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Thread: Big brother is watching.

  1. #91
    Ausfish Gold Member ThePinkPanther's Avatar
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    Re: Big brother is watching.

    Quote Originally Posted by MudRiverDan View Post
    They mus be paying cash, because I always thought the tax department has a record of all bank transactions over $5000.00 sent from the banks.
    Nah Mate, I am 99.9% sure that it is only for overseas transactions in excess of $10,000.
    If you send or receive cash above this figure the Reserve Bank passes it onto the Reserve Bank.

    Doesn't apply internally in Oz though I guess the ATO can always do a random check of anybody's account.

  2. #92
    Ausfish Gold Member ThePinkPanther's Avatar
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    Jul 2004
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    On Moreton Bay

    Re: Big brother is watching.

    Nah Mate, the only time a record of transactions is passed from the Reserve Bank to the ATO is for anything above $10,000 either going out or coming in from overseas!

    Doesn't apply to any such transactions made within Australia.

  3. #93

    Re: Big brother is watching.

    Quote Originally Posted by ThePinkPanther View Post
    Nah Mate, I am 99.9% sure that it is only for overseas transactions in excess of $10,000.
    If you send or receive cash above this figure the Reserve Bank passes it onto the Reserve Bank.

    Doesn't apply internally in Oz though I guess the ATO can always do a random check of anybody's account.
    close but not close enough,,,, the "$10,000.00 Cash Transaction Act" is governed by AUSTRAC, and it has been in force for donkey ages with little adjustments,,,,,

    this act requires any person (retailer) who receives a total of $10k or over for any purchase within (i think) 30 days must fill out the relevant form and send it into them

    now for the stupidity of this act,,,, walk into your bank and deposit OR withdraw 10k,,, no form

    walk into a bank's accreditated agent (Post Office for example) and you must sign off of the form if you are depositing 10k or over?????

    walk into a car dealership for example and place $9,999.00 down as deposit today,,, come back in 30 days with an extra $2.00 in cash,,, form must be completed BY LAW

    the act was going to be part of the reply i placed in my thread about "Identity Theft",,, the questions that are placed in the form are harmless enough,,, BUT it really depends on who fills the form out,,, as in most cases it's done via the retailer,, you just sign it,,,, but to anyone wishing to use your identity and access $$$ from you,,, it's not hard to do

    http://www.austrac.gov.au/2a.html

    choppa
    Last edited by choppa; 05-01-2012 at 02:27 PM. Reason: added website
    can it get any better??????????????,,,,,,,,,,,,,,http://www.youtube.com/watch?v=hgG_TxEPaQE



  4. #94

    Re: Big brother is watching.

    Quote Originally Posted by ThePinkPanther View Post
    Nah Mate, the only time a record of transactions is passed from the Reserve Bank to the ATO is for anything above $10,000 either going out or coming in from overseas!

    Doesn't apply to any such transactions made within Australia.
    Pink Panther,,, i just replied to your prior answer,,,, your wrong on this one buddy,,,, i haven't a clue how many of these transactions i have had in the years of being a Finance Manager,,,, but its a %^&$ lot
    can it get any better??????????????,,,,,,,,,,,,,,http://www.youtube.com/watch?v=hgG_TxEPaQE



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