The moment the sea giant snatched the squid was caught on camera off Yorke Peninsula in South Australia.
The fishing trip quickly turned into a frenzy as the great white circled the boat.
Daniel Medlin, his dad and a cousin were squid fishing just a few hundred metres off the shore at Moonta Bay when they noticed the three-metre-long shark lurking nearby.
“There was actually a pod of dolphins coming through, so it looked like a dolphin initially,” Daniel said.
“Dad’s like, ‘is that a shark?’ We looked over the side and boom, he was coming straight for the burley bag.”
Daniel hit the record button as the great white helped itself to a bag full of freshly-caught squid.
“They’re a beautiful animal, I have a lot of respect for them, they are the king of the ocean,” he said.
Wednesday’s close encounter comes as regular shark patrols begin along the coastline.
They will continue until April next year, with shark-spotting aircraft adding an extra eye in the sky to protect beachgoers.
“They’re just a part of the ecosystem, they’ll move on their merry way as they normally do,” Ben Laurenson from Surf Life Saving SA said.
“They might be inquisitive creatures and have a look at the boat, have a sniff around, but generally they move on.”