' from overseas is treated differently dependant upon whether it is 'Private', (past employment superannuation or accident/injury benefit or somesuch) A Super scheme payment is taxable while an accident/injury benefit/pension is mostly not taxable.

    Ken T
    R412277

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