A ‘threshold transaction’ is the transfer of physical currency (cash) of A$10,000 or more (or the foreign currency equivalent) as part of providing a designated service. A transfer can include receiving or paying cash.

If you provide a designated service that involves a threshold transaction, you must report these transfers to AUSTRAC in a threshold transaction report (TTR) within 10 business days.

TTRs help us detect, deter and disrupt criminal and terrorist activity.

Who must submit TTRs

Any business that provides a designated service that involves the transfer of A$10,000 or more (or the foreign currency equivalent) must submit a TTR to AUSTRAC.

If you are an affiliate of a remittance network provider (RNP) and the threshold transaction was made on your RNP’s network, they must submit the TTR for you.

Motor vehicle dealers who act as insurers or insurance intermediaries and solicitors must submit significant cash transaction reports (SCTRs) instead of TTRs. You will find the forms and instructions you need in AUSTRAC Online.

Exemptions from TTR obligations

You don’t have to submit a TTR if the designated service involving a threshold transaction is provided:

• at or through your permanent establishment in a foreign country
• by an authorised deposit-taking institution (ADI) to a customer that is also an ADI
• by the Reserve Bank of Australia to a customer that holds an exchange settlement account (ESA) (that is, an account held at the Reserve Bank for settlement of obligations between ESA holders)
• by an ESA holder to a customer that holds an exchange settlement account.

Additionally, if you hold an Australian Financial Services Licence (AFSL) and only arrange for a person to receive a designated service rather than providing it yourself, you do not have to submit a TTR.