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Abelaus(Newbie)Newbie
9 Oct 2025

Hello

I am an australian citizen and australian resident for tax purposes

I also hold a bank account in a country in the european union in euros.

If i am transferring money by wise money or bank transfer from my savings and also money from the sale of my usual place of residence (not investment, house where i lived in for the last 4 years) to this account under my name in europe, do i need to declare to austrac or ato? it would be over 10,000 aud

moreover if i was to change into being an overseas tax resident during that tax year and i made the same transfer would i need to declare it with ato/austrac or just with the relevant overseas tax authority.

the country i am intending to transfer money to (Spain) has a tax agreement with australia

567 views
1 replies
567 views
1 replies

All replies

RachelATO(Community Moderator)Community Moderator
13 Oct 2025

Hi @Abelaus,


You don’t need to report the transfer yourself to AUSTRAC or us. The financial institution or money transfer service is required to report international funds transfers of $10,000 AUD or more to AUSTRAC. This reporting happens automatically.


From a tax perspective, if the money comes from your savings or the sale of your main residence, there’s usually no need to report the transfer itself to us. But you should keep records of the source of the funds in case we ask for them later.


If you become a non-resident for tax purposes during the year, your Australian tax obligations change. You’ll generally only need to report Australian-sourced income. Transferring your own funds overseas still wouldn’t trigger a reporting requirement to us.


You can find general information about residency for tax purposes on our website.

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transferring money overseas to an account in my name | ATO Community