Fellow Australian /biz/nessmen, I need your advice.
I saved AUD $20,000.00 over the last year. To avoid the temptation of spending it and to keep welfare in the dark, I subtracted money every time it hit my bank account and left only what I needed to pay for the essentials.
As a result of this, I have $20,000 in various notes stored away. Yes, I know I am losing interest on this, but without it, I would be paying more on tax, losing social security benefits and have it pried at by others.
I want to convert this $20,000 - which is mainly in $50 notes, with some $20 and $10 notes - into a neat $100 note collection. Why? Because it's easier to store and keep track of. 200 notes. Great.
I want to take this money to my bank branch and have them convert it. But I face a dilemma. I recently found that it is - bizarrely - illegal and suspicious to carry large amounts of physical money with you. It makes you look like a drug dealer or tax evader (the latter of which I may be guilty of).
So my questions here, are:
1. Can I take the full $20,000 in to the branch, notifying them in advance to stock 200 $100 notes? Do they actually offer this service?
2. Should I notify the bank of my intentions in advance?
3. Should I do this in small increments (i.e. $5,000 at one branch, $5,000 at another, to avoid suspicion?)
4. Do I a legal obligation to provide evidence of how I obtained the money? Will they ask?
Thank you in advance.
I have sufficient funds to do that already. I need to save this money for the future and by storing it away physically, it will help me achieve that goal.
It is my understanding that carrying anything over AUD $10,000 is considered suspicious. If I were to organise, in advance, with my local bank branches to convert in $5,000 increments, do you think there would be an issue? Anyone have experience with this stuff before?
Thank you. That is the kind of advice I need. I could have been arrested if I took in the whole thing at once, see?
Do you have experience in this area? Why can't I take in more than 2K? If I did this operation in 2K increments, it would take a while.
Very helpful. Thank you. I will have to read this to get a better understanding of what it talks about, but what I gather is, to avoid bureaucracy, I should keep to $2,000 conversions.
Keep it under $9000, no problems. Also why do you want to put it in a bank? You will have to declare it for tax and centrlink reasons if you do (if it's deposited in a bank account in your name)
Re-read my original message, buddy. For those very reasons, I do not want it in a bank. I am only taking it to a branch in order to convert the miscellaneous notes into 200 $100 notes.
Don't take 5K into a local branch you autist, they'll report you to the tax office.
Take $500, and do it week after week at different branches until you're done.
Holding cash, while tax-free, isn't a good investment. Even what you're paying tax on interest, at least you are gaining interest. Keep 50% of the cash, and spend the rest on a off-the-books investment that the tax man doesn't know about.
Think of something that you think will go up in price in the future. Even something as mundane as unopened Nintendo 64 games, New Old Stock car parts, physical gold/silver, etc etc.
Honestly if there is no rush i would just do it at 1000 at a time maybe once a week over a few months until you get through the full 20k. that way no questions come up and if they do its easily dismissed, just say you're buying something used and want all 100 bills for the transactions (something stupid like a used gaming pc or used 60" tv or something off CL)
once its all converted just convert as you save instead of sitting on a bunch of cash until it becomes an unmanageable amount like you did this time.
I would do that, but how is it even possible? I have to use bank branches for the bank I am with. There are only two locally. They will obviously notice me coming in 10 times per branch throughout the next few months.
>There are only two locally
would of been useful info in your OP m8. It was a stupid choice to sit on that much cash in the first place man. either take it slow with the conversions and just deal with the fact that you have different bills, its really not that big of deal to have a bunch of 50s instead of a bunch of 100s unless you're legit autistic.
I regularly sell rare film collectables on eBay and that stuff takes years to sell for the price I want it. Converting the money to a solid through the purchase of an item I don't want and probably couldn't sell would not be a smart financial move (but, then again, getting arrested with $20,000 of unexplained cash isn't, either).
Really? eBay transactions are processed separately, via PayPal predominately. The ATO have no record of my purchases there and I would never declare them. I don't see how they would know. I'm not running an organised business.
I feel that this is good advice. So, what is the consensus with the amounts I can take in?
The responses in this thread have ranged from 9K to $500. I'm thinking $2500 per conversion. Thoughts?
I would leave the house with 4k, hit each of your 2 banks for 2k and do this once every week on different days of the week and different times so there is a minimal chance of getting the same clerk. if you're really worried wait 2 weeks in between exchanges
The smaller the safer really. $1k to $2k amounts. Have you thought about going to buy forex, then when you sell it again to AUD you could ask the forex counter for highest denomination.
Not sure what their reporting requirements are but I had no problems doing $1k USD or 30k PLN to AUD last year