Quote:
Originally Posted by ChrisV
I've cashed out those amounts before. Repeated wires of over 10K might earn you ATO attention if you are an Australian resident.
Chris means well here, but I can imagine some idiot reading his sincere advice the wrong way here.
Deliberately structuring your payments to avoid scrutiny is criminal - that's the crime of 'structuring' in Australia, and it applies to many (otherwise legal) financial transactions, not just poker-related.
You can read more about the structuring crime here:
http://www.austrac.gov.au/threshold-...n-reports-ttrs
The penalty for structuring is up to five years in prison, and/or a fine of up to $54,000. Don't do it.
There are a couple of threads in NVG where one poster in 2012, and one in 2016, claim that they were convicted of Bahamian offences related to money laundering because they tried to move their money in chunks of under $10k to avoid reporting it. Each of them reported that they lost tens of thousands of dollars, and had a crappy time enduring the Bahamian legal system while being convicted of various crimes and gaining themselves criminal records.
If your money is not from the proceeds of crime, then trying to structure your transactions to avoid being detected is one of the worst negative freerolls that you can create for yourself in life. It's ****ing dumb, it's an entirely unforced error, and people who try to do it seem to be unreservedly ignorant of how extraordinarily stupid it is.
To the person who originally asked the question:
If you're not confident of these issues, you should get expert advice. There are a bunch of suburban accountants and lawyers who you can pay a relatively trivial sum of money to get properly educated on these issues.
I'm not a lawyer/accountant, and thus, I'm not able to provide expert advice specific to your situation. I've merely done the anti-money laundering training that is mandatory for all employees of the online gaming business that I work for.