Japan Annual Report of Overseas Assets

[AreTheyTheLemmings?]

According to the news last week, in a few years' time we'll be talking about "the 300,000 yen fine for not having your My Number card on you."

[runmanTX]

One year in jail?

I'm guessing this is one of those potential penalties that are rarely if ever applied (like the 20,000 yen fine for riding a bicycle with an umbrella or the 300,000 yen fine for not having your zairyu card on you).

Wow, 300k for no zairyu card! I don’t take it with me when I go running because I might lose it. May have to revise that, though as you say it would be a harsh copper who actually enforced it.

I rarely have my shirt while running, much less my gaijin card.

[Beaglehound]

I'm guessing this is one of those potential penalties that are rarely if ever applied (like the 20,000 yen fine for riding a bicycle with an umbrella or the 300,000 yen fine for not having your zairyu card on you).

Wow, 300k for no zairyu card! I don’t take it with me when I go running because I might lose it. May have to revise that, though as you say it would be a harsh copper who actually enforced it.

I rarely have my shirt while running, much less my gaijin card.

Thank you, that makes me feel less of a renegade gaijin.

[Gulliver]

All of my exercise clothes have zipper pockets for precisely this reason. I’m not going to give them a chance to tack on extra charges in the case I get arrested for self-defense, being a Good Samaritan or some other situation I inadvertently get pulled into.

Back on the original topic: it’s worth noting that ¥50 million is now only $336,009.

[sutebayashi]

They should really raise the threshold reporting level. I don’t think the tax people could handle all the paper if everyone were to report this sort of level of foreign assets. These tax rules have costs and benefits, but I imagine the costs haven’t been considered much. And indeed the recent yen weakness has changed circumstances a lot.

[concerned]

I have been reporting overseas assets for a number of years. Its pretty detailed...
Address of your property abroad if you own one
If above property is rented out names of the tenants
Overseas Mortgage Amounts
Details of your overseas bank accounts; contact details of the bank where your account is held
Equity values in oversea brokers

[Gulliver]

I have been reporting overseas assets for a number of years. Its pretty detailed...
Address of your property abroad if you own one
If above property is rented out names of the tenants
Overseas Mortgage Amounts
Details of your overseas bank accounts; contact details of the bank where your account is held
Equity values in oversea brokers

Oh good so I guess my imaginary jet skis are safe then?

[captainspoke]

Got my packet in the mail today from the tax office--the forms and all for this--and was looking thru some older bookmarks.

This link, a fillable form, might be useful:

https://www.nta.go.jp/taxes/tetsuzuki/s ... 809_03.pdf

[Wales4rugbyWC23]

I have been reporting overseas assets for a number of years. Its pretty detailed...
Address of your property abroad if you own one
If above property is rented out names of the tenants
Overseas Mortgage Amounts
Details of your overseas bank accounts; contact details of the bank where your account is held
Equity values in oversea brokers

I did mine for the first time last year through my accountant, I was very surprised by the very detailed reporting that needed to be done tenants names and house building materials. Nothing like this is on the UK tax return. Saying that you can deduct so much for a property rental in Japan, I got a nice juicy minus- Well worth the effort!!

[TJKansai]

Back on the original topic: it’s worth noting that ¥50 million is now only $336,009.

That is a pretty small amount.