Did anyone know about the current consultation on the Bill to ban Cash Transactions greater than $10,000. If you want to pay an amount greater than that in cash you must do it either by Cheque or by Bank transfer. As many no longer accept personal Cheques this would mean a Bank Cheque. Too much interference by Govt I say, but some others disagree including Scott Morrison our PM.
Some views on the current draft:
Submissions end date is 12 August…not much time at all, you wouldn’t think they were in a hurry would you??? 14 days to submit one to the Govt…
From the Treasury one:
" Date 26 July 2019 - 12 August 2019
Consultation Type Draft Legislation
In the 2018-19 Budget, the Government announced it would introduce an economy-wide cash payment limit of $10,000 for payments made or accepted by businesses for goods and services. Transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.
The Government has today released for public consultation exposure draft legislation and accompanying explanatory material to implement the economy-wide cash payment limit from 1 January 2020 and for certain AUSTRAC reporting entities from 1 January 2021.
Submissions to the consultation are open until Monday 12 August 2019.