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The $10,000 cash payment limit law: What it actually means
The Currency (Restrictions on the Use of Cash) Bill 2019 gives effect to an economy-wide cash payment limit of $10,000 – but how will this actually affect you?
The $10,000 cash payment limit law: What it actually means
The Currency (Restrictions on the Use of Cash) Bill 2019 gives effect to an economy-wide cash payment limit of $10,000 – but how will this actually affect you?
The Australian government has released a fact sheet to address common myths about the imposition of laws around a $10,000 cash payment limit.
The Treasury has gone on the record to note that this new legislation, once passed by the Parliament, will still see Australians able to pay for everyday goods and services in cash up to the $10,000 threshold.
Second-hand goods sales between private individuals will also not be affected, and can still be above the amount.
The cash limit will also place no restrictions on the giving or receiving of cash gifts between family members.
Individuals will not be required to store money in a bank, and will still be able to hold or store $10,000 or more in cash outside of a bank or other holding facility.
In the same vein, Australians will still be able to deposit and withdraw amounts over or equal to the $10,000 cash limit into and out of their bank accounts.
The purpose of the new legislation is to target business which are under-reporting their income through anonymous and untraceable large cash payments as well as to aid in fighting organised crime syndicates.
“The government is sending a strong message to the community, and to criminal syndicates, more importantly, that using cash to avoid obligations and potentially engage in criminal activity is a serious matter that requires a sufficient level of deterrence,” said assistant Treasurer the Hon Michael Sukkar during the second reading of the bill.
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