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Australia To Ban Cash Purchases Over $10,000 (theguardian.com)

Posted by EditorDavid on from the your-money's-no-good-here dept.

Long-time Slashdot reader skegg writes: Last night was federal budget night in Australia, and one of the announcements means Australians will face a crackdown on cash-in-hand payments in an attempt by the government to reduce money laundering and tax evasion. The government has turned its attention to the "black economy" in an attempt to raise billions of extra dollars and intends to limit cash payments for purchase goods and services to $10,000.
The financial services minister argues that currently the status quo "gives some businesses an unfair competitive advantage."

3 of 273 comments (clear)

  1. Crypto Currency by Archangel+Michael · · Score: 4, Informative

    Thanks for the recommendation to move to Crypto Currency for all transactions over $10K. - Australian Unintended Consequences Department.

    --
    Agent K: A *person* is smart. People are dumb, stupid, panicky animals, and you know it.
  2. Re:Simple solution: by Jeremi · · Score: 4, Informative

    Transaction 1: $10,000 buy the car wheels and chassis; Transaction 2: $10,000 buy the engine; Transaction 3: $10,000 buy the rest of the car.

    Yeah, they know about that trick; it's illegal too.

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    I don't care if it's 90,000 hectares. That lake was not my doing.
  3. Re:First they ban guns, then they ban money by bobbied · · Score: 4, Informative

    What next? Free speech?

    No need to take free speech... They don't have that now.. https://www.lifehacker.com.au/...

    --
    "File to fit, pound to insert, paint to match" - Aircraft Maintenance 101