mark213

Hi can anyone say what happens if you bring more that AU$10,000 in cash with you on the plane and declare it on your form...

What happens if you are say at $11,000 - do they tax you or something?

Is there an upper limit and whats its all about?

thebears

They just ask you a few questions ie the source and purpose - and why you havent done it electonically.

The issue is not declaring.

nev_n_angie

We have transerred much more through HIFX into an Aussie Bank Account - still got more to go over - not getting taxed on any of it - other than the tax on interest

Angie

youngy73

make sure you declare that in your tax return as a mate of mine got stung 1 1/2 years later for unpaid tax. $5500 grands worth.

Pollyana

Why would you risk carrying $10k in CASH on a flight across the world. Plenty of safer ways to move it!

JAJ

Declare what??

You do not have to declare transfers of your own money on a tax return. You DO have to declare income and capital gains. Big difference.

Vicky88

Should add if you have more than $10k in cash and fail to declare it and they find it, it may be confiscated at the point of entry and you will likely be fined. Saw that on the Channel 7 show on Immigration and Customs, where a girl from China failed to declare her holdings.

thebears

Money through electronic sources is easy to trace - I think the border control are concerned about ill gotten gains. Like wise we also transferred a majority of our funds via TT or similar. Anything over $10K does warrant questions in our case I received cash for some items and did not have time to deposit it before coming over.

Centurion

Why on earth would you be carrying that amount in hard cash anyway ?

Drug dealing business going well at the moment ?

The Bloke

Not to mention that the Police would probably be interested in the reason yor carrying large amounts on your person, like the British guy that was arrested as a suspected drug courier, after being found with over $100K at Brisbane Airport last year. As far as I'm aware he is still getting free room and board at one of Qld prisons.

Dorothy

Could the OP please let me know which flight they will be arriving on and in which pocket the cash will be? Things are tight here with my hub not working at the moment.

mark213

Ha very good... The reason why I am asking as its already here in cash but its in USD. Doing it electronically would mean conversion to GBP then to AUD to transfer it. Would rather have only one transaction and one set of comission charges. May be safer to do it electronically but so long as they say its allowed, it sounds like one has to have a reasonble reason as to why its in cash. Its only just on the limit, so was just wondering what happens.

Thanks all.

Dorothy

It's $10k per person, so if you are coming with your partner you could carry half and they could carry the other half. That way no one person has more than the limit.

JAJ

Why would you have to convert to GBP first? Doesn't make any sense. Especially as most foreign currency trading is actually done through USD.

mark213

I mean HiFX recieving account is a Barclays Stirling account... they may have a USD recieving account. Will have to check