Since 1983, the Federal Government has progressively relaxed most of Australia's exchange controls.
Inward investment is not subject to exchange controls though this does not preclude the need to obtain approval from the Foreign Investment Review Board, a division of Treasury, in certain situations.
Outward exchange flows are not restricted, but are subject to cash transaction reporting guidelines.
Financial dealers, which include financial institutions, insurance companies, currency and bullion dealers and others, must report to the Australian Transaction Report & Analysis Centre ('AUSTRAC') details of certain transactions including:
- significant cash transactions involving the transfer of currency (coin and paper money of Australia or a foreign country) of A$10,000 or more including foreign currency equivalents, unless the transaction has been specifically exempted
- international telegraphic transfers to and from Australia, unless the transaction has been specifically exempted
Members of the public who carry A$10,000 (or the foreign equivalent) into or out of Australia, are required to complete an International Currency Transfer Report which must be handed to the Australian Customs Service. There is no limit to the amount carried. There are also no exemptions to the reporting requirement.
Glossary:
AUSTRAC - The Australian Transaction Reports and Analysis Centre. The Centre ensures that banks and other financial dealers abide by the identification and reporting requirements of the Foreign Transaction Report Act 1988 (Cth).
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The information contained in this article has been prepared by the Minter Ellison Legal Group. Professional advice should be sought before applying the information to particular circumstances.
