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
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.
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?
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.
...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?
Technically that would be a away around transacting in cash. Although crypto would be another way, and much easier.
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
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
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!
So are you saying someone with 10k to pay for good and services are just keeping their heads above water
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.
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.
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
