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IF it's over $10K you need to fill out a form for AUSTRAC declaring the amount. If it's transferred via electronic means it'll be an EFTR. Your bank should be able to advise/assist here. It is a regulatory requirement that any transactions of $10K or over are reported to AUSTRAC.
Not sure of the tax implications though. Talk to your accountant.
The transaction reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) come into effect on 12 December 2008.
I'm not suggesting anyone try this ... but ...
I had a friend who needed to get a fairly substantial sum of money into the country.
He had an account opened back in his homeland, funds deposited into it, and the debit card mailed to him. Then he pulled out a few hundred dollars a day, in reasonably randomised transactions (different atms, different times of day, different amounts .. etc).
Then he'd bundle up the cash at home, into different parcels than he withdrew, and drop it into his bank account in a similarly randomised non-pattern.
His thinking was:
- No transfer to Australian institutions, so no reporting there.
- small and irregular transactions, looks like a tourist
- deposits of cash, no problem
I don't really know how much he moved like this, or if anything ever came of it. But there you go.
(yes, all that is probably multiple breaches of multiple laws. Don't try this at home)
why would your friend go to this trouble though? if your funds were legitimate and you were previously not an australian resident (or if you had paid australian tax on the those earnings), you should not be taxed on it...