Save
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.
About the author
About the author
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more
Expenses
Telstra set to refund 10,000 customers
Ten thousand past and present Telstra customers are entitled to a refund due to being overcharged a total of $2.5 million. ...Read more
Expenses
iSelect in hot water for energy plan comparisons
Comparison tool iSelect has been ordered to pay $8.5 million in penalties for making false and misleading representations about its electricity comparison service. ...Read more
Expenses
Pandemic puts stopper in big spending
Two-thirds of Australians have seen their finances impacted by COVID-19, according to new research – and it’s affecting everything from holidays to houses and careers. ...Read more
Expenses
The financial products giving Australians the most grief during COVID-19
The Australian Financial Complaints Authority (AFCA) has received 7,420 complaints about financial products since the onset of the pandemic. ...Read more
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more
Expenses
Telstra set to refund 10,000 customers
Ten thousand past and present Telstra customers are entitled to a refund due to being overcharged a total of $2.5 million. ...Read more
Expenses
iSelect in hot water for energy plan comparisons
Comparison tool iSelect has been ordered to pay $8.5 million in penalties for making false and misleading representations about its electricity comparison service. ...Read more
Expenses
Pandemic puts stopper in big spending
Two-thirds of Australians have seen their finances impacted by COVID-19, according to new research – and it’s affecting everything from holidays to houses and careers. ...Read more
Expenses
The financial products giving Australians the most grief during COVID-19
The Australian Financial Complaints Authority (AFCA) has received 7,420 complaints about financial products since the onset of the pandemic. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
