just wondering if you buy a car for cash-from a dealer- would that be reported over a certain amount just like when you buy bullion. what about private sale? dutiable value should be under a certain amount? Im sure spanner would know the answer. just pm me if you do
I believe it's a grey area like property development, some report some don't, see below the list from Austrac http://www.austrac.gov.au/chapter-10-financial-transaction-reports-act#who Who has obligations under the FTR Act? The FTR Act applies to 'cash dealers', which are defined under section 3 of the FTR Act and include the following: financial institutions financial corporations insurer or insurance intermediaries securities dealers and futures brokers cash carriers trustees or a manager of a unit trust persons that deal in travellers cheques and money orders persons who collect, hold, exchange or remit currency on behalf of other persons currency and bullion dealers casinos and gambling houses totalisator agency boards. Under the FTR Act, solicitors are not cash dealers. However, the FTR Act imposes certain reporting obligations on solicitors (including a solicitor corporation or a partnership of solicitors) and these are outlined below.
The Act is here; https://www.legislation.gov.au/Details/C2015C00406/Html/Text#_Toc430857787 Over 10k I would say chances are a car dealer would report it, a second hand car dealer maybe not? but you would not know if they do or not Private is private you can do what you want however Withdrawing over 10k would require a report by the bank and Depositing over 10k would require a report by the bank
Year or so ago I drew out 8k for a car I was buying privately, The teller subtly asked me if I was going on holiday... No oh, why such a big withdraw then?.... Drugs and hookers. oh Ok, (awkward laugh) Thank you. anyone would think it is there money.
