Hi,
I want to help out a friend overseas transfer $60,000 AUD from their foreign account to their Australian bank account and want to know if there are any financial implications for myself or otherwise. Let's say my friend's name is 'X'. This would be the process:
'X' transfers $60,000 from their foreign account to another friend's (call them 'Y') account in the same country. 'Y' then transfers the money to my account in Australia. I then immediately transfer the money to 'X's Australian account.
How do I ensure (if it is possible) that the $60,000 is never considered by the banks, ATO, or other Australian Departments (e.g. Centrelink) as being mine and is always recognized as being 'X's?
Thanks!
I want to help out a friend overseas transfer $60,000 AUD from their foreign account to their Australian bank account and want to know if there are any financial implications for myself or otherwise. Let's say my friend's name is 'X'. This would be the process:
'X' transfers $60,000 from their foreign account to another friend's (call them 'Y') account in the same country. 'Y' then transfers the money to my account in Australia. I then immediately transfer the money to 'X's Australian account.
How do I ensure (if it is possible) that the $60,000 is never considered by the banks, ATO, or other Australian Departments (e.g. Centrelink) as being mine and is always recognized as being 'X's?
Thanks!