I have an opportunity to exchange some of my foreign funds (ZAR) with a friend in Australia. There are some significant benefits for us both in doing a private transaction (~AUD500k) and not using a forex service:
a) we negotiate the exchange rate,
b) we do not have to pay the exchange commissions,
c) we do not have to pay the bank fees for foreign transaction fees.
The monies are perfectly legal in each country and are after tax monies which can be fully justified, so nothing is illegal.
My question is if this would be acceptable from an ATO aspect and something to consider?
The saying that if something sounds to good/easy to be true, it probably is comes to mind, hence the question.
a) we negotiate the exchange rate,
b) we do not have to pay the exchange commissions,
c) we do not have to pay the bank fees for foreign transaction fees.
The monies are perfectly legal in each country and are after tax monies which can be fully justified, so nothing is illegal.
My question is if this would be acceptable from an ATO aspect and something to consider?
The saying that if something sounds to good/easy to be true, it probably is comes to mind, hence the question.