$10,000 + cash transactions
Do you remember the Government’s proposal to ban cash transactions in excess of $10,000? It was contained in a Bill – the Currency (Restrictions on the Use of Cash) Bill 2019 – which we discussed in the November 2019 edition of TaxWise. The Bill had been passed by the House of Representatives, but it was stuck in the Senate.
The Bill would have made it a criminal offence for businesses to make or accept cash payments of $10,000 or more. Fines would have applied up to 60 penalty units (300 penalty units for corporations), and 120 penalty units or a 2-year prison for offences involving a greater level of culpability. The measures would not have applied to consumer-to-consumer transactions.
Well it seems that the Government has decided to scrap the proposal, as the Bill has been discharged from the Senate Notice Paper. Of course, the measures could be re-introduced at a later date, but it is probably safe to assume this will not happen during the current Parliament.
Ref: TaxWise Business News February 2021