Send money from the Australia
Australia hosts more than 7.5 million migrants — about 30% of the population — including 783,000 Indian-born, 310,000 Chinese-born, 277,000 Filipino-born and large Vietnamese, Nepali and Pakistani communities. Migrant earners send back nearly 2% of national household income.
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Regulations & Compliance
AUSTRAC Registration
All Australian remittance providers must register with AUSTRAC (Australian Transaction Reports and Analysis Centre) and report transactions over AUD 10,000 or any suspicious activity.
International Funds Transfer Instruction (IFTI)
Banks and money services businesses are required to report every IFTI to AUSTRAC, regardless of the amount. This is a back-end reporting requirement — there is no special form for the sender.
Tax on overseas gifts
Genuine gifts to family members overseas are not taxable in Australia. However, if the transfer is for income-generating activity (e.g. property purchase abroad), capital gains and foreign income rules may apply.