4 ms·
In order to operate in Australia, you must report transactions over a certain threshold. See: https://www.austrac.gov.au/business/how-comply-guidance-and-resou
by wildfire 6y ago
In order to operate in Australia, you must report transactions over a certain threshold.
See: https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/cash-transactions-over-10000-ttr https://www.austrac.gov.au/business/how-comply-guidance-and-...
I have it good authority [1], that quite a few local Australian banks report when the threshold is 1000 or more.
For international transfers any amount must be reported:
https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/money-sent-overseas-itfi https://www.austrac.gov.au/business/how-comply-guidance-and-...
[1]: My father works there.
- dzhiurgis 6y agoIf you get their eftpos card and never wire remaining balance to aussie then it can remain untaxed? Plus you're not doing international wire - they transfer from their local account (not 100% sure how it's accounted tho).
- lukeholder 6y ago> If you get their eftpos card and never wire remaining balance to aussie then it can remain untaxed? This is what I want to know
- lmz 6y agoYour linked Austrac page refers to cash transactions ("physical currency"). This one[0] however, says that any international funds transfer instruction (of any amount) needs to be reported. [0]: https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/money-sent-overseas-itfi https://www.austrac.gov.au/business/how-comply-guidance-and-...