Verifying your Income for Tier 5 Verification

If you've received the message "Source of Income does not meet Tier Threshold" while applying for Tier 5 on AUDD Digital, this article will help you understand its meaning and what steps you can take next.

AUDD Digital's Tier system is a structured framework that sorts users into groups based on how often and how much they buy and sell. This sorting helps with controlling risk, following financial rules, and giving different types of users services that are just right for them.

On AUDD Digital, there are five Tiers, and each one gives you a different amount of transaction power. These Tiers range from Tier 1, designed for new or low-volume users, to Tier 5, intended for high-volume traders or businesses with substantial financial activity.

For more information regarding Tiers, you can visit our support article here.

Tier 5 is a level within the AUDD Digital platform designed for users who need to transact higher volumes of Australian Dollars (AUD) than what is offered in the lower Tiers. This Tier is particularly useful for individuals and businesses with substantial financial activities.

Transaction Limits of Tier 4:

• For Individuals: $500,000 per month.
• For Businesses: $1,500,000 per month.

What you show as proof when you apply for Tier 5 on AUDD Digital is very important. It serves as evidence to verify your financial capacity and need for higher transaction limits associated with Tier 5. The goal is to ensure that your requested transaction limits align with your financial activities.

• Bank Statements: A statement showing the balance of your account is particularly useful if you've recently received a large sum, such as a settlement or inheritance, which would justify higher transaction volumes.
• Payslips: For employed individuals, payslips can indicate steady income. They are significant if your earnings reflect the need for higher transaction volumes.
• Tax Returns: Tax returns provide a comprehensive overview of your annual income and financial status, supporting your application for a higher transaction tier.
• Business Financial Documents: For business accounts, documents like Quarterly Business Activity Statements (BAS), income statements, balance sheets, and profit and loss statements offer insights into the business's financial health and transaction needs.
• Settlement Contracts: In cases of property sales or business deals, settlement contracts can substantiate large transactions.

• Relevance: Ensure that the documents directly relate to your financial capacity and the need for increased transaction limits.
• Clarity: Documents should be easily readable and clearly display the necessary financial figures.
• Recency: Provide recent documents to reflect your current financial situation.
• Completeness: Submit all pages and sections of documents to avoid partial information.

John recently sold a property. The sale resulted in a significant financial gain, changing his transaction needs. He provided a bank statement displaying a deposit of $400,000 from the property sale. The evidence clearly showed a large sum, well above the $50,000 threshold for individuals. It indicated a legitimate and substantial increase in John's financial capacity.

John's application for Tier 5 was approved, allowing him to handle larger transactions that align with his new financial status.

Ben works weekends at a pub, earning around $385 a week (or around $20,000 a year). He submits a recent payslip substantiating this. As the payslip indicated an annual income significantly below the $50,000 monthly threshold, this suggests that his current financial activities don’t necessitate higher transaction limits.

Ben's application for Tier 5 was denied, as his income did not substantiate the need for increased transaction capacity.

Ella's Accounting firm has a steady inflow of AUDD payments from clients for services rendered, reflecting a significant monthly turnover. A detailed interim profit and loss statement was provided, showing expected monthly revenue and expenses, totalling $175,000. The statement demonstrated a high volume of business transactions, justifying the need for higher limits.

Ella's Tier 5 application was approved, enabling her firm to efficiently manage larger sums of money in line with their business operations.

Sammi started a new business in arbitrage trading. She purchased an initial amount of 10,000 AUDD to start her trading float, and has since been trading modest amounts of AUDD; between 500 - 2,000 AUDD per week. Sammi submits her trading history from another exchange, showing her weekly transactions and trading volume. The submitted trading records showed that her weekly transaction volume was well below the $100,000 mark required for businesses.

Sammi’s request for Tier 5 was declined, given her current trading volume. However, she has the opportunity to reapply should her trading activities increase to the required threshold in the future.

Receiving a notice that your application for Tier 5 has been returned due to insufficient income evidence can be disappointing, but there are clear steps you can take to address this. Let’s explore what you can do if you find yourself in this situation:

• Reason for Return: The primary reason for the return of your Tier 5 application is that the provided documentation does not sufficiently demonstrate a need for transaction limits higher than those of Tier 4. This usually means that the evidence submitted does not validate a monthly transaction volume exceeding $50,000 for individuals, or $100,000 for businesses.
• Review Your Documentation: Re-examine the documents you initially submitted. Ensure they clearly show income or transactions that justify the need for higher limits. It's important that these documents are recent and accurately reflect your current financial situation.
• Gather Additional or Alternative Evidence: If your initial evidence was insufficient, consider providing additional documentation. This could include more recent bank statements, additional payslips, updated financial statements, or any other documents that better represent your financial activities and needs.
• Consult Financial Statements: For businesses, reviewing and including detailed financial statements such as a more comprehensive profit and loss account or a detailed balance sheet might be necessary. This should highlight your business revenue and expenses, providing a clearer picture of your financial transactions.

Tip: If you’re unsure why your application was returned or what specific documentation is required, don’t hesitate to contact our support team for clarification. They can provide guidance on the type of documentation that would be more appropriate for your application. You can do this by emailing [email protected]

If you decide not to resubmit or you're unable to provide the necessary documentation, your account will remain at Tier 4. Remember, this Tier still offers substantial limits ($10,000 daily and $50,000 monthly for individuals; $10,000 daily and $100,000 monthly for businesses).

If your financial situation changes in the future (e.g., increased income, business growth), you can always reapply for Tier 5. Keep track of any changes that might warrant a higher transaction limit.

The Tier system is in place to accommodate various transaction needs while ensuring the safety and security of all transactions on AUDD Digital. It's important to provide accurate and relevant documentation to access the appropriate Tier for your transaction requirements. If you have any questions or need additional support, feel free to reach out to our support team at [email protected].