ID and Cash Limits for Buying Gold in Australia

From 1 July 2026, any business that buys or sells gold, silver, other precious metals, precious stones or jewellery and takes A$10,000 or more in cash (including linked payments) is regulated by AUSTRAC: it must identify you and report the cash within 10 business days. Australia has no legal cap on cash payments; the planned A$10,000 cash ban was voted down in 2020. Selling to a second-hand dealer or pawnbroker needs ID at any amount under state law.

Facts checked 31 October 2026 · Not financial, legal or tax advice

At a glance

Situation	Rule	Notes
Buying	ID check when you pay A$10,000+ in cash (or crypto), including linked payments.	Bullion dealers have been regulated longer and identify customers on bullion trades from A$5,000.
Paying cash	No legal cap.	Many jewellers now refuse cash of A$10,000+ so they stay outside AUSTRAC regulation.
Selling	Photo ID at any amount to a second-hand dealer or pawnbroker.	The dealer records your details; in NSW the records go to police.
Reported	Threshold transaction report (TTR) for cash of A$10,000+, paid or received.	Suspicious matter reports at any amount; structuring is an offence.

The rules in detail

Under the AML/CTF reforms ("Tranche 2"), buying or selling precious metals (gold, silver, platinum, palladium and others, and alloys with at least 2% of them), precious stones or products made from them is a regulated service from 1 July 2026 when A$10,000 or more is paid in physical cash, virtual assets or both. Card and bank-transfer payments alone don't count. Businesses had to enrol with AUSTRAC by 29 July 2026.
Linked payments count together: lay-by or instalments for the same item, several payments on one invoice, or a purchase split to stay under A$10,000. There is no time limit after which linked transactions reset.
The dealer must identify you before completing the sale and send a threshold transaction report to AUSTRAC within 10 business days of any cash transfer of A$10,000 or more, whether it receives the cash or pays it out.
Dealers can opt out by refusing cash, keeping cash under A$10,000 (watching for linked payments), or accepting it only from low- and medium-risk customers.
Bullion dealers were already regulated: ID is generally required for bullion trades of A$5,000 or more, whatever the payment method.
Splitting cash payments to avoid a report (structuring) is a criminal offence.

When you sell

Jewellers, gold buyers and pawnbrokers who buy from the public are licensed second-hand dealers under state law.
Victoria: the dealer must ask every seller for ID (one photo ID, or two non-photo documents) and refuse the goods without it.
NSW: the dealer checks your ID, you sign an ownership statement, the record goes to police within 3 days and the item is held for 14 days.
If the dealer pays you A$10,000+ in cash, the AUSTRAC rules and TTR apply too.

Silver and travel

Silver is covered by the same A$10,000 cash rule and by the bullion rules.
Declare cash of A$10,000+ when entering or leaving Australia.

The Currency (Restrictions on the Use of Cash) Bill 2019, which would have banned business cash payments of A$10,000 or more, passed the House but was rejected by the Senate in December 2020 and was not revived. No economy-wide cash limit applies as of October 2026.

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Gold ID and Cash Limits in Australia: FAQ

Do I need ID to buy gold in Australia?

If you pay A$10,000 or more in cash, yes: the dealer must identify you and report it to AUSTRAC. Bullion dealers usually ask for ID from A$5,000 regardless of how you pay.

Is there a limit on paying cash for gold in Australia?

No legal cap. But cash of A$10,000 or more is reported, and many jewellers now refuse that much cash.

Do I need ID to sell gold to a jeweller or pawnbroker?

Yes. State second-hand dealer laws require ID from every seller, whatever the amount.

Can I split a cash purchase to stay under A$10,000?

No. Linked payments are added together, and structuring payments to avoid a report is an offence.

Sources (6)

General information for individuals buying or selling gold, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.