Cash payments over $10,000 to be banned on July 1 2019

Discussion in 'Currencies' started by ozcopper, May 8, 2018.

  1. ozcopper

    ozcopper Administrator Staff Member

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    THE war on cash has officially entered the shooting phase.

    Just as nothing good ever happens after 2am, no one ever paid for something with $10,000 in cash for a legitimate reason, according to Treasurer Scott Morrison.

    From July 1, 2019, cash payments of more than $10,000 made to businesses for goods and services will be banned as the Turnbull Government seeks to crack down on the $50 billion “black economy”.

    “This will be bad news for criminal gangs, terrorists and those who are just trying to cheat on their tax or get a discount for letting someone else cheat on their tax,” Mr Morrison said in his Budget speech. “It’s not clever. It’s not OK. It’s a crime.”

    Under the measure, transactions over the threshold will have to be made through electronic transfer or by cheque, but transactions with financial institutions or between individuals will not be affected.

    More: http://www.news.com.au/finance/econ...y/news-story/9df0646ba704bd170df5b3996d512f52
     
    milled, Holdfast, willrocks and 3 others like this.
  2. Arch Stanton

    Arch Stanton Well-Known Member

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    Will a business risk loosing a 10,000 + sale to comply with this law?
    I believe they will just ignore it, or find a way around it.
    Want to pay cash for that 25,000 dollar truck?
    Fine, we will set up a payment plan....say 5,000 every 5 minutes.
     
  3. SilverDJ

    SilverDJ Well-Known Member

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    So buying a $2M house with cash is still ok, got it.
     
  4. SilverDJ

    SilverDJ Well-Known Member

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    Of course they will, it's a stupid law.
    The cash "black economy" as they call it exists precisely because businesses and customers pay and accept cash and don't report it. Do they think that's going to magically change?
     
  5. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    As a law abiding nerdy citizen who has never even had a parking ticket or a speeding ticket, I am someone who has paid for things in cash with value >$10k a bunch of times over the past 20 or so years. Not super-regularly, but once every ~18 months. The first time was for a motorbike ($14k) and the last time was for a car ($19k). Both through dealers.
     
  6. oziwassabi

    oziwassabi Active Member Silver Stacker

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    ...a casino regularly takes over $10k cash (reported to austrack) from, and pays out over 10k cash to, individuals so would assume they and other businesses would be seeking exemptions..

    A fruitless exercise?
     
    bordsilver and mmm....shiney! like this.
  7. RichardAL

    RichardAL Member Silver Stacker

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    Hopefully this will bring the 1000 ozt silver bar back into general circulation.
     
  8. SilverDJ

    SilverDJ Well-Known Member

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    Technically that would be a away around transacting in cash.
    Although crypto would be another way, and much easier.
     
  9. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    31.1 kilo bar, even I would draw the line at that. Is that a ........
     
  10. systematic

    systematic Well-Known Member

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    So money laundering business as usual for the banks ....

    CBA admits breaching money laundering, counter-terror laws more than 53,000 times
    http://www.abc.net.au/news/2017-12-13/cba-breached-money-laundering,-counter-terrorism-laws/9257224
     
  11. zedstrange

    zedstrange Member

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    No, because gambling is not a payment for goods and services.
     
  12. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    10k is not a lot...though i wouldn't pay that amount in cash.
    I would have thought 10K is a lot for a small business
     
  13. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    There is a strong argument for some dealing in cash. Usually a grey area, pensioners keeping under earning limits, fathers limiting child payments, cash jobs, etc.

    I am not saying that it's right, but sometimes drastic circumstances call for drastic measures, it's all about keeping your head above water for some. The alternative is to throw it all in and neck yourself!
     
  14. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    So are you saying someone with 10k to pay for good and services are just keeping their heads above water :)
     
  15. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    I said dealing in cash.
     
  16. systematic

    systematic Well-Known Member

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    It will not stop the banks money laundering and funding criminal gangs and terrorists ...
     
  17. JOHNLGALT

    JOHNLGALT Well-Known Member

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    Never mind that they start with $10,000, when hyperinflation kicks in 'THEY' will catch everyone in their net, (remember Wiemar Germany's hyperinflation). _JLG.
     
    66rounds and Miksture like this.
  18. Miksture

    Miksture Active Member Silver Stacker

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    Seems all a bit wrong where the government has so much say over our money. I have no problems with tracking money from criminal organisations but I am not a criminal. You want to track my money? Get a court order. None of this bullshit laws telling me what I can and cannot do. If I want to buy a car for cash then that is NOT evidence of me being a criminal. :(
     
  19. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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    a)[the bold part] cheque's are still even a thing? I thought they were phased out? Unless business cheques are still in use. IDK, but please illuminate me if anyone feels so inclined
    b)[the underlined part] so does this mean if I was to purchase a car in a private sale, I could still pay with $10k+ in used, non-sequential FIAT? Would there be an issue in withdrawing that amount from a bank though? The 'law' seems rather ambivilant ambiguous...

    E: ambiguous, not ambivilant
     
  20. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    We still have some old customers with chequebooks.
     

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