"The ban starts on 1 July 2019 and any payment over $10,000 will have to be made by check or credit/debit card. The government will enforce the measure by allocating roughly $300 million for what it calls the Black Economy Standing Taskforce. The goal is to drum up about $3 billion in new tax revenue over the next four years." "The ban starts on 1 July 2019 and any payment over $10,000 will be aimed at people trying to escape the governments ban on anyone trying to escape the THEFT or your hard earned wealth". There, fixed I fixed it for you. The THIEVES are desperate to steal your wealth from you via you getting out of the FIAT MONEY (?) DOLLAR LOLOL, Dollar (Money, he, he ha ha ), YEAH, RIGHT.
How is that "knowing" anything to do with banning ... banning is the way of NOT finding out who is MR.RICHIE RICH ...
Banks would not like cash because it is outside their shonky system of applying the fractional reserve formula to lend 9:1 every time a dollar hits an account every second of every day ....
This won't stop people who want to or have to use cash. An example from a small part of the economy is the sale of second hand / collector car market. If you stump up to a crusty old country bloke who's selling his "one owner" 68 Monaro, he won't accept a cheque let alone EFT. Those are cash deals for those with the coin to buy such items. Thus old mate seller will write a receipt for $9,999.00 and the buyer will also give old mate seller a "gift" of cash for the balance. I can see why the Govt is doing this but it won't stamp out the larger cash deals.
Does the ban apply to silver and gold coins? If a person trades say 20 gold Kangaroo 1 oz coins for something like an antique auto, would that trigger the law?
Sometimes you really need to step back and ask yourself, does it really matter? As an older person I can honestly say I have never had $10,000 worth of cash lying around anyway. I get nervous about having $2,000 in the house and will trot off to the bank quickly if I do. I have never paid for anything that big by cash nor have I ever been asked to. It really doesn't affect me at all, I pay everything already by plastic any way, so it's like that for me now. Even our bus and train fares are fully automated these days. So good not have to fumble around for money trying to pay a bus fare in peak hour, who wants to go back to those bad old days? A 10K limit is still a very big limit too.
Are you not reading the article? Banning ppl for buying anything > $10,000 CASH.. yes, CASH. With CASH, ie. rolled-up hundred dollar bills, how do you trace the buyer? With CC or cheques govt can trace the source
worried about having $2000 cash at home. not worried about having all their money in a bank and being an unsecured creditor.
Absolutely feel safe with my money in the bank thank you. If something was to go wrong which I doubt ever will we still have the 250K per account Australian Government guarantee.
Yes i read the article ... how are you going to find out who Mr Ritchie Rich is by banning ... do not be so naive that govt can trace the source when banks have been caught breaking the rules hundreds of times ... yes breaking the rules and hiding the activity ...
so you think paying things with CASH is easier to find Mr Ritchie? Banks caught breaking rules is a different matter.... and politicians ALWAYS look the other way.. and when things not going banks way, then govt comes in like shining-armoured knights with Royal Commissions.. which is pretty much smoke-n-mirrors! And BANKS never apologise to VICTIMS!
