Hi guys. Could anyone please help me with the ATO ramifications of depositing about $10,000 cash to a bank account? Thanks.
Money From Overseas and ATO
Bab on 19/01/2016 - 08:34
Last edited 19/01/2016 - 09:26 by 1 other user
Last edited 19/01/2016 - 09:26 by 1 other user
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Why 9999.99?
If ur inferring that ASIC tracks all transactions 10k and above ur right, but u probably didn't know, is that also track suspicious transactions designed to avoid the 10k rule, so they would also pick up on the ol' $9999
Thanks MTM. What do mean by presuming you're not walking into Australia with cash?
must declare > 10k when coming into oz… just do in smaller chunks like MITM said, doing > 10k they sometimes keep it a bit longer in limbo….
no ramifications though, assuming u earned it legit and paid tax on it overseas… if no tax australia will tax you AFAIK…Physically depositing cash into an account.
If the money is from overseas assuming it's not income and not illegal proceeds, then you can transfer as much as you like.
Guys, , I know this is the wild west internet and all but you should probably warn OP that what you're suggesting is called structuring and is illegal.
Whether you agree with the law or not, probably a good idea to know when you are crossing that line."The penalty for structuring is imprisonment for up to five years, or a fine of up to 1,500 penalty units (for a corporation) or 300 penalty units (for an individual)."
"One penalty unit is $180."
As long as the money is legit you don't need to worry about anything at all.
Make it $9,999.99 and you'll be under the radar - presuming you're not walking into Australia with cash.
You'll only pay income tax on the interest (if any) your deposit earns up to the end of June.