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

    Joined:
    Oct 14, 2010
    Messages:
    13,415
    Likes Received:
    2,705
    Trophy Points:
    113
    Location:
    Australia
    "10th smallest black economy out of 158 countries".

    Put another way, Australia is one of the top 10 tax evading countries in the world.

    :D
     
    kilo likes this.
  2. kilo

    kilo Active Member Silver Stacker

    Joined:
    Feb 5, 2011
    Messages:
    398
    Likes Received:
    197
    Trophy Points:
    43
    Location:
    Australia
    I think what she means black economy in Australia is in the bottom 8% of 158 countries surveyed :)
     
  3. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    6,678
    Likes Received:
    2,036
    Trophy Points:
    113
    It also states Australia is well below the OECD average of 6%.

    [​IMG]

    Also I'm not convinced those reports are entirely accurate. From my own experience living overseas, I've met people who get paid digitally, via bank deposit, but do not pay income tax (even although they are required to). In his particular country the employer isn't responsible for taking tax out of wages. It's the employee's responsibility. The person I met, who didn't pay income tax, said he didn't pay because the law only allowed authorities to go back 3 years. After not paying for 20+ years, he thinks 3 years tax is worth the gamble.
     
    kilo likes this.
  4. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    1,730
    Likes Received:
    1,706
    Trophy Points:
    113
    Location:
    Melbourne
    Where is this tax free heaven you speak of?
     
  5. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    6,678
    Likes Received:
    2,036
    Trophy Points:
    113
    I won't disclose that on a public forum :D. But I will say that country also allows up to approx $300,000 AUD tax-free if the income is derived offshore. Also the highest income bracket doesn't kick in until about $500,000 AUD.

    Many countries have much fairer tax laws than Australia. The trade off is usually they have no social security. I've also noticed they often have much lower rates of crime.
     
    66rounds likes this.
  6. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    1,730
    Likes Received:
    1,706
    Trophy Points:
    113
    Location:
    Melbourne
    Social security is a pox on society. Less government and less taxes is my paradise.
     
    willrocks likes this.
  7. kilo

    kilo Active Member Silver Stacker

    Joined:
    Feb 5, 2011
    Messages:
    398
    Likes Received:
    197
    Trophy Points:
    43
    Location:
    Australia
    PM me? :)
     
    66rounds likes this.
  8. Ag bullet

    Ag bullet Well-Known Member

    Joined:
    Dec 27, 2013
    Messages:
    1,176
    Likes Received:
    878
    Trophy Points:
    113
    Location:
    SE QLD
    who needs social security when you don't have half your money taken from you.
     
    66rounds and willrocks like this.
  9. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    6,678
    Likes Received:
    2,036
    Trophy Points:
    113
    The countries without social security, that I've lived in, tend to have stronger family financial ties. It's quite common for kids to financially support parents or their siblings when they don't have enough. Also there's a lot less unemployment.
     
    Ag bullet and 66rounds like this.
  10. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,969
    Likes Received:
    54
    Trophy Points:
    48
    :eek:

    Is there a third option?
     
  11. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    2,193
    Likes Received:
    1,241
    Trophy Points:
    113
    Location:
    Singapore
    We don't have social security here in Singapore, at least not a working one, but youth unemployment or under employment is very high. The kids can hardly support themselves. Cars are especially expensive.

    In many cases, it's parents supporting kids in their 20s and 30s, although not as bad as in China where parents need to buy cars and apartments for their heavily indebted 30-year old prince and princess (a result of single child policy).

    Over here, the "kids" that can financially support parents are Gen X kids, in their late-30s and older "kids".

    In the case of single child families, it's very difficult or impossible for their kids to support both aging parents without social security, especially so if their kid is married and has a child to support.

    With this kind of demographics, it's going to end badly but you will never see this kind of reports being written on Western media.

    Why are HK youths protesting? Is it about the communist party? It's more than that, it's about high property prices, high cost of living, zero social security. The protests are nothing to do with democracy or China.
     
    Last edited: Oct 2, 2019
    milled, 66rounds and willrocks like this.
  12. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    6,678
    Likes Received:
    2,036
    Trophy Points:
    113
    I think it goes both ways. If the parents are well off, they often spoil their kids (especially only sons).

    I agree, it tends to be Gen X that support their parents. I can't see the current generation supporting anyone, even themselves.
     
    Oddjob and 66rounds like this.
  13. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    6,678
    Likes Received:
    2,036
    Trophy Points:
    113
  14. harry_mr

    harry_mr Active Member

    Joined:
    Oct 17, 2015
    Messages:
    133
    Likes Received:
    106
    Trophy Points:
    43
    Final day for putting in a submission against this Bill.
     
  15. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    6,678
    Likes Received:
    2,036
    Trophy Points:
    113
     
    kilo likes this.
  16. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    1,354
    Likes Received:
    1,028
    Trophy Points:
    113
    Most people I know have 2 or 3 jobs just to scrape by.
    Cost of living is very high here and rent is rediculous so most have roommates too.
    Ski town/college town the usual. Kids living with mom and dads credit cards hehe.
     
  17. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    1,354
    Likes Received:
    1,028
    Trophy Points:
    113
    So making a big purchase is illegal if you only use cash. Sounds weird to me.
     
  18. systematic

    systematic Well-Known Member

    Joined:
    Jun 6, 2010
    Messages:
    6,870
    Likes Received:
    351
    Trophy Points:
    83
  19. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,244
    Likes Received:
    1,461
    Trophy Points:
    113
    Location:
    Sydney
    The level of incompetence always amazes me.

     
    madaw1 and spannermonkey like this.
  20. mal

    mal Member

    Joined:
    Sep 23, 2016
    Messages:
    61
    Likes Received:
    10
    Trophy Points:
    8

Share This Page