10k wouldn't be a big deal, but we all know that that is a stepping stone to gradually drop the limit. All they need to do is pass the bill and they can change the limit as much as they like without having to change the law.
https://www.silverstackers.com/forums/index.php?attachments/ato-takedown-of-pbc-pdf.26157/ Just another reason to not trust Govenment
in response to this quote " In regard to the Currency (Restrictions on the Use of Cash) Bill 2019, in the 2018-19 Budget, the Government announced it would introduce an economy-wide cash payment limit of $10,000 for payments made or accepted by businesses for goods and services. Transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities."
Various industry groups such as CPA Aust (the arch enemy of Chartered Accountants Aust / NZ who support the bill and a lower level) and Australian Chamber of Commerce are lining up against this legislation. Was a topic of discussion on radio this morning and the CPA rep was on to talk. https://www.abc.net.au/news/2019-08...make-you-a-criminal/11429230?section=business On the ABC today too.
John Adams & Martin North do some great YouTube Videos on the economy. Just GGLE John Adams & Martin North Youtube to see them. Good post Oddy.
Yep, they do some good vids. So the pollies most love to hate...ONP, Kater are all against this legislation. and from late today.
Australian banknotes are a legal tender throughout Australia (this is provided in section 36(1) of the Reserve Bank Act 1959 ). can ask the new notes to be printed as "NOT so Legal anymore as tender" there should be warning on each and every note too sign at the bank, sorry withdrawal on excess of $x would make it illegal, and can't be done
