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Send money to Australia laws and documents

Laws and legal documents when transferring large sums of money into Australia

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What to know about taxes when sending large transfers Down Under.

Whether sending money to a family member or a student studying abroad, you can’t avoid are the laws and legal paperwork that go along with transferring large amounts of money. Before you move your money out of the US, get familiar with Australia’s laws and regulations.

How Australia regulates large remittances

If you’re sending a large sum of money to friends and family in Australia, they could be on the hook for taxes regulated by the Australian Taxation Office, depending what you’re sending it for.

In general, one-time gifts or inheritances transferred into the country are not subject to Australia’s gift tax. As long as you’ve attended to any local tax responsibilities in your home country, you can send as much as you’d like to loved ones in Australia.

If you’re sending a large sum of money to take advantage of an investment opportunity — for example, to invest in a business or property — you’re required to report the amount as foreign investment income to the Australian Taxation Office. You may be required to pay tax on this money, depending on your specific circumstances.

If you’re concerned about a large inheritance of money or property, speak to a tax professional to make sure that you comply with Australia’s taxation regulations.

What are the penalties for not filing a large remittance?

If your loved ones in Australia receive a large money transfer that’s not exempt from the gift tax and choose not to pay it, they risk the government calculating fines and penalties for their specific infraction. More serious consequences include criminal convictions and even prison sentences.

Criminal convictions can affect your employment and ability to travel outside the country. Encourage your friends and family to report any large money transfer on their annual tax returns to the Australian Taxation Office. Or ask them speak to a tax professional for guidance.

Do I have to report large transfers out of the US?

To be safe, yes. If the federal government discovers that you’ve failed to report a large sums of money into and out of the US, you face severe penalties that can include jail time.

By law, banks are required to report cash transactions that exceed $10,000 — and transactions of any amount that raises suspicions. For independent money transfer businesses, the reporting threshold can be as low as $1,000. Talk to a tax professional about whether your money transfer complies with federal taxation guidelines.
Sending a lot of money out of the country? Know what the IRS expects of you.

How will my recipient receive my remittance in Australia?

Sending money through a bank or money transfer specialist makes for easy, convenient bank deposits or cash pickups. In general, your recipient may need to provide photo ID or a transaction number to receive your money transfer in person.

If they’re already a member of the bank or money specialist to which you’ve delivered your transfer, they may not need to provide any information to receive it.

As with all international money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.

How to set up a business entity in Australia

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2 Responses

  1. Default Gravatar
    ChristineMay 15, 2018

    I have supposedley won $200,000,000 and have been inforrmed that I need to send $5,000 to the high court of Hong Kong for the money to be transffered to my Australian bank account. Is this true. They said it is Hong Kong Law.

    • finder Customer Care
      joelmarceloMay 16, 2018Staff

      Hi Christine,

      Thanks for leaving a question on finder. Please note that we are a comparison website and we do not represent any of the providers on our page.

      You’ve received a letter that you’ve scored a prize. Or maybe you’re contacted about a lottery you’ve won. It’s a lot of money, and there’s only one catch: you first need to pay a fee or cover taxes to receive it. It’s such a small amount, about $1,000. Surely that’s worth receiving what you’re due.

      You should never have to pay up front to receive a prize or lottery winnings. That alone should raise red flags. But if you’re curious, research the organization or company from which you’ve received your letter to see what others have to say. If it sounds too good to be true, it probably is. For more info about online scams, please go HERE.


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