If the new laws are passed, penalties for those hoarding cash over $10,000 would apply to both parties to the transaction — the payer and the receiving business."Effectively, if you are a person who keeps cash and uses it to buy a new small car, for example, you will face the real threat of 2 years in jail and a fine that would likely exceed the value of the vehicle," Ms Hanson said in the Facebook post.
CPA Australia said in its submission to Treasury there was no strong evidence to justify an"extraordinary penalty" for the use of legal tender. CPA Australia general manager external affairs, Paul Drum, said there were already a number of existing checks and balances in the system to address criminal activity.Chartered Accountants Australia and New Zealand tax leader Michael Croker argued in his group's submission that the $10,000 cash limit was high, and needed to be lowered.
Big four accounting firm KPMG said while it supports the proposed laws, the ban should be set at a lower limit of $2000 to $5000.Economist John Adams, who was formerly an advisor to Liberal Senator Arthur Sinodinos, said the Government's proposed laws would curtail Australians' civil liberties and were"anti-competitive" since many people used cash as an alternative to commercial banks.
He also argued that the proposed laws would make it hard for Australians to escape negative nominal interest rates. He likened the cash limit to George Orwell 1984 classic exploring how Big Brother uses surveillance to control citizens.
The last I heard, cash was still legal tender. If they want to stamo out the black economy, make the tax system fairer. Increase the GST to 15% and drop the tax rates to 15%. Then all is equal.
Another croc of shit by this government... government doesnt need to track every fart we do
This country under this liberal government is becoming more like China everyday.
This is why bitcoin exists.
Whoever brings that in will be voted out quick !!!
Nanny state gone mad.
WTF! That's going to screw a lot of people over
Wow Australia becoming like Russia, first internet, emails and phone calls monitored now cash economy under attack what next? Are we forgeting CASH IS A KING 👑
What’s wrong with these politicians? No brains, you cannot enforce this law. They said ABN & GST would get rid of the black money, but it’s more prevalent than ever. ScottMorrisonMP auspol
Under the guise of criminal proceedings i guess. Next they will be accessing everyones bank accounts.
Can always make multiple payments under the legal 'threshold' to avoid falling foul.
Just more nanny state stuff. Govt wants to control every move you make. auspol taxationistheft
Tightening the screws. You won't be allowed to own cash or gold before long, everything will be electronic so they can erase and give to whoever they want to.
This is nothing more then Scomo helping out his mates again from the top end of town.
I don't see what's wrong with this Who's paying big dollars in cash every day like that? Likely tax-cheating selfish crooks and literal criminals
Ludicrous idea to control the spending habits of aust citizens bankingrc outcomes also more power to banks to control cust spending. Their is no black economy thats why gst was introduced, howards excuse, to tax goods & services when consumed no matter how paid auspol rort
This is abhorrent, more of entrenchment of banks as intermediaries to deny people & business freedom to transact directly. Whoever proposed such a law is a traitor to Aust & destroyer of liberty.
indue card anyone
Money Launderers would hate this lol and sucked in to them
Sigh... remember when we were told GST was going to 'fix' cash transactions, because whenever you bought something off a business you had to pay tax, no matter how you paid for it. Australia just cashless future, and negative interest rates world coming... the whole world!?
Cash is not a crime.
That would rule most unions subject to criminal charges when they extort construction companies.
Cue the rise of bitcoin
This is all about taxes, if the government think this will work they are even more foolish than I thought. Think about it, people can get around this quite easily if they so choose. What idiots.
Disgusting, leave us alone, I don’t Believe we should be allowing any more govt control and further reduction in freedoms. Whatever happened to consent of the governed. I do not consent to this.
It's designed to trap you into the banking system, so you can be bailed in and suffer negative interest rates.
This won’t stop the people they want to stop and will just hurt those of us who feel that cash is far safer that banks.
Use crypto, the government can't track it even if they wanted to.
Buy bitcoin. It doesn't discriminate or let a government tell you how much you can or can't spend. longbitcoinshorthebanks
It's already in play i saved 75% of a $25,000 purchase my bank only allows $5,000 at a time to pay my savings i had to make 3 transactions. 2X internet banking & 1X CC. And yes the sales staff wanted to know what do for a living as handed over my ID! treatedlikeacriminal
Commie Australia has arrived.
Watch the banks use this to push negative interest on savings accounts.
danmatthews85 😂😂😂😂😂😂😂
What if it's in a Brown Paper Bag?
The GST was meant to be the fix all, now this. Maybe IF our Govts stop wasting money, then people would feel happier contributing tax dollars? Right now, it’s every person for themselves, who could blame them? This $10,000 bandaid will do nothing against the creative out there?
“The Government's Black Economy Taskforce had argued a $10,000 cash limit for transactions between businesses and individuals would help fight the cash economy by stamping out tax evasion, money laundering and other crimes.”
This about bailing in the BANKS when we go negitive interest next year! Scott wants a BAIL IN !! Disgraceful ScottMorrisonMP
That’s one way to stop an economy
So what's stopping people from just doing two transactions of $5k each for something?
I do not support this bill AusPol
10000 plus has always been a reportable transaction amount...
Insane: I looks like another law to protect banks.
BB going too far. It's no one else's business how much money I have...
Ridiculous!
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