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0 pointswildfire5y ago0 comments

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-...

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-...

[1]: My father works there.

0 comments

lmz5y ago

Your 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-...

dzhiurgis5y ago

If 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).

lukeholder5y 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

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