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Why do you say they get away with it? TW for sure reports to my country's financial intelligence agency (AUSTRAC). I get paid in foreign currency via TW and i

Why do you say they get away with it? TW for sure reports to my country's financial intelligence agency (AUSTRAC). I get paid in foreign currency via TW and it's pretty amazing.

dzhiurgis 6y ago
What do you mean "for sure"? They claim they don't - https://transferwise.com/help/articles/2932394/how-does-tax-work-with-my-transferwise-account https://transferwise.com/help/articles/2932394/how-does-tax-...
- wildfire 6y ago
  In order to operate in Australia, you must report transactions over a certain threshold. See: https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/cash-transactions-over-10000-ttr https://www.austrac.gov.au/business/how-comply-guidance-and-... I have it good authority [1], that quite a few local Australian banks report when the threshold is 1000 or more. For international transfers any amount must be reported: https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/money-sent-overseas-itfi https://www.austrac.gov.au/business/how-comply-guidance-and-... [1]: My father works there.
  - dzhiurgis 6y ago
    If you get their eftpos card and never wire remaining balance to aussie then it can remain untaxed? Plus you're not doing international wire - they transfer from their local account (not 100% sure how it's accounted tho).
    - lukeholder 6y ago
      > If you get their eftpos card and never wire remaining balance to aussie then it can remain untaxed? This is what I want to know
  - lmz 6y ago
    Your linked Austrac page refers to cash transactions ("physical currency"). This one[0] however, says that any international funds transfer instruction (of any amount) needs to be reported. [0]: https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/money-sent-overseas-itfi https://www.austrac.gov.au/business/how-comply-guidance-and-...

Why do you say they get away with it? TW for sure reports to my country's financial intelligence agency (AUSTRAC). I get paid in foreign currency via TW and it's pretty amazing.

dzhiurgis 6y ago

What do you mean "for sure"? They claim they don't - https://transferwise.com/help/articles/2932394/how-does-tax-work-with-my-transferwise-account https://transferwise.com/help/articles/2932394/how-does-tax-...

wildfire 6y ago
In order to operate in Australia, you must report transactions over a certain threshold. See: https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/cash-transactions-over-10000-ttr https://www.austrac.gov.au/business/how-comply-guidance-and-... I have it good authority [1], that quite a few local Australian banks report when the threshold is 1000 or more. For international transfers any amount must be reported: https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/money-sent-overseas-itfi https://www.austrac.gov.au/business/how-comply-guidance-and-... [1]: My father works there.
- dzhiurgis 6y ago
  If you get their eftpos card and never wire remaining balance to aussie then it can remain untaxed? Plus you're not doing international wire - they transfer from their local account (not 100% sure how it's accounted tho).
  - lukeholder 6y ago
    > If you get their eftpos card and never wire remaining balance to aussie then it can remain untaxed? This is what I want to know
- lmz 6y ago
  Your linked Austrac page refers to cash transactions ("physical currency"). This one[0] however, says that any international funds transfer instruction (of any amount) needs to be reported. [0]: https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/money-sent-overseas-itfi https://www.austrac.gov.au/business/how-comply-guidance-and-...