Two of the four AUSTRAC filings concern almost every SME: the threshold transaction report (TTR) and the suspicious matter report (SMR). They have different triggers, different deadlines and different consequences for getting wrong.
TTR — the rules-based one
Mandatory whenever you provide a designated service involving cash or cash-equivalent of A$10,000 or more (single or aggregated). Must be filed within 10 business days. No judgement involved — if the threshold is hit, you file.
SMR — the judgement-based one
Mandatory whenever you form a suspicion on reasonable grounds, in the course of a designated service, that the matter relates to money laundering, terrorism financing or another serious offence. Must be filed within 3 business days of forming the suspicion (24 hours for terrorism financing). Tipping-off offence applies.