QUOTE(hksgmy @ Jun 4 2024, 11:55 AM)
Hi Gary, slightly off topic question here… as you know, I’m doing quite the opposite of what you are doing, in my case, converting SGD to AUD via Wise, and to reduce shall we say, erm,
administrative hassles, I convert less than SGD10,000 per transaction… but that sometimes nets me more than AUD10,000 at the receiving end.
Now I’ve not been flagged by the ATO or received a friendly call from NAD or CBA or HSBC (these are the 3 receiving banks Sydney side), but in your experience, do you think it’s better for me to be even more cautious and remit so that the amount in AUD is less than the mandatory AUD10,000 reporting threshold?
ATO watches incoming remittance very closely if you are on govt welfare. There are a lot of pensioners rorting the welfare payments with assets overseas but not declaring it (as this would enable them to get less pension).
If you are not on govt welfare, there is nothing to fear because my siblings (PRs) used to sent fairly huge amounts to Aust (since 80s) without ever being audited. I personally believe sending under A$10k will not make much difference because the ATO is fairly sophisticated in picking up 'suspicious' transactions.
Other than pensioners, the radar is also on money launderers (esp drug money).
From your posts, it doesn't appear you would fit in the category of either of these groups so you should have nothing to worry about.
Hope this helps.
Dec 30 2023, 08:02 PM
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