Is it OK to send the sales proceeds of o'seas condo to my HK bank account?

Hi great forum here, I'm a long time lurker with a question. I finally found someone to buy my condo in Thailand after reducing the price from 5.9m to 4.2m baht (AU$170k). I paid about 4m for it (including furniture) in 2011 so I'm happy to get my money back as I'll be winning on the exchange rate. I was a non-res when I bought it and will still be classified as non-res when I sell it so I don't believe there's any issue with the ATO.

I would like to transfer the 4.2m baht sale proceeds from my Thai bank account to my Thai denominated HK bank account (HSBC) and keep the money in HK. My plan is to exchange the THB to HKD when the exchange rate is favourable. I will then use the money (about HK$1m or AU$170k) to buy LIC's and ETFs on the HK stock exchange.

Can anyone see a problem doing this? Will there be any issues with the ATO or money laundering departments like AUSTRAC? With the AU$170k I'm aiming to create a USD based income by investing on HK stock exchange.

 

I can't see a problem from an Australian point of view. You are a non-resident and there is no Australian connection it seems.

AUSTRAC only monitors transactions, it is the AFP's jurisdiction to investigate. But you only have to worry if there is money laundering happening. You should try to keep good evidence of all the steps - sale etc.

BTW did I meet you once over that way?

 

Thanks Terry, just want to check I'm flying above board.
Yes we met in Thailand, hope you've been well. I'll be there again next month, let me know if you're in town.

 

Where are you now ?
Melbourne
Gold Coast
Hong Kong
Over the next few weeks I will be in all those places plus a couple more locations

 

I'm on the GC now but will be in HK in 2 weeks time and then staying in Thailand until September

 

Must organise a meet up when you are next in Melbourne. Or at least a coffee.