I would also like you to quote the legislation I know there is restriction on GOLD leaving the country but there is no such provision for other PM's e.g. silver if it is legal tender as in a coin all you need to report is face value if over 10k just had a look at the AML/CTF act and it defines currency as : physical currency means the coin and printed money (whether of Australia or of a foreign country) that: (a) is designated as legal tender; and (b) circulates as, and is customarily used and accepted as, a medium of exchange in the country of issue. it only mentions precocious metals in the entire act in regards to electronic currencies: e-currency means an internet-based, electronic means of exchange that is: (a) known as any of the following: (i) e-currency; (ii) e-money; (iii) digital currency; (iv) a name specified in the AML/CTF Rules; and (b) backed either directly or indirectly by: (i) precious metal; or (ii) bullion; or (iii) a thing of a kind prescribed by the AML/CTF Rules; and (c) not issued by or under the authority of a government body; and includes anything that, under the regulations, is taken to be e-currency for the purposes of this Act. you can go and but 10 000 000 worth of gold jewerley and dont need to decaire it going into or out of australia
So your saying that face value of Australian gold coins and cash is reportable if it is over $10,000?
Are we talking $10,000 for international or domestic. I don't think there is any declaration needed for domestic travel?
I'll try to dig it back up again when I get either the inclination or chance. My upcoming 2 mth long holiday to Europe in a couple of weeks takes priority though. My research into the issue involved the movement of gold and silver FROM the USA INTO Australia though, not out of Australia to anywhere else in the world. re: Court Jester with "I think you would be pretty safe going on face value of the coins". That's a big call and the member would want to be sure about that, especially if anyone took his advice, tried to move $9999 dollars worth of gold in face value (much much more in bullion value) and had it confiscated. He'd be owing some-one more than a beer or two for that bit of advice.
Here are 2 reasons why (if possible) you should both bring ownership documentation AND declare more than 10K worth of bullion (not just face value) 1. The airport security staff are stupid. 2. The airport security don't like to be found out to be wrong. On a recent trip from Dubai, I passed through security with a 1KG silver bar. The x-ray highlighted my bag and so I showed him the silver. He said "You can't take that with you" I said" Why not" He said "I don't know, but you just can't". He then went to speak with his manager and then returned 20 mins later and said "Do you have proof of ownership?" I showed him the invoice. He said "OK, just go"...........but he was really pissed off and nothing short of an anal cavity search would have really pleased him. So, I just left and didn't give him a gobful. Now there was no legal need for him to stop me, and there was no legal need for him to ask for proof of ownership. But due to rarity of the situation, the security staff will most likely take 30 min from your life, which you will never get back.
I brought in to Australia over 10000 in Ausi $ a few years ago and was told by customs when I rang that they don't tell tax department or anybody else ,believe it or not.
I like how this thread takes a sudden detour off track, haha. Well, my flight is in 2 wks. Ill just pack my carry on with my Ag and have all the receipts that i have and just stroll through.
Bullion coins don't meet requirement (b) for the definition of currency as they aren't in circulation. I would declare the bullion value.
I'll be travelling from Melbourne through KL and Dubai and onto London with 50oz of silver coins in my hand luggage in a couple of weeks. Should be interesting to see how things go since I've never travelled with bullion before. Will make sure I carry all the relevant invoices with me as well though. I'm not overly worried about it.
For arguments sake, I think we should stick with Perth Mint $100 1oz gold coins for discussion. So theoretically you should be able to take onboard 100 $100 1oz gold coins. That have a total face value of $10,000 but a bullion value of about $1.6 million.
when you think about 50oz, it really isnt much. Two relatively small tubes. Can fit inbetween clothes etc. quite nicely.
50 oz shouldn't worry anyone (only $1500 approx in fiat value anyway). Might have been a bit different though if you had 50 oz of gold though (approx $80k plus in fiat value).
Unless they've changed the wording recently, the way I understand the letter of the law in the US, Australia, and New Zealand (the three countries I've traveled in with PMs in the last year) is that the 10k reporting requirement is for paper assets. Cash or cash equivalent. Anything that is or directly represents fiat currency. Not a chunk of metal that fluctuates in value daily. If that was the case you'd have to declare your Rolex because it may be "worth" 10k or more or your Armani suit. Just because we see it as money doesn't mean they do ... yet. Just look at the letter of the law. Legal tender (domestic or foreign) would fit inside the letter of the law and I would think you'd have to declare it if you had over 100 1 oz perth mint coins.
