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

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

  1. JulieW

    JulieW Well-Known Member Silver Stacker

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    This ^

    There's ample evidence. Governments spend a lot of time and effort bludgeoning the population into meekly obeying, and it is so successful that we peasants self-monitor and admonish our peers if they stray outside the lines.
     
  2. Davros10

    Davros10 Well-Known Member Silver Stacker

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    We've witnessed the death of the Aussie larrikin in the last 30 years.
     
  3. sctpc

    sctpc Active Member

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    Only one party who will make a stand for the Australian people
     
  4. leo25

    leo25 Well-Known Member Silver Stacker

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  5. Krakked789

    Krakked789 Active Member

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    Yes, I often wonder what happened to easygoing Australia. These days everything you do and say is documented to within an inch of your life.
     
  6. alor

    alor Well-Known Member Silver Stacker

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    yeah suspected the govt knows more about you than you know yourself in your finances
     
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  7. willrocks

    willrocks Well-Known Member Silver Stacker

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  8. kilo

    kilo Active Member Silver Stacker

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    If it walks like a duck and talks like a duck...

    So the cash ban of > 10k wil apply to everyone except politicians performing there duty as an elected member of parliament WTF?

    For the purpose of the act Crypto is considered cash.

    Additionally the parliament will be asked to vote on the bill with a yet unknown section yet to be inserted.

    Prob should post this in you couldn't make it up.



    Edit to add: important issues are raised throughout but if you don't have 20 min or find Naomi like fingernails on a chalk board

    8:30 crypto is cash so 10k limit applies
    9:45 exemption for 'weezeles'
    11:25 actuall wording of the act re politicians
     
    Last edited: Sep 10, 2019
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  9. valuecreator

    valuecreator Well-Known Member Silver Stacker

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    .
    .
    .
    A recession is when you neighbor lost his job.
    A Depression is when you lose your job...

    Cashless is code for "you're about to have less money".
    .
    .
    .
     
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  10. willrocks

    willrocks Well-Known Member Silver Stacker

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    Looks like cash > $10,000 will be banned for real estate purchases too.

    https://www.treasury.gov.au/sites/d...h-excepted_transactions_instrument_2019_0.pdf
     
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  11. willrocks

    willrocks Well-Known Member Silver Stacker

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    You would also be committing an offence if you make regular cash payments (i.e. buy groceries, pay rent), and the total of all those payments go above $10,000.

    https://www.treasury.gov.au/sites/d...estrictions on the Use of Cash) Bill 2019.pdf

    This bill is a total outrage. There should be protests in the street about it. Politicians are basically forcing all commerce through the banking cartel.

    My mum can't even use cards, she goes to the bank every fortnight and takes cash out to pay for all her expenses. She'd go over the limit in a few months.
     
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  12. 66rounds

    66rounds Well-Known Member Silver Stacker

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    I know many people in the same situation. Pension goes in, cash comes out, bills paid at post office, Groceries bought, account stays empty until next pension day. No credit or debit card. Just atm keypass
     
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  13. bron.suchecki

    bron.suchecki Well-Known Member

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    You are misreading the wording, it says "made for a supply" as in singular, so paying for groceries one day and buying some more the next day are two "supplies".
     
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  14. willrocks

    willrocks Well-Known Member Silver Stacker

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    So if I give multiple gifts of $9999, to the same person, that's considered legal? Who decides whether the gift/supply is singular or connected. It really needs clarification.
     
    Last edited: Sep 12, 2019
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  15. willrocks

    willrocks Well-Known Member Silver Stacker

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    If I employ someone and pay them in crypto (e.g. getpaidinbitcoin.com.au). Is their labor supply a series of supplies, or one supply? Where do you make the distinction?
     
  16. sctpc

    sctpc Active Member

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  17. bron.suchecki

    bron.suchecki Well-Known Member

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    Sure it needs clarification but the groceries example was way off the mark. As it is worded it is just covering situations of one supply/invoice/transaction and trying to break that up into part payments. Eg your getting a $11000 shed and the builder says pay $5000 cash now and $6000 cash at the end. That wouldn't be allowed.

    Sure there are ways to scam around the general rule but buying groceries every few days is not an attempt to "structure" a transaction like buying $9999 of bullion every day would be under current AUSTRAC rules
     
  18. SilverDJ

    SilverDJ Well-Known Member

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    Except that that has always been common standard practice in the industry.
     
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  19. STC

    STC Well-Known Member Silver Stacker

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    I plan to build a $12-$15k shed next June, how much can I pay as cash?
     
  20. willrocks

    willrocks Well-Known Member Silver Stacker

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    $9,999 in total
     
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