The Cash Ban bill
I believe you have the right to be heard by your politicians. That's why I want your advice on this vote.
What is the Cash Ban bill addressing?
Cash transactions make it easier for businesses to avoid paying their fair share of tax, or to not pay their employees properly. Large sums of cash can help businesses operate ‘off the books’ and gain an advantage over their competitors who are doing the right thing. It’s not fair, and it creates budgetary problems for the Government by reducing tax receipts. These rorts can also fuel crime, aid terrorist activities, and facilitate money laundering.
To stop this from happening, the Government wants to limit the ability for businesses or individuals to use large amounts of cash. This bill -- the Currency (Restrictions on the Use of Cash) Bill 2019 -- enacts a recommendation from the 2017 Black Economy Taskforce Final Report to implement a ban on cash transactions over $10,000. It would impose fines of up to $25,200 and 2 years jail time for entities that make or accept payments of more than $10,000 in cash for the same good and service.