How much money can you transfer before being taxed?

Every transfer into Australia is reported to AUSTRAC by your Australian bank or provider, whatever the size - there is no threshold and no form for you to file. There's no amount you can transfer before being taxed, because the transfer itself isn't taxed. Whether you pay tax depends on what the money is, such as income, a gift or your own savings, and on your tax residency. For Australian tax residents, taxable income includes overseas pensions, rent or profits from overseas property, interest from offshore bank accounts and overseas employment income. Some foreign super payments can be tax-free if you receive them soon after becoming a resident.

Can I split my transactions into several smaller ones?

You can split a large transfer into smaller ones for genuine reasons, such as your provider's transfer limits. But deliberately splitting money to avoid a reporting or declaration obligation is called 'structuring', and it's a criminal offence. There is no transfer reporting threshold to get under - your provider already reports every transfer to AUSTRAC regardless of size. Structuring is something money launderers do to avoid detection, but banks and money transfer services are trained to detect this and report it to AUSTRAC.

Large Money Transfers to Australia: Tax & Regulations

Q: Can I bring large amounts of physical currency into Australia?

You can bring in amounts under AUD$10,000 without declaring them, but if the combined value of the cash and bearer negotiable instruments you're carrying is AUD$10,000 or more, you need to declare it to customs. While there is no limit to the amount you can bring in, it's an offence not to report it.

Your bank or money transfer provider reports every transfer into Australia to AUSTRAC, whatever the amount - there is no $10,000 threshold and you file nothing yourself.
Tax liability depends on the transfer's source like property sales or business income versus gifts or inheritance.
Always keep detailed records and consult a tax professional to ensure compliance for large transfers.

Transferring money ahead of immigrating, selling a property or inheriting money from family overseas? Whatever your reasons for sending money to Australia, there's a lot to consider.

You can't avoid the laws and legal paperwork that go along with transferring large amounts of money. So before you move your cash into Australia, familiarise yourself with these laws and regulations.

Do I have to report large transfers into Australia?

Not if you use a bank or money transfer provider, as they will handle the reporting for you. You'll only need to report it yourself if you bring or post AUD$10,000 or more in physical cash, or move money without going through a bank or transfer business.
The Australian bank or money transfer business that receives the transfer must lodge an international funds transfer report with the Australian Transaction Reports and Analysis Centre (AUSTRAC) within 10 business days, and it does this for every transfer regardless of value - there is no $10,000 threshold. This is to help reduce the risk of money laundering or terrorism financing.

Any amount of money transferred into Australia as international funds transfer instruction (IFTI) must have an IFTI report submitted within 10 business days. Both the sending and receiving providers will need to have verified who you are, and for large amounts they may ask where the money came from. Some providers may also ask for extra documents on larger transfers as part of their own checks, but this doesn't change the reporting rules.

Tax implications of large money transfers

Beyond the reporting your provider handles with AUSTRAC, you'll also need to be aware of any tax implications of someone sending a large amount of money to you in Australia. Whether you need to pay tax depends on what the money is – for example, income, profit from a sale or a gift – and on your tax residency status, rather than on the transfer itself.

When might I need to pay taxes?

Whether or not you need to pay tax on money transferred from abroad will depend on the source of the funds. To help you out, we've broken these down into when a transfer is a taxable event and when it's not.

Taxable event

If your international money transfer involves any of the following, then chances are you will need to declare it.

Property investments. Rent from an overseas property needs to be declared as foreign income, and selling one may mean paying capital gains tax, whether or not you transfer the money to Australia.
Business transactions. You are obligated to pay tax on the income generated from your business overseas.
Employment income. If you're an Australian resident for tax purposes, money you earn as an employee overseas is generally taxable, whether you work full-time, part-time or casually.
Pension or superannuation. Overseas pension payments need to be declared on your tax return. Foreign super lump sums can be tax-free if you receive them within 6 months of becoming a resident, but after that, some of the amount may be taxed.

Non-taxable event

There are cases for bringing money into Australia without paying tax. The following large money transfers generally aren't subjected to tax:

One-time gift. Australia has no gift tax, and genuine one-off gifts from family generally aren't counted as income. However, a gift may be taxable if it's connected to a business activity or the way you earn income. If you invest the gift, any income it earns can be taxed.
Inheritance. If you're a beneficiary, you won't need to pay taxes on the inheritance money you receive from abroad. If you chose to invest this money, any income or capital gains it earns may be taxable and should be reported on your tax.
Savings you bring into Australia when emigrating. If you're moving to Australia for the first time, savings you transfer through a bank or money transfer provider are not taxed as income and you declare nothing to customs - a customs declaration is only needed if you physically carry, mail or ship AUD$10,000 or more in cash or bearer instruments across the border.

Just keep in mind, for the above non-taxable events, you will still need to check any local tax responsibilities in the country the transfer is being sent from.

If you have any confusion over whether your money transfer is taxable, it is best to speak to a tax professional to make sure you comply with Australia's taxation regulations.

What happens if I don't declare my taxable money transfer?

If you don't declare taxable income that's been transferred to you, you risk penalties and interest charges from the ATO. More serious consequences include criminal convictions and even prison sentences.

A criminal record can affect your future job and travel plans, and the ATO can even stop you from leaving Australia if you have unpaid tax debts. So it's important to declare any taxable income on your annual tax return, including income that's been transferred to you from overseas. If you have any doubts, speak to a tax professional for guidance.

What steps can I take to avoid legal or tax problems?

There are things you can do to make sure you avoid getting into any legal or tax difficulties. Here are some tips:

Record everything. Keep records of each transaction that show where your money came from. The ATO uses AUSTRAC transfer data to spot transfers that don't match what people declare, so good records make it easy to explain your money if you're asked.
Seek professional advice. A tax professional can help you work out what, if anything, you need to declare, and make sure you're following the rules in Australia and in the country the money is coming from.
Use a reputable money transfer provider. Take a look and compare our recommended money transfer providers. Reputable providers will abide by AUSTRAC regulations and obligations such as reporting their financial transactions and any suspicious activity. You can check whether a provider is registered on AUSTRAC's Remittance Sector Register.

How to make a large international money transfer

If you are looking to send a large amount of money to Australia, you'll typically find specialist international money transfer providers offer lower transaction fees and more competitive exchange rates. You can use our comparison table to compare our hand-picked list of specialists.

However, if you want to explore other ways of transferring a large amount internationally, take a look at our detailed guide which breaks down alternative options.

Services that can help with large transfers

9 of 9 results

Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
TorFX	8.5 Great	24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).	Go to site View details Compare product selectionCompare	loading
OFX	7.5 Great	24 hours	$15	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selectionCompare	loading
Send Payments	6.7 Standard	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selectionCompare	loading
PayPal International Money Transfers	6.8 Standard	24 hours	From $0	Use PayPal to safely send money and receive payments from around the world in over 25 currencies with just an email address or mobile number.	View details Compare product selectionCompare	loading
SingX For Large Transfers	6.4 Standard	Within minutes	From 0.5%	Pay no fees on your first two transfers, up to $3,000. T&Cs apply.	SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	View details Compare product selectionCompare	loading
Remit2India International Money Transfers	6.1 Standard	24 hours		Instant transfers to India from anywhere in the world with $0 transfer fees. T&Cs apply.	Remit2India is a specialist in sending money to India.	View details Compare product selectionCompare	loading
CurrencyFair	6.3 Standard	24 hours	€3	New customers get 10 fee-free transfers for the first 6 months. T&Cs apply.	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	View details Compare product selectionCompare	loading
Xe Large Transfers	9 Excellent	24 hours	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.	View details Compare product selectionCompare	loading
Paysend	7.9 Great	Within minutes	From $0	View details Compare product selectionCompare	loading

Showing 9 of 9 results

Finder Score for money transfer

We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.

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Bringing money into Australia

There's no limit on how much money you can bring into Australia. However, if the combined value of the cash (in Australian or foreign currency) and bearer negotiable instruments you're carrying is AUD$10,000 or more, you need to declare it.

There are two types of money you need to declare when you physically bring them into Australia: physical cash and bearer negotiable instruments (BNIs)

Physical currency

Cash can be declared when you enter Australia at the airport or seaport, or online through AUSTRAC before you reach customs. The declaration form needs to be completed when the combined value of the physical currency and bearer negotiable instruments you bring into Australia is AUD$10,000 or more.

BNIs

These are non-cash forms of money, such as cheques, traveller's cheques, bearer bonds, money orders and promissory notes. Money items without an assigned value or a specified payee (like black cheques) are also considered BNIs. Since 17 June 2022 you must declare BNIs proactively when their combined value with any physical currency you are carrying is AUD$10,000 or more - you no longer wait to be asked. Failing to report carries penalties of up to 2 years imprisonment and/or a fine, and undeclared money can be seized.

Rules to be aware of

You could face penalties if you violate any of the following rules:

Children are not exempt from declaring money when necessary.
Travellers are allowed to carry money for someone else, but this must be declared. Personal information and details of who they are transporting the money for needs to be reported.
Splitting up a large amount between people in a group to avoid the AUD$10,000 declaration threshold is known as 'structuring', and it's illegal.

Frequently asked questions

Every transfer into Australia is reported to AUSTRAC by your Australian bank or provider, whatever the size - there is no threshold and no form for you to file. There's no amount you can transfer before being taxed, because the transfer itself isn't taxed. Whether you pay tax depends on what the money is, such as income, a gift or your own savings, and on your tax residency. For Australian tax residents, taxable income includes overseas pensions, rent or profits from overseas property, interest from offshore bank accounts and overseas employment income. Some foreign super payments can be tax-free if you receive them soon after becoming a resident.
As long as you use a legitimate money transfer provider, you won't need to fill in any government forms – your provider handles the reporting. However, for large transfers your provider may ask for documents showing where the money came from, such as a property sale contract or proof of an inheritance. The main rules that apply are Australia's anti-money laundering (AML) laws, which include Know Your Customer (KYC) checks. Your provider will verify your identity and handle the reporting to AUSTRAC, but it's up to you to supply your ID and any documents it asks for.
As a good rule of thumb, keep all records and emails relating to the transfer in case you need them later.
You can split a large transfer into smaller ones for genuine reasons, such as your provider's transfer limits. But deliberately splitting money to avoid a reporting or declaration obligation is called 'structuring', and it's a criminal offence. There is no transfer reporting threshold to get under - your provider already reports every transfer to AUSTRAC regardless of size. Structuring is something money launderers do to avoid detection, but banks and money transfer services are trained to detect this and report it to AUSTRAC.

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.

Thank you for your feedback!

Written by

Kate Steere

Money expert

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Kate Steere is a deputy editor at Finder, specialising in fintech, cryptocurrency and banking. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio

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Kate has written 11 Finder guides across topics including:

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32 Responses

ShaunMarch 5, 2023

I have recently made money from crypto with a broker and am getting a bank transfer it is a sum of over 4m aud
Now I know I have to report it to the ato but which kind of legal advice should I take or would a tax accountant be the right avenue to go down ?

Finder

SarahMarch 5, 2023Finder

Hi Shaun,

Because you’ll need to declare the investment return to the ATO, you’re best off speaking to an accountant in the first instance. We recommend you look for an accountant with cryptocurrency experience, as there are many complexities to navigate.

Hope this helps!

ReeceFebruary 15, 2023

Hi,
If I sell my personal yacht in the Philippines, will I be taxed on the money if I send it all to Australia?
Is there anything I need to be aware of?

Finder

SarahFebruary 20, 2023Finder

Hi Reece, We’re not permitted to give personal or taxation advice, so we’d suggest you contact a qualified accountant for some advice about your situation.

All the best with your sale!

many thanks,
Sarah

RobynSeptember 5, 2022

Hi, I will be paid my retirement fund from my current employer in South Africa. Once this money is received into my personal account, I would like to open an AUS bank account and transfer into it. We are emigrating in Nov. Is this ok to do? We are estimating approximately AUS$14,000. Will this be in order? If needed how do I report this to AUSTRAC from South Africa?
Thank you kindly
Regards
Robyn

Finder

KateSeptember 5, 2022Finder

Hi Robyn,

Thank you for getting in touch. Yes, it is possible to transfer AUD$14,000 from South Africa to an Australian bank account. The most cost-effective way to do this would be to use a legitimate money transfer provider. The provider will also be responsible for submitting an International Electronic Funds Transfer Instructions Report (IFTI-E) to AUSTRAC. This applies to any amount over AUD$10,000 and should be submitted within 10 days of your transaction.

Please don’t hesitate to message us back if you have any more questions.

Best,
Kate

ChristiaanApril 7, 2022

Hi,

We have recently moved to Australia from the UK and looking to transfer more than AUD$10,000 in savings from our UK bank account to an Australian bank account.

In the section “Do I have to report large transfers into Australia” it suggests that this needs to be reported to AUSTRAC and an IFTI-E submitted. Am I correct in understanding that according to the FAQ question “Are there any forms or documents specific to sending large amounts of money into Australia” these forms are not needed if it’s done through a “legitimate money transfer provider” rather than a bank transfer?

Many thanks

Finder

KateApril 11, 2022Finder

Hi Christiaan,

Thank you for your question. If you are using a legitimate money transfer provider then the provider is responsible for submitting an International Electronic Funds Transfer Instructions Report (IFTI-E) to AUSTRAC. This should be submitted within 10 days of your transaction.

I hope this was helpful. Please don’t hesitate to message us back if you have more questions.

Best,
Kate

JamesJuly 19, 2019

Hi, I just moved to Australia 3 years ago. I had a house back home which I sold a little over a year ago. Now I want to transfer the money over to Australia to buy a house here. Will I be charged for taxes as I paid the tax when I sold the house? What should I do to avoid a problem with this transfer? Thanks

NikkiJuly 20, 2019

Hi James,

Thanks for your question. Transferring large amounts of money anywhere in the world needs to be filed accordingly and within laws and regulations of the country concerned. Also, the tax for selling the house is different and separate from the tax for transferring money. Before you proceed with the transfer, prepare the required documents as stated on our page and seek assistance from a tax expert to ensure your transfer will not attract further fees and charges.

Hope this was helpful. Don’t hesitate to message us back if you have more questions.

Best,
Nikki

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Legal and tax requirements for transferring large sums of money into Australia

Here’s what you need to know about Australian money transfer regulations for large sums of money.

Key takeaways

Do I have to report large transfers into Australia?