Livinginexile Posted June 29, 2010 Share Posted June 29, 2010 I've been out of the country for a while now and I don't have a bank account in Australia. I know I need to declare anything more than $10k when I fly into Australia but what happens if I fly in with say $100k and declare it? Thanks in advance. Link to comment Share on other sites More sharing options...
Jimi007 Posted June 29, 2010 Share Posted June 29, 2010 You are correct about the $10k limit, and why would you risk carrying $100,000? Can't you open a bank account online? Like with an international bank. HSBC comes to mind... Good luck! I'm sure there's an interesting story behind your question! Link to comment Share on other sites More sharing options...
FarangCravings Posted June 29, 2010 Share Posted June 29, 2010 In this day and age you better have plenty of proof where it came from ie proper paperwork Theres no limit on the amount you can carry but you have to declare it and show its came from legitimate means Link to comment Share on other sites More sharing options...
garyh Posted June 29, 2010 Share Posted June 29, 2010 The ATO will be advised you have it also. Link to comment Share on other sites More sharing options...
SomTumTiger Posted June 30, 2010 Share Posted June 30, 2010 Just open up an international bank account. Why risk carrying around large sums of money. Its just asking for trouble. Link to comment Share on other sites More sharing options...
MiG16 Posted June 30, 2010 Share Posted June 30, 2010 why not bring it as a bank draft instead of cash? may take a few days to convert to cash once in Aus, but shouldnt be more than a week? Link to comment Share on other sites More sharing options...
threelegcowboy Posted June 30, 2010 Share Posted June 30, 2010 Per the imigration at the airport; for an individual not a business, Thai currency under $20,000 US do not need to declare. Can not take anymore even if dclared. Other financual instruments for individual do not need to be declared no matter what amount. On the arrival side that is another matter. Link to comment Share on other sites More sharing options...
Will27 Posted June 30, 2010 Share Posted June 30, 2010 Don't believe everything you read on here. It's a pretty straight forward process. You have to declare it on the passenger card and then on arrival will be asked to fill out a currency declaration form. That's about it really. Don't listen to people saying you have to account for it and it get's sent to the ATO. Hope this helps. Regards Will Link to comment Share on other sites More sharing options...
Will27 Posted June 30, 2010 Share Posted June 30, 2010 Per the imigration at the airport; for an individual not a business, Thai currency under $20,000 US do not need to declare. Can not take anymore even if dclared. Other financual instruments for individual do not need to be declared no matter what amount. On the arrival side that is another matter. I don't quite understand. The OP was talking about Australia. Link to comment Share on other sites More sharing options...
SomTumTiger Posted June 30, 2010 Share Posted June 30, 2010 Don't believe everything you read on here. It's a pretty straight forward process. You have to declare it on the passenger card and then on arrival will be asked to fill out a currency declaration form. That's about it really. Don't listen to people saying you have to account for it and it get's sent to the ATO. Hope this helps. Regards Will Of course its simple and straightforward, but carrying around massive amounts of money is stupid. Link to comment Share on other sites More sharing options...
Will27 Posted June 30, 2010 Share Posted June 30, 2010 Don't believe everything you read on here. It's a pretty straight forward process. You have to declare it on the passenger card and then on arrival will be asked to fill out a currency declaration form. That's about it really. Don't listen to people saying you have to account for it and it get's sent to the ATO. Hope this helps. Regards Will Of course its simple and straightforward, but carrying around massive amounts of money is stupid. True, But I was answering the OP's question. Regards Will Link to comment Share on other sites More sharing options...
Livinginexile Posted June 30, 2010 Author Share Posted June 30, 2010 Don't believe everything you read on here. It's a pretty straight forward process. You have to declare it on the passenger card and then on arrival will be asked to fill out a currency declaration form. That's about it really. Don't listen to people saying you have to account for it and it get's sent to the ATO. Hope this helps. Regards Thanks guys, I usually withdraw cash from my bank and then convert it into $AU here in Bangkok, that way I get a good exchange rate. The best way is to TT it back but like I said I don't have an Aussie bank account. So the ATO would get notice? Does that mean I would have to decare it as income and pay tax? Will Link to comment Share on other sites More sharing options...
Livinginexile Posted June 30, 2010 Author Share Posted June 30, 2010 Thanks guys, I usually withdraw cash from my bank and then convert it into $AU here in Bangkok, that way I get a good exchange rate. The best way is to TT it back but like I said I don't have an Aussie bank account. So the ATO would get notice? Does that mean I would have to decare it as income and pay tax? Link to comment Share on other sites More sharing options...
Will27 Posted June 30, 2010 Share Posted June 30, 2010 Thanks guys, I usually withdraw cash from my bank and then convert it into $AU here in Bangkok, that way I get a good exchange rate. The best way is to TT it back but like I said I don't have an Aussie bank account. So the ATO would get notice? Does that mean I would have to decare it as income and pay tax? No, Generally the ATO won't be informed, unless you're a person of interest. You don't have to declare it as income or pay tax. Regards Will Link to comment Share on other sites More sharing options...
FarangCravings Posted June 30, 2010 Share Posted June 30, 2010 Don't believe everything you read on here. It's a pretty straight forward process. You have to declare it on the passenger card and then on arrival will be asked to fill out a currency declaration form. That's about it really. Don't listen to people saying you have to account for it and it get's sent to the ATO. Hope this helps. Regards Will What great advice So what you are saying is anyone can carry any amount fo money in cash arrive in OZ and not have to account for $100,000 in cash in there luggage HMmmmmmm sounds like BS to me Its not your money, do what you want with your own money but give people the worst case scenario, based on your advice if he travels and has legit money but does not take proof he can get into all sorts of incoviniences. Take proof mate just in case you need it Link to comment Share on other sites More sharing options...
Daewoo Posted June 30, 2010 Share Posted June 30, 2010 (edited) http://www.customs.g...te/page4443.asp[/url]' ]Currency There is no limit to the amount of currency you can bring in or out of Australia. However' date=' you must declare amounts of A$10,000 or more in Australian currency or foreign equivalent. If asked by Customs you must also fill in a Bearer Negotiable Instruments (BNI) form if you're carrying promissory notes, travellers cheques, personal cheques, money orders or postal orders.[/quote'] Edited June 30, 2010 by Daewoo Link to comment Share on other sites More sharing options...
threelegcowboy Posted June 30, 2010 Share Posted June 30, 2010 The OP was talking about Australia. Sorry, missed the part about Australian ! Link to comment Share on other sites More sharing options...
jayjayjayjay Posted June 30, 2010 Share Posted June 30, 2010 Thanks guys, I usually withdraw cash from my bank and then convert it into $AU here in Bangkok, that way I get a good exchange rate. The best way is to TT it back but like I said I don't have an Aussie bank account. So the ATO would get notice? Does that mean I would have to decare it as income and pay tax? I've got an Aussie account you could use, but then again, I might be a Nigerian Aussie who needs you to help with that $2Billion I need released from the most recent demise of General Ali, my friends brothers step uncle! who left to me this money cause I was so nice to him!! 555 Link to comment Share on other sites More sharing options...
jayjayjayjay Posted June 30, 2010 Share Posted June 30, 2010 (edited) Don't believe everything you read on here. It's a pretty straight forward process. You have to declare it on the passenger card and then on arrival will be asked to fill out a currency declaration form. That's about it really. Don't listen to people saying you have to account for it and it get's sent to the ATO. Hope this helps. Regards Will What great advice So what you are saying is anyone can carry any amount fo money in cash arrive in OZ and not have to account for $100,000 in cash in there luggage HMmmmmmm sounds like BS to me Its not your money, do what you want with your own money but give people the worst case scenario, based on your advice if he travels and has legit money but does not take proof he can get into all sorts of incoviniences. Take proof mate just in case you need it Saw it on the box recently, Australian Customs guys seized from a Chinese student $22,000 Australian on entering because she did not declare it. Went to court where she proved the source $1000 fine and the balance returned, 2 months later. Edited June 30, 2010 by jayjayjayjay Link to comment Share on other sites More sharing options...
BillR Posted June 30, 2010 Share Posted June 30, 2010 Im pretty sure if you wore it (gold) you wouldn't have to declare it:) Link to comment Share on other sites More sharing options...
Will27 Posted June 30, 2010 Share Posted June 30, 2010 Don't believe everything you read on here. It's a pretty straight forward process. You have to declare it on the passenger card and then on arrival will be asked to fill out a currency declaration form. That's about it really. Don't listen to people saying you have to account for it and it get's sent to the ATO. Hope this helps. Regards Will What great advice So what you are saying is anyone can carry any amount fo money in cash arrive in OZ and not have to account for $100,000 in cash in there luggage HMmmmmmm sounds like BS to me Its not your money, do what you want with your own money but give people the worst case scenario, based on your advice if he travels and has legit money but does not take proof he can get into all sorts of incoviniences. Take proof mate just in case you need it Saw it on the box recently, Australian Customs guys seized from a Chinese student $22,000 Australian on entering because she did not declare it. Went to court where she proved the source $1000 fine and the balance returned, 2 months later. Yes, And it wasn't declared. That's a totally different scenerio. If you don't declare it, the AFP are usually called in. Regards Will Link to comment Share on other sites More sharing options...
Will27 Posted June 30, 2010 Share Posted June 30, 2010 (edited) Don't believe everything you read on here. It's a pretty straight forward process. You have to declare it on the passenger card and then on arrival will be asked to fill out a currency declaration form. That's about it really. Don't listen to people saying you have to account for it and it get's sent to the ATO. Hope this helps. Regards Will What great advice So what you are saying is anyone can carry any amount fo money in cash arrive in OZ and not have to account for $100,000 in cash in there luggage HMmmmmmm sounds like BS to me Its not your money, do what you want with your own money but give people the worst case scenario, based on your advice if he travels and has legit money but does not take proof he can get into all sorts of incoviniences. Take proof mate just in case you need it Unlike yours, my advice is factual. The OP asked the procedure and I told him. There's no "worst or best" case scenerio. There's a procedure (another poster highlighted it from ACS) that's meant to be followed. If you think it's BS, what's your information based on? Regards Will Edited June 30, 2010 by Will27 Link to comment Share on other sites More sharing options...
Spoonman Posted June 30, 2010 Share Posted June 30, 2010 Isnt there a 50,000baht limit you can take out of the country ?? Link to comment Share on other sites More sharing options...
Livinginexile Posted June 30, 2010 Author Share Posted June 30, 2010 I have been working in the middle east and Thailand for the past 5 years, this is money we have saved up. We have a business plan for Australia but I worry the ATO will hit me with tax. Link to comment Share on other sites More sharing options...
garyh Posted June 30, 2010 Share Posted June 30, 2010 I have been working in the middle east and Thailand for the past 5 years, this is money we have saved up. We have a business plan for Australia but I worry the ATO will hit me with tax. If it is income you have already paid tax on you may not need to pay again, there are some agreements I have seen mentioned before on TV about this. Do you know any Australian accountants that you could ask, a search of www.ato.gov.au may help. Link to comment Share on other sites More sharing options...
Will27 Posted July 1, 2010 Share Posted July 1, 2010 I have been working in the middle east and Thailand for the past 5 years, this is money we have saved up. We have a business plan for Australia but I worry the ATO will hit me with tax. It depends on a lot of things. Was it taxed at source, is the company owned by an Australian company etc? If it is just your savings, you MAY not need to even declare it but as advised, go to the ATO website to clarify. Regards Will Link to comment Share on other sites More sharing options...
rick75 Posted July 1, 2010 Share Posted July 1, 2010 My experience on this, you will have to declare as said, you will be asked where the funds are sourced from and why you are bringing such a large amount of folding into the country. In this brave new world of terrorism they will scrutinise cash coming across borders. In regards to being taxed on it, only you know, if you are an Australian citizen? what is your tax status?, when did you last do a tax return? etc, I would just call the ATO prior to coming and ask them the question. Link to comment Share on other sites More sharing options...
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