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Centrelink do it too for residents. They (can) monitor benefit recipient accounts for large deposits / transfers and inflows / outflows too. LOL - Just got another one for a client today. He just learned that closing his former South African pension account was taxable income here.

50 nations all do the shame thing and 20 of them at least are starting to share the data too (G20). First steps are money transfers, pensions and tax residency. Even the Swiss have given up and giving info away too. Its money laundering, anti terrorism, crime and tax that all benefit. Its often...

Zero tax issue in the offset. The offset on your PPOR is a wise move. Alternatively consider repaying the loan down by the amount in the offset if its against your PPoR. Then apply for a new loan (same amount) and borrow the new increased amount to put towards an IP that earns rent - Its now tax...

As Mike said....Plus a client experience. They had a letter from the ATO. It identified the transfer and said "We think its income. Unless you can confirm its source and origins for the entitlement we propose to amend your returns after conducting an interview in our offices. In the company of...

1. No 2. No - Not until they ask what it was 3. YES - Austrack automatically record it and report it to crime agencies, ATO, Centrelink, Federal and State Police etc. They may ask for evidence (now or later) that its not illegal proceeds from a venture of concern. Keep evidence of the source...