Avoiding paying tax when returning to Australia
I don't really get the problem, just send 20k by bank transfer and if they ask how you got it just say you sold your car.
I am not very familiar with Australia laws but 20k should be so low it should not even prompt a phone call from your bank.
I believe the sale of second hand goods is not taxed in most countries.
I am not very familiar with Australia laws but 20k should be so low it should not even prompt a phone call from your bank.
I believe the sale of second hand goods is not taxed in most countries.
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At least in EU any bank transfer above €15k or so has to be reported to the authorities in the "global fight against money laundering".jackrossi wrote:I don't really get the problem, just send 20k by bank transfer and if they ask how you got it just say you sold your car.
I am not very familiar with Australia laws but 20k should be so low it should not even prompt a phone call from your bank.
I believe the sale of second hand goods is not taxed in most countries.
You might get harassed with accusations if You cannot prove that the money comes from legitimate sources. My colleagues here in
China have had similar experience when transferring savings back. Since they have documentation and official tax receipts it is never
a real issue but I suspect for some in Cambodia documentation could be an issue. You want the taxman to know less rather than more
about You in most countries. I still recommend doing a swap with a trusted clan member going to Cambodia for a long stay. Or just
bring $USD cash below the limit. If I remember correctly the US rarely invalidates any cash (as does most European nations) making the
greenback a more stable long term bet. € notes also will never expire but You will need to go to a central bank office to exchange them
which could be bothersome. The €100 bill will be phased out beginning 2019 while the €50 note has recently been replaced with a new
version so new €50 bills should also be a safe long term bet but € is less wanted in Asia than $.
Cambodia - tickets booked, moved on to mission planning DONE
Mission completed, reported to Col Braddock. DONE
Now ranting about the experience ONGOING
Mission completed, reported to Col Braddock. DONE
Now ranting about the experience ONGOING
Thanks for everyones suggestions.
I have decided to opt for internet bank transfers.
i had been worried about what the AUD transfer amount was which would trigger suspicions from Oz Government.
Apparently any amount over $10,000AUD is tagged by Federal Police as a "please explain".
I have decided to opt for internet bank transfers.
i had been worried about what the AUD transfer amount was which would trigger suspicions from Oz Government.
Apparently any amount over $10,000AUD is tagged by Federal Police as a "please explain".
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I just asked Julia Gilard and she it is fine if you are prepared to be her over time boy toy.
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Have my good Sir prepared such an answer complete with supporting elements? Do You have an employment contract?badskippy wrote:Thanks for everyones suggestions.
I have decided to opt for internet bank transfers.
i had been worried about what the AUD transfer amount was which would trigger suspicions from Oz Government.
Apparently any amount over $10,000AUD is tagged by Federal Police as a "please explain".
Do You have salary slips with company stamps? Do You have official, stamped tax receipts?
Don't wait until after it is too late. When You have done time for tax evasion or money laundering, those
extra trips to Cambodia to bring the money home safely in small doses will seem cheap in comparison.
Unfortunately the falling down of the credit based economy means that possession of valuables, especially unregistered
such, is not taken lightly by "they". And if bringing the cash as $USD, check first that You can change it back into
$AUD without any questions. I guess that cash exchanges are also registered.
Or, like others have said, just let the money mature in a MFI and hope that it doesn't make an Argentina.
Cambodia - tickets booked, moved on to mission planning DONE
Mission completed, reported to Col Braddock. DONE
Now ranting about the experience ONGOING
Mission completed, reported to Col Braddock. DONE
Now ranting about the experience ONGOING
1- Look for a bank account in Cambodia that allows you to make wire transfers online. Then go back to Australia and wire the money yourself, keeping each transaction under the reportable amount.
2- Get a debit card with your Cambodia bank account and just withdraw it in Australia using bank machines. But the fees are high.
2- Get a debit card with your Cambodia bank account and just withdraw it in Australia using bank machines. But the fees are high.
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1: Beware that "they" look at aggregates, I guess every Australian has a social security number or similar?JJones wrote:1- Look for a bank account in Cambodia that allows you to make wire transfers online. Then go back to Australia and wire the money yourself, keeping each transaction under the reportable amount.
2- Get a debit card with your Cambodia bank account and just withdraw it in Australia using bank machines. But the fees are high.
2: Beware that every ATM has at least one camera and tax authorities actively in some countries look for foreign cards in Oz sounding names.
I still think that clan loyalty might be a good bet. Bring back cash $AUD in doses under the limit.
Cambodia - tickets booked, moved on to mission planning DONE
Mission completed, reported to Col Braddock. DONE
Now ranting about the experience ONGOING
Mission completed, reported to Col Braddock. DONE
Now ranting about the experience ONGOING
Was that all above board ? Receipt etc ?sattroni wrote:Not good , I was heading to Hong Kong with 120K , I had to pay 2K tax to the greedy customs guy .ricecakes wrote:How did that go for you ? Im going to withdraw a bundle at Christmas and take back to Vietnam. It's well over the limit.sattroni wrote: I got caught at the airport with a bundle of cash , the limit here is $10,000 also .
.
Sent from my SM-G930F using Tapatalk
I don't think that is too bad ? Less than 2% to take the lot over with no more hassle ?
Rated R for Ricecakes
badskippy wrote:I have earned and saved about $30,000 in Cambodia in the past 5 years. If I take more than $10,000 back to Australia I need to report it at Australian customs. I don’t want to pay tax on this money.
I could try and walk it through in my pockets but this is not ideal if the customs officials sense that I have something to hide.
Would this work > take the $30,000 to Naga World Casino, cash the money to chips, wait half an hour, then take chips to counter, ask for $30,000 back. Get a receipt (do casinos issue receipts?), then at customs when entering Australian declare the $30,000, say it is gambling winnings that are not taxable, then problem solved.
Or any other suggestions from one convict to another
If you haven't left Cambodia yet, when you go just take the cash with you and declare it on entry to Australia $30000 US is not that much ($40000 AUD).
All you do is sign a form with you passport number and list the amount you are bringing in. Not a problem and no tax etc.
Quick and easy.
Only problem you will have in Australia is if the dogs sniff the cash out and you have not declared it (yes they have cash sniffing customs dogs on duty some times), and then they ask questions and they can fine you or seize it etc . Or I guess if your declaring large sums of cash every week into the country etc. Don't know about the Cambodia side of things as I never declared anything at that end incase they wanted a "donation".
I have taken cash out (45KAUD & 26KAUD) and into Australia (36KUSD) by declaring it with no problems. Actually they only took my word for it and never even counted it. But declare the right amount just in case they do decide to count it.
Far more important then the short-term problem of repatriating your money, is: What are you going to do with it ?
The moment you talk about substantial amounts, all items you can buy with it, are "registered" and you will be asked, when the collated amount of registered assets is (significantly) higher then your official income would allow you.
Of course, you can have a more comfortable life, when your daily spendings on groceries/restaurants/etc can be higher. Though, that probably won't make you happier in life, nor will it "burn" significant amounts of money, without starting to waste money on unnecessary items. You can travel, in luxury, though, do you have the time for that and why repatriate the money, when you could spent that also from abroad stationed money ?
So, I think, first answer the more fundamental questions about the "what", before diving into the "how" challenge.
At the technical side, consider one of the crypto currencies, put it on the crypto account from abroad, laundry the money through one or more "independent" crypto accounts and let it land in your Aus bank account. Will still raise the questions, why you did not declare your wealth earlier, though -given the tax office does not have contrary evidence of statements like "earned through speculation"- will not give you penalties on wrong back-declarations. And it has become cleaned and legit. Depending on your local countries tax rules, you have to pay taxes on the capital gain (and probably on the base sum to). Though, now you can buy registered items with it.
Good luck, living in a controlled society, using unregistered money
The moment you talk about substantial amounts, all items you can buy with it, are "registered" and you will be asked, when the collated amount of registered assets is (significantly) higher then your official income would allow you.
Of course, you can have a more comfortable life, when your daily spendings on groceries/restaurants/etc can be higher. Though, that probably won't make you happier in life, nor will it "burn" significant amounts of money, without starting to waste money on unnecessary items. You can travel, in luxury, though, do you have the time for that and why repatriate the money, when you could spent that also from abroad stationed money ?
So, I think, first answer the more fundamental questions about the "what", before diving into the "how" challenge.
At the technical side, consider one of the crypto currencies, put it on the crypto account from abroad, laundry the money through one or more "independent" crypto accounts and let it land in your Aus bank account. Will still raise the questions, why you did not declare your wealth earlier, though -given the tax office does not have contrary evidence of statements like "earned through speculation"- will not give you penalties on wrong back-declarations. And it has become cleaned and legit. Depending on your local countries tax rules, you have to pay taxes on the capital gain (and probably on the base sum to). Though, now you can buy registered items with it.
Good luck, living in a controlled society, using unregistered money
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Crypto-currency is one of the safest options except for their high volatility.
You could transfer cash/your bank account funds to an online exchange for Bitcoins. Once Bitcoins are obtained, transfer them to XMR (Monero) as BTC is not anonymous. This will retain a link to the Exchange and your original money, so create an additional XMR address and transfer all to there. Now the transaction is obscured and can't be traced back.
Either use a cold wallet e.g. piece of paper with QR-Code to walk your funds through custom or do the Online Exchange route again but now from XMR to BTC and your AUS account (make sure to use a different Exchange). They can't see when any XMR currency was obtained nor who the owner is. Depending on tax law you could claim you did some online work and obtained XMR or BTC. If you bluff don;t forget the creation date of XMR was 2014 so any date in 2016 or 2017 is plausible.
You could transfer cash/your bank account funds to an online exchange for Bitcoins. Once Bitcoins are obtained, transfer them to XMR (Monero) as BTC is not anonymous. This will retain a link to the Exchange and your original money, so create an additional XMR address and transfer all to there. Now the transaction is obscured and can't be traced back.
Either use a cold wallet e.g. piece of paper with QR-Code to walk your funds through custom or do the Online Exchange route again but now from XMR to BTC and your AUS account (make sure to use a different Exchange). They can't see when any XMR currency was obtained nor who the owner is. Depending on tax law you could claim you did some online work and obtained XMR or BTC. If you bluff don;t forget the creation date of XMR was 2014 so any date in 2016 or 2017 is plausible.
DD wrote:
If you haven't left Cambodia yet, when you go just take the cash with you and declare it on entry to Australia $30000 US is not that much ($40000 AUD).
All you do is sign a form with you passport number and list the amount you are bringing in. Not a problem and no tax etc.
I have taken cash out (45KAUD & 26KAUD) and into Australia (36KUSD) by declaring it with no problems. Actually they only took my word for it and never even counted it. But declare the right amount just in case they do decide to count it.
Seriously it is that easy ?
When do they start getting antsy ? $100k ? $200k ?
Am i right in saying u should then only deposit $10k at a time into your aussie bank accounts ?
Rated R for Ricecakes
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