muditha

Hi,

Can anybody guide me the process to follow when you bring more than AUD 10,000 ? I knw that we need to declare it at the airport. What is the next step happen when you declare it ? Do we need to pay any tax if it is more than 10,000 ? Do we have to pay it at the airport itself or we have to do it later ?

Will anybody advice me ?

Thanx.

Muditha.

Tramps_mate

In cash? Can you transfer it instead?

Bermudashorts

Never come across anyone daft enough to do that.

Beoz

Pay tax on what? I suspect you've already paid tax on it somewhere.

It's a money laundering issue - not a tax issue.

Not exactly sure travel insurance will want to cover that should it fall out your wallet.

commonwealth

if u bring more than 10k just declare and explain why you have so
much on u.

Pollyana

There is no tax on it, its just that they want to prevent money laundering. Bringing in that amount in cash is risky but if you really want to do it,you just declare it on the arrival card, they may where the money came from. If they think it is the result of dodgy deals the info might be passed to the ATO.

Seriously, you must have bank accounts here now, a transfer would be safer and easier.

muditha

Thanks. I thought we have to pay some tax if we bring money more than 10k and somebody told me that bank will anyway inform ATO when we deposit money excess of 10k at one transaction. May be i got a wrong information.

Thanks anyway.

Regards,

Muditha

Tramps_mate

Do two smaller transfers may be?

Pollyana

I think they have to report large transactions, but if its not the proceeds of crime why worry about it?

billymacker

if the cash is from a bank declare and just show them the withdraw slip/statement this is what i do never had a problem.

commonwealth

and the most simple acceptable explanation to customs is, you are migrating!

muditha

Thanx.

lapin_windstar

There is no more tax payable just because you bring in large amounts of cash - in fact, we quite like it if you do so you can spend it here!

Carrying that much cash is not so unusual in plenty of places. Lots of tourists bring that much in cash.