If you have 20K USD...

[lenovo]

How is the best way to bring it into Australia and convert to AUD? Can bring in part of it by hand but definitely not all.

 

[Collector]

You can bring it in by hand but it must be disclosed.

The max. you can bring in without disclosure is $9999.99 Australian dollars.

 

[Sim]

I know some guys in Nigeria who seem to have expertise in this type of thing

Seriously though, is the money in cash or in a bank account ?

 

[lenovo]

You can bring it in by hand but it must be disclosed.

The max. you can bring in without disclosure is $9999.99 Australian dollars.

Just curious, what does happen if I bring in more than 10K? Do I get taxed?

 

[Jamie_D]

You will need to declare any cash over $10k AUD for each person

Banks etc need to report large cash transactions due to current anti money laundering / terrorist activities.

 

[lenovo]

I know some guys in Nigeria who seem to have expertise in this type of thing

Seriously though, is the money in cash or in a bank account ?

It's in cash in another country. I'm thinking of telegraphic transfer or traveller's check. Which one is more economical?

 

[Rolf Latham]

Hiya Leno

No, you dont get taxed.

But a report will be issued to the FTRA people, which is no big deal.

If u bring in more than 10 k and DONT declare and get busted............its not worth the stress

Im with Sim........keep it to normal channels


ta
rolf

 

[lenovo]

You will need to declare any cash over $10k AUD for each person

Banks etc need to report large cash transactions due to current anti money laundering / terrorist activities.

It's a savings account I left hanging around before migrating here 4 years ago. I decided to use it for investment here instead of just sitting there earning nothing.

 

[boomtown]

Do an electronic transfer. It costs like $10 and will be in your bank account in a couple of days.

Bringing it into Australia has no tax consequences.

By the sounds of it you earnt it while living in the USA and you were (I assume) not a resident of Australia for tax purposes while earning it so you paid US tax and are not liable for Australian tax on it.

Note: because it is a reasonable sum of money try to negotiate the exchange rate with the bank when you do the transaction.

 

[lenovo]

Do an electronic transfer. It costs like $10 and will be in your bank account in a couple of days.

Bringing it into Australia has no tax consequences.

By the sounds of it you earnt it while living in the USA and you were (I assume) not a resident of Australia for tax purposes while earning it so you paid US tax and are not liable for Australian tax on it.

Note: because it is a reasonable sum of money try to negotiate the exchange rate with the bank when you do the transaction.

Hi boomtown,

Thanks for the tip.

It's not in the US but somewhere in Asia =). It was my savings after 10 years of hardwork in my hometown and I left it there as a safety net if ever it didn't work out for me here. But now that I have a good job here in Oz and am already a citizen so I have no plans of leaving. I want to use the money to further establish myself here.

 

[boomtown]

Good work and congratulations for safely making the jump across the ditch.