Found money in house

[gooner]

As long as you deposit it in the bank in increments less than $10,000 and in irregular amounts and periods, it will not attract the attention of Austrac - they monitor all three factors. E.g. it will attract their attention if you deposit $5,000 every fortnight for the next 20 weeks. This is due to the AML/CTF Act.

You can also receive gifts of up to $12,000 per year per person as well, according to the ATO. Just say your partner and you were gifted $24,000 ($12,000 each from the father before he died) - you do need to declare this on your tax return though. There's half your problem gone already....

PS this is not advice.

I have seen some stupid suggestions on ASF, but this has to be one of the stupidest. This is illegal and is known as smurfing. And you can go to gaol.

Whilst depositing the whole amount in one go is not illegal.

http://www.austrac.gov.au/elearning/pdf/intro_amlctf_placement_techniques.pdf

 

[Julia]

If it were me, I'd be running it by the solicitor who is handling the estate.
Presumably it simply constitutes part of the estate.
Not worth trying to 'hide' having it in any way, and no reason to do so.
Simple is usually best.

 

[jono1887]

I have seen some stupid suggestions on ASF, but this has to be one of the stupidest. This is illegal and is known as smurfing. And you can go to gaol.

Whilst depositing the whole amount in one go is not illegal.

http://www.austrac.gov.au/elearning/pdf/intro_amlctf_placement_techniques.pdf

haha.. smurfing

 

[nevieboy]

Thanks everyone for your input.
They deceided to open a seperate bank account in the my partners name.
She locked it away for 4 months at 4.4%.
Thanks again everyone.

 

[jono1887]

Thanks everyone for your input.
They deceided to open a seperate bank account in the my partners name.
She locked it away for 4 months at 4.4%.
Thanks again everyone.

So there weren't any legal or tax implications from this?

 

[Aussiest]

Well, i've got a different perspective. The father saved this money from AUSTRALIAN social security benefits. It is amazing that somebody on a PENSION can save this amount of money. What were they doing on a pension in the first place?

The mother obviously wants to keep duping the system... Good on her! She should just be honest and own up.

 

[drsmith]

Income and assets tests for Age Pension from Centerlink.

http://www.centrelink.gov.au/internet/internet.nsf/payments/age_iat.htm

 

[drsmith]

Well, i've got a different perspective. The father saved this money from AUSTRALIAN social security benefits. It is amazing that somebody on a PENSION can save this amount of money. What were they doing on a pension in the first place?

I don't know how much the aged pension has changed in real terms since the 70's and 80's but growing up I can recall grandparents who were able to save money on the pension.

They just lived a frugal and simple existence.