Having to carry somewhat large amounts of cash happens to us all and this is needed during times of emergency where only cash can be used, rather than credit.
So, you might have a large sum of cash with you at home for such instances. This is a common practice which you shouldn’t be worried about. However, you may be the type of person who does not believe in the corporate world and don’t want the banking system to store your hard-earned money.
If this is you, then you are probably wondering if you’re in danger.
No, not from getting robbed, but rather if you’ll be going to jail for breaking a law by keeping such copious amounts with you.
That’s what this article will be talking about. We’ll be discussing Australia’s laws when it comes to how much cash you can legally keep inside your home. Let’s get to work, shall we?
So, How Much Money Can You Legally Keep Inside Your Home?
The answer to this is shocking. Currently, there are no laws in place that govern the amount of cash you are allowed to store in your home.
This makes sense as many businesses, especially retail stores, keep large amounts of money with them merely as floating cash. So, why wouldn’t a homeowner be allowed to do the same? You may need it for something really important.
Now that you know you can legally keep as much cash with you as you want, you shouldn’t take advantage of this.
If police officers ever visit your home during a raid of your neighborhood, you might be on their radar from here on out as having a large amount of cash is indicative of illegal activities, especially money laundering and drug dealing.
Due to this, they may try and confiscate the cash to examine it.
This can become especially risky if the cops aren’t too trustworthy and decide to pocket some of it. So, why would you allow this to happen?
There Are Other Money Regulations In Place
Now that you know you can carry as much cash as you want, you need to be aware that there are numerous other instances where you can’t get away with doing so.
For example, you cannot leave Australia with cash that is over $10,000. If you decide to, you need to declare that you are doing so at customs. And, if you want to withdraw money from a bank, and it’s over $10,000, you need to be interviewed by the bank’s staff and have a report filed back to authorities.