Australia to Ban Cash Purchases above $10,000 (Submissions Close 15 Nov 2019)

Diji1 on 11/05/2018 - 22:40
Last edited 12/11/2019 - 23:52 by 2 other users

The Turnbull 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.

As part of the cash-in-hand crackdown the government will introduce an economy-wide cash payment limit of $10,000 to reduce money laundering and tax evasion, to apply from 1 July 2019.

https://www.theguardian.com/australia-news/2018/may/08/austr…

All while the top 500 businesses by market cap pay an effective rate of 2% with most of that paid by the lower half - while they use the infrastructure that your taxes pay for.

Isn't it about time you voted for someone other than LibLabs to stop this continued crackdown on individuals while big business pays almost nothing?

Update:

In the 2018-19 Budget, the Government announced it would introduce an economy-wide cash payment limit of $10,000 for payments made or accepted by businesses for goods and services. Transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.

SMH

Treasury: Currency (Restrictions on the Use of Cash) Bill 2019

—

Update 2:

3 days left to make a submission against the cash ban!

NOTE: If you made a submission to Treasury in August against the cash ban, you need to do another one to the Senate. They are different inquiries. However, you can adapt your submission to Treasury to re-submit to the Senate. Submissions are due in 4 days—15 November. Every submission is crucial! The easiest way to make a submission is to send an email to:
[email protected]

Financial

Comments

  • fantombloo on 11/05/2018 - 22:42
    +26

    You are loud but not saying much.

    Is this post the crescendo where we finally find out?

    • arcticmonkey on 12/05/2018 - 17:21
      +24

      The Liberals are the ones who want to give the banks and big business an $80 billion tax giveaway.

      Its no longer fair or accurate to state both parties are the same on this issue.

      The Liberals protected the billion dollar banks from a royal commission for over a year. It was again Labor that showed leadership on this issue.

      The OP is showing how uninformed they are by claiming both parties share similar views on this.

      The Liberal party certainly aren't coming out against big business like this:

      https://www.businessinsider.com.au/we-can-do-better-than-thi…

      • payton on 12/05/2018 - 17:46
        +3

        https://www.businessinsider.com.au/we-can-do-better-than-thi…

        promises ≠ implementation

        if you actually believe what Bill Shorten is promising then /facepalm

      • RefusdClassification on 12/05/2018 - 23:13
        +6

        The Labour party pretends to believe in socialism (welfare,public services,etc) because there are votes in doing so, but in reality they love big business and capitalist economics just as much as the Libtards do. Remember that he ALP introduced superannuation, which turns workers into mini-capitalists since some of their superannuation money is invested in shares of these tax evading companies.

        • Emerald Owl on 12/05/2018 - 23:25
          +1

          At least whilst the Labor right is in charge. I actually kinda liked Billy boy's budget reply and i'm a down the line Liberal

        • [Deactivated] on 13/05/2018 - 13:35
          +4

          Labour depend heavily on identity politics hence why the frequent socialism tendencies.

          …oh, and the NBN.

        • ely on 13/05/2018 - 23:04

          Remember that he ALP introduced superannuation, which turns workers into mini-capitalists since some of their superannuation money is invested in shares of these tax evading companies.

          Superannuation is compulsory savings, but everyone should be saving anyway (or planning on working for until they die), so I don't really think super changes that in any regards - you're under no obligation to invest your super in those particular tax evaders, invest it wherever you like (e.g. some of these "ethical" etfs - http://www.etfwatch.com.au/blog/what-ethical-etfs-are-availa…). And unless you were incredibly stupid with no thought for the future, you'd be saving anyway, and would still have to do something with that money.

          I tend to agree with your core point though - Labour still lacks the balls to deal with the multinationals, or our own banks, or our own property crisis. Better than the Libs, but not good enough.

  • SnoozeAndLose on 11/05/2018 - 22:47
    +45

    So the Chinese cant buy property using suitcases of cash?

    • smuggler on 12/05/2018 - 08:22
      +14

      It's funny because it's true.

      They also buy cars in suitcases of cash!

      • windrc on 12/05/2018 - 19:23
        +44

        We normally use red-white-blue nylon bag to carry the cash.

        • dufflover on 12/05/2018 - 22:13
          +9

          /Quimby voice
          Definitely preferable to the errrr-a sack with the dollarrrr sign on it

        • elf888 on 14/05/2018 - 12:14

          LOL, that's old school, we're now using Pikachu Nylon bag instead!

      • R4 on 14/05/2018 - 14:43

        Can you though? Maybe from a private seller but I know a guy who works at a new car dealer and they refuse to take more than a couple of grand in cash towards a car purchase. Has to be EFT or cashier's cheque

        I can't see a private seller turning cash down and I don't think this legislation is aimed at private to private deals

    • poboy on 12/05/2018 - 09:32
      +8

      China wants to stamp that out more than Australia.

      • smuggler on 12/05/2018 - 10:23
        +1

        Sure they do. This is part of their 'silent invasion'.

        The book is quite good too.

        I'm sure those car dealerships in Parramatta will go bankrupt if the government tries to stamp this out. Mercedes Benz Parramatta is probably the most corrupt business in western sydney.

        • Allan Thomas on 12/05/2018 - 13:48
          +11

          Rubbish. How would the car dealer account for and bank the cash?

        • smuggler on 12/05/2018 - 14:14
          +7

          @Allan Thomas:

          You seriously don't know how dealerships operate in Sydney. lol
          You can buy a car with a bag full of cash. Don't ask me how they launder it.

        • ThadtheChad on 12/05/2018 - 20:54
          +4

          @smuggler:

          There are a number of Chinese-run accounting firms that are running ridiculously effective money laundering businesses… and has been doing this dodgy shit for over 20 years.

          They are also acting as a conduit for siphoning off black money out of China. Hear-say is that just this firm (that someone I know is working at) is moving over 50M of black money a month.

        • neosin on 13/05/2018 - 02:16
          +2

          @gearhead:

          Love ozbargain,

          Everyone thinks they know a lot but it all comes from hearsay LMFAO!

          Talk is cheap on the internet!

        • ripesashimi on 13/05/2018 - 03:15
          +1

          @gearhead: well that's quite an accusation. You need evidence. Or shut up.

        • Sirocco on 13/05/2018 - 08:48
          +2

          @gearhead:
          This comment has been forwarded to the AFP.

        • smuggler on 13/05/2018 - 18:53
          +1

          @neosin:

          Come to Burwood and sit down with some property developers.

          They'll tell you how to dupe the authorities and secure a million dollar unit with overseas cash.

        • ThadtheChad on 13/05/2018 - 20:54
          +9

          @smuggler:

          SMH… the chaps above (neosin, ripesashimi and possible Sirocco) seem to have a pretty huge disconnect from ground realities. The Royal Commission on banking uncovered a fair number of "failed due diligence" activities. I lived in Burwood for quite a while. :)

          The reason why AUSTRAC doesn't seem to give enough of a shit (this is an opinion not fact) is that this black money is moving INTO the Australian economy propping up the house of cards that is the real estate sector.

          @other folks who don't believe me, I don't really care enough for your validation to actually start naming the firms. It REALLY isn't that hard to find these btw.

          @sirocco, that would be fine. :) If AFP actually checked my 'identity', I think the veracity of the claims would be quite evident.

        • yannyrjl on 14/05/2018 - 16:56

          @gearhead: these money places do $50M+ a day, at better rates than official channels

      • berry580 on 12/05/2018 - 20:44

        The Chinese communist party does, but not necessarily all the officials individually.

    • DEvok on 12/05/2018 - 12:29
      -2

      It just amazes me how people stereotype certain cultures regardless of the other 194 countries and point their fingers and never mention anything else.

      • smuggler on 12/05/2018 - 14:13
        +40

        Walk outside and look at which ethnicity dominates. It just amazes me how people continue to deny the reality we face in Sydney and Melbourne.

        • Blitzfx on 12/05/2018 - 17:45
          +2

          A lot of news articles pointing to said stereotype too. As well as corroboration from agents.

        • berry580 on 12/05/2018 - 20:51
          +27

          Are we talking about Indians or Middle Easterners here?

          If we’re talking about Chinese here, can you tell the difference between Chinese from Singapore, Malaysia, Hong Kong or Taiwan?

          Wait, aren’t they called Singaporeans, Malaysians, etc then?

          Can you even tell the difference? Probably not, so we’re ending up looking at Asians vs non-Asians. No wonder they stand out.
          In case you though otherwise, Australia is dominated by white Australians.

        • c0balt on 13/05/2018 - 12:10
          +12

          @berry580:

          I don't see why you have to point out how Asians make up many ethnicities and people are not right for calling Asian property buyers, Chinese, if they are. It's not racist to say that Chinese nationals are putting a lot of pressure on the Melbourne and Sydney property markets if it's the case.

          You might find that a lot of people who say 'Chinese' when referring to Chinese buyers in the Australian property market isn't because they are racist, but because they are educated people and can easily tell the difference between a Chinese mainlander and other Asians (including Chinese Malay).

          I don't know about you, but I can easily tell a Chinese mainlander by their pronunciation of English. There's a very distinct way that catonese/mandarin first language speakers pronounce certain English words. This is the same for Japanese, Thai, Italians, Dutch ect.

          Furthermore, unless your head has been buried in the sand the last few years - you would know that the Chinese community in areas of Melbourne and Sydney has exponentially grown, disproportionate to other Asian communities.

          The Australian residential, commercial and estate land are being dominated by Chinese money, extremely disproportionate to other communities. To suggest otherwise is a lie.

        • smuggler on 13/05/2018 - 18:55
          +2

          @berry580:

          Let's face it, Sydney and Melbourne are the only two cities who really matter.

          Sydney is more Asian (includes INdians I think) than European. Melbourne will soon follow.

          Furthermore, unless your head has been buried in the sand the last few years - you would know that the Chinese community in areas of Melbourne and Sydney has exponentially grown, disproportionate to other Asian communities.
          The Australian residential, commercial and estate land are being dominated by Chinese money, extremely disproportionate to other communities. To suggest otherwise is a lie.

          Go along the western and northern train lines and throw Hurtsville into the mix. You need not speak English to live in those areas.

        • whooah1979 on 13/05/2018 - 21:18
          +8

          @smuggler:

          Sydney is more Asian (includes INdians I think) than European.

          greater sydney 2011
          http://www.censusdata.abs.gov.au/census_services/getproduct/…

          The most common ancestries in Greater Sydney (Greater Capital City Statistical Areas) were English 20.4%, Australian 20.4%, Irish 6.6%, Chinese 6.5% and Scottish 5.0%.

          In Greater Sydney (Greater Capital City Statistical Areas), 59.9% of people were born in Australia. The most common countries of birth were England 3.5%, China (excludes SARs and Taiwan) 3.4%, India 2.0%, New Zealand 1.9% and Vietnam 1.6%.

          2016
          http://www.censusdata.abs.gov.au/census_services/getproduct/…

          The most common ancestries in Greater Sydney (Greater Capital City Statistical Areas) were English 19.4%, Australian 18.1%, Chinese 7.8%, Irish 6.6% and Scottish 4.9%.

          In Greater Sydney (Greater Capital City Statistical Areas), 57.1% of people were born in Australia. The most common countries of birth were China (excludes SARs and Taiwan) 4.7%, England 3.1%, India 2.7%, New Zealand 1.8% and Vietnam 1.7%.

        • lint on 14/05/2018 - 10:03

          Walk outside and look at which ethnicity dominates. It just amazes me how people continue to deny the reality we face in Sydney and Melbourne.

          Is the answer white people?

          Your posts are singling out a certain minority to blame for many issues you're unhappy with. That's pretty racist dude.

        • RocketSwitch on 14/05/2018 - 12:42

          I know right, probably living in a deluded reality.

        • Turbosaver on 14/05/2018 - 14:02

          @berry580:

          I think o smuggler here is a supporter of Pauline Hanson

          stoptheplanes

        • lonewolf on 14/05/2018 - 16:56

          @berry580:

          I am from an asian country originally and have lived in many countries before australia. Some of my closest friends are Asian but only recently did i find out they are all chinese in one way or another and thats sort of what brought them all together into one group. Be it malaysian chinese or vietnamese chinese or hong kong chinese and main land…

          I have lved in malaysia and singapore as well as other countries. Even if they are singaporean chinese or malaysian chinese, they still do partially identify with the chinese and not just straight singaporean or malaysians, at least from the friends i had anyway.

        • berry580 on 14/05/2018 - 17:57

          @whooah1979: stats as per above tells me there are more Chinese/Asian now than 5 years ago, but there are still significantly more Australians and English (close to 40%) than Chinese (less than 10%). Just wanted to spell that out in case the Asian experts had trouble figuring that out.

        • [Deactivated] on 15/05/2018 - 13:28

          Australians aren't English so I don't know why you need to lump us in with that barmy lot for. It should be in Australia there are still more Australians than foreign immigrants who are English/European or Chinese/Asian.

        • arislan on 17/05/2018 - 11:16
          +1

          @lonewolf:

          They identify with the traditional chinese culture and customs, but not with modern Communists China chinese behaviors & social norms. In fact I know a lot of Malaysian and Singaporean chinese that can't tolerate the social norms of Chinese from China.

          Also, there a lot more than that when we talk about eastern orientals. There's Korean, Japanese, amalgamated Thais and Indonesians who are descendants of pre-communist chinese who has given up their ancestral customs and adopted their national identity but retain their visual ethnicity.

          Just "going outside to <suburb" to take a look" isn't going to tell you who's who. Just because you see a street full of eastern orientals doesn't really tell you much, except Australia being a neighbor to Asia where there's a large majority of eastern orientals its only natural to see this distribution of demographic since we have open doors and not walls like what Trump is trying to build.

    • Cluster on 12/05/2018 - 14:12
      +9

      http://www.adelaidenow.com.au/news/south-australia/chinese-a…

      A MILLIONAIRE Chinese gambler splurged almost $190,000 in cash on dozens of bottles of expensive wine in a whirlwind visit to Penfolds’ cellar door

      Witnesses told of their shock when the businessman, aged in his early 50s, pulled 18 bundles of green notes from a plain black plastic bag, just after midday last Sunday.

      ^^^ This type of transaction will now be illegal. It may hinder some tax evasion, but equally the rich businesses man might decide to take his bundles of dollar bills home rather than spend them in the local economy.

      • buckster on 12/05/2018 - 14:18
        +12

        More like the rich businessman will find other corrupt methods of smuggling money out of China

      • Yamai on 12/05/2018 - 15:49
        +22

        Think of all the Qantas point he could have made.

        • Kangal on 12/05/2018 - 18:34
          +4

          I think if you're at this point, you might be able to buy a Qantas plane instead…

        • berry580 on 12/05/2018 - 20:53
          +6

          @Kangal: their aim is to buy QANTAS.

        • ely on 13/05/2018 - 23:10
          +1

          He'd need few more "bundles of green notes" to pay their fees to actually use those points if he wanted to fly…

      • [Deactivated] on 12/05/2018 - 21:44
        +1
        • the rich businesses man might decide to take his bundles of dollar bills home rather than spend them in the local economy.*

        Like that time they made seat-belts compulsory and it stopped people driving…..

        Strangely people adapt to new rules ok, occasionally they break them, but it never seems to stop people doing the main thing they were going to do anyway.

      • anthonyaaa on 12/05/2018 - 23:56
        +2

        Actually he can still do it.
        Just get his assists, driver, security guard, translator, tour guide to all make a transaction each of 10k per box of win3.

    • [Deactivated] on 12/05/2018 - 21:42
      +2

      Don't envy them, they all used corruption money to buy most $1.3m houses in Sydney.

      Better off living an honest life with your hard earned legit money, no matter how small/big it is.

      • RocketSwitch on 14/05/2018 - 12:46
        +3

        And yet the government keeps making rules to make the honest life harder.

    • cktftw on 12/05/2018 - 21:53

      Sure, just blame the Chinese for everything. Like how accidents are always truckie's blind spot.

      • [Deactivated] on 13/05/2018 - 10:01

        Its their fault the Sydney property prices skyrocketed. Australia should unite and fight them before its too late.

      • ExpressCoffee on 14/05/2018 - 09:44
        +2

        It's actually the cyclists fault.

      • RocketSwitch on 14/05/2018 - 12:47

        That's why the trucks have signs on them now lol

    • ozlab on 13/05/2018 - 07:00
      +7

      Sounds like Adolf Hitler to Jewish. Using jealousy and racism to drive hatred for political purpose. All the cash are coming from us who purchase products made in china. The money is then used to purchase Australia. It's called business. The only way we can do is stop buying from China and produce our own.

    • payless69 on 13/05/2018 - 10:11
      +1

      this is why customs buy E-gates from China. Show your pretty face, dispose all the contaminated cheap noodles in the bins provided and walk just thru with suitcase full of cash. Remember the states have absolute power to sell land and they get more in stamp duties so they have a vested interest to collect more duties.
      FRIB has a 60 grand application fee so again their only chance of getting funded it by taking part of the loot.
      Then feed your remaining loot bit by bit into a CBA ATM $1999 at a time and transfer it to another bank in a PTY name acc. Esy as…

    • smuggler on 13/05/2018 - 18:59
      +4

      I love the Chinese-Australian community. THis has nothing to do with racism.

      It's about dirty money coming into this country, horrible congestion in our major cities from massive apartment developments and the communist party influence in our politics and educational institutions. I would love nothing more than the proud Chinese-Australian community to stand up to communist influence.

      Burn those god damn propaganda posters and magazines in Ashfield, Chatswood, Hurstville, Burwood etc. They're filled with nothing but teaching today's generation of Chinese people to put China first no matter where you were born. All these magazines echo the words of Xi Jing Ping who believes Chinese people all around the world should answer the calling from China.

    • dasher86 on 14/05/2018 - 09:39

      the can… but it will be no longer logged as a sale transaction.

      Just like when they implemented the GST.

      Instead of pocketing $10, people pocketed $11.

    • cameldownunder on 14/05/2018 - 10:56

      Now they have to use bitcoins or old style diamonts. Gold is too heavy.

  • Bonsaichop on 11/05/2018 - 22:50
    +7

    In exactly what scenario would you have to pay in physical cash over $10k without trying to be suspicious. Even if you're hiding it under a bed and then wanted to pay cash it would be easier to deposit it in a bank and do an eft or pay by cheque.

    • SnoozeAndLose on 11/05/2018 - 22:56
      +11

      Not really, one time i want to buy a car and bank insist to chargr me for bank cheque, then i request cash.

      • Bonsaichop on 11/05/2018 - 23:03
        +2

        That's a bank cheque, not a personal cheque. And regardless, the EFT option is always available whether via personal internet banking or in branch and, because you want to 'nitpick', the bank may charge you or the receiver of the funds a fee if you do it in the bank.

      • bigbadboogieman on 13/05/2018 - 08:20

        Previously you might do that because EFT took time to clear. The seller doesn't want to hand over the goods before receiving money while the buyer doesn't want to handover money without the goods. OSKO payments resolved that issue to some extent.

    • luedriver on 11/05/2018 - 23:00

      in euro it would be easier, a small stack of 500 euro notes…

      • ely on 13/05/2018 - 23:11

        Not any more.

        The five hundred euro note (€500) was the highest-value euro banknote and was used between the introduction of the euro (in its cash form) in 2002 until 2018 when its production was stopped.

        https://en.wikipedia.org/wiki/500_euro_note

        • cameldownunder on 14/05/2018 - 10:57

          Long live the $1000 Swiss franc note. Hurray !

        • Greihawk on 14/05/2018 - 20:17
          -1

          @cameldownunder: Ahh the swiss, the favourite nation of money launderers worldwide for decades.

    • whooah1979 on 12/05/2018 - 07:45
      +1

      pay in physical cash over $10k

      Spending >$10000 on house renovations is easy. A driveway here, an extra room there or even a granny flat may easily amount to $10000s. Negotiate cash payment is financially justified.

      • c0balt on 12/05/2018 - 09:23
        +23

        Negotiating cash payment includes EFT.

        If you are negotiating paying contractors specifically in hard cash only, then, well, you are doing it to help someone else avoid tax.

        • whooah1979 on 12/05/2018 - 11:57
          +1

          help someone else avoid tax.

          There is a legal distinction between tax avoidance and tax evasion. Every entity has the right to practice tax avoidance.

        • c0balt on 12/05/2018 - 12:06
          +25

          @whooah1979:

          Yeah, nah. Taking a cash payment and not declaring it is tax evasion.

          Sorry, I didn’t realise someone was going to be such a pedant and I should have wrote evasion.

        • whooah1979 on 12/05/2018 - 12:16
          +3

          @c0balt:

          Using the correct terms is important when discussing tax issues . It helps those people that don’t understand that there is a difference between avoidance and evasion.

          The federal government have over the years tried to ignore the difference between the two and feed the people with campaigns that avoidance is illegal.

        • c0balt on 12/05/2018 - 12:24
          +5

          @whooah1979:

          Again, sorry Mr. Pedant. I didn't realise this was oztaxforum.com.au and even though my example was clearly of tax evasion, you are much more interested in arguing the semantics even after I said I should have used the word evasion rather than avoidance.

          You're the guy who's suggesting it's fine for someone to pay a contractor in hard cash to save money as it's the contractor who's tax evading. You can claim naivety all you want, but you are supportive of people who tax evade if it saves you a dollar, and that's disgusting because you know you are screwing over every other tax payer. It's just as bad as people who dole bludge.

          No wonder they are putting in this limit with people like yourself. Well the time has come for you to stop avoiding tax by supporting other people's tax evasion. I'm all for it.

        • whooah1979 on 12/05/2018 - 12:41
          -2

          @c0balt:

          We support a cash economy just as we support not lowering the lvt on imports.

        • kingmw on 12/05/2018 - 15:57
          +12

          @whooah1979: Unless the job is going to be complete in <1 day, then EFT and cheques would be fine for them. The reason why tradies/small businesses want cash is to under-declare their income. I.e. They get $10,000 for a job but declare only $5,000. If you don't believe this, then ask for a "tax invoice with gst" and see if it is the same price…

        • Harold Halfprice on 12/05/2018 - 16:33
          +8

          @whooah1979:

          You’re assuming that paying cash to tradies means that they wouldn’t report their income. It isn’t. It’s a quick and reliable form of payment. EFT and cheque takes time to clear. From hours to a few days. Credit cards may be instant, but there attracts transaction fees.

          Bullsh t.

          Large cash payments are a complete inconvenience - if you are going to legally declare them and pay tax anyway.

          Quick and reliable? You have to count the money. You have to check that the money isn't counterfeit. And after that you have $10k plus cash on hand that is easily stolen. So that's an extra trip to the bank you now need to make, quite possibly requiring time off work - and really, it's hard to be certain that the money is legitimate until you go to the bank.

          The only benefit of large cash payments is to under-declare income.

        • sabracad on 12/05/2018 - 19:27
          +3

          @whooah1979: If anything cash receipts encourage non-compliance due to the hassles mentioned by ILikeBargenz.

          You're also using an incorrect term regarding tax. Rightly or wrongly tax avoidance and tax evasion are considered the same - The ATO has a tax avoidance taskforce. Minimisation or more correctly optimisation are the words you are looking for.

        • scootlomo on 12/05/2018 - 19:57
          +1

          @whooah1979: WAT? I think you mean tax minimisation. Every entity has the right to practice tax minimisation.

          Tax avoidance is tax evasion, but you might be able to get away with it if audited by the ATO and they decide that the dominant purpose test falls in your favor. Maybe.

        • [Deactivated] on 12/05/2018 - 21:39

          @whooah1979: The NPP (PayID) is free and instant. As far as I'm aware most/all banks now support it. Cheques and cash are now effectively obsolete.

        • Plug on 12/05/2018 - 23:28
          +2

          @kingmw: In my experience that's bollocks. Tradies want cash so they can be sure of getting paid. I know of several who offer a 10% discount for cash and still issue GST invoices as it's worth their while not having to wait for or chase payments.

        • kingmw on 13/05/2018 - 11:22

          @Skexis: So based on what you said it should be the same price if I pay with credit card +0.5% surcharge but it usually isn't.

          Also this would rely on them declaring all their GST income as well.

        • StarvingOat on 13/05/2018 - 11:51

          @ILikeBargenz: Lol, you don't go to the bank after accepting payment in cash. That's why you take cash in the first place. You can't get banks involved.

        • John Kimble on 13/05/2018 - 19:20

          @Bargs: I don't think you can use payid to transfer more than $1000 at a time at the moment

        • ely on 13/05/2018 - 23:15

          @Bargs: Most, not all (Citibank being one exception at the moment). Payments are capped at $1000/daily at the moment by all banks I've dealt with, I suspect that this is a deliberate limitation in the early days of the system and that it'll be raised, but for now it's a bit of a pain.

          Still, next day is not that big a deal for large amounts.

        • RocketSwitch on 14/05/2018 - 12:51

          @kingmw: I thought this was common sense? Anyone thinking otherwise is kidding themselves.

        • Turbosaver on 14/05/2018 - 14:06

          @whooah1979:

          Can agree

          Tax avoidance

          "I bought a driveway for my investment property"
          "driveway appears at my house where I live in"

          Is this tax avoidance if I said I decided to manually move it to my place as it no longer met the requirement of the investment?

        • [Deactivated] on 15/05/2018 - 08:07

          @ely: $1000 per transfer but not per day. Source: I transferred $5k using PayID to the one destination account yesterday, but had to do 5 separate transactions, which is annoying. I suspect they want to limit the impact of you getting the wrong pay ID, though that's hard, given it gives you the name of the destination account when you pay, unlike BSB etc.

      • gromit on 13/05/2018 - 09:38
        +1

        That is exactly what they are wanting to avoid. The reason those contractors are happy for good cash discounts is they can avoid tax with cash, so no it isn't justified (well not from a legal standpoint), though from your view it is as it is someone else committing the crime.

      • cameldownunder on 14/05/2018 - 10:58

        Cash in hand, right? Just have to pay in instalments: Front Garden: $4000, Rear Garden: $5000, Side hedge trim: $3000, Tree Trimming: $6000.

    • MrBear on 12/05/2018 - 09:53
      +13

      I sold my Mazda6 a few years ago for around $20,000.

      Dude paid in cash on the spot after a test drive.

      Spent 10 minutes counting it and re-counting it.

      Gave him the keys and rego papers.

      I went to the bank and deposited it.

      • ATTS on 12/05/2018 - 10:21

        Just wondering
        How much does a money counter costs? The ones like the bank uses

        • fickre on 12/05/2018 - 16:52
          +1

          $99 from Kogan or cheaper from ebay.

        • gravel on 13/05/2018 - 08:46
          +3

          @fickre: You would trust a Kogan money counter with more than 10K in cash?

        • payless69 on 13/05/2018 - 10:17

          @fickre: every store in China has a few of them, first ones check for fake money, subsequent units try to count. Find zillions of them on Alibaba, starting at (.99 if you buy a container full…

      • Allan Thomas on 12/05/2018 - 13:53
        +4

        What information did the bank want from you when you walked in and deposited $20K cash? They have to report it to Austrac.
        Or did you make separate deposits of less than $10K?

        • macrocephalic on 12/05/2018 - 14:16
          +5

          Presumably you just tell them you sold your car.

        • Kangal on 12/05/2018 - 18:37
          +4

          @macrocephalic:

          Next year, a record 50 million cars will be sold !!!
          Government is stumped since there's a recorded quantity below 20 million ; )

        • ThadtheChad on 12/05/2018 - 20:56
          +1

          What information did the bank want from you when you walked in and deposited $20K cash? They have to report it to Austrac.
          Or did you make separate deposits of less than $10K?

          I guarantee you his account has triggered AML-CTF monitoring at the bank. They will be keeping a RAZOR sharp eye on every single fking transaction he's making for a period of time.

        • natslovR on 13/05/2018 - 10:32
          +1

          @gearhead:

          True but to the end user doing nothing wrong there’s no issue. Now that we have Inst-transfers the only issue I see with this cap is that many businesses haven’t enabled it yet. I bought a car last month and they didn’t have a setup for the new system so we would have to wait over the weekend for the funds to clear, or wear cc charges, or pay cash

          A travel agent we used recently was much nicer about it, was happy to watch us do a transfer and forward the banks receipt to her, but there’s a level of trust there that your average business shouldn’t have to wear

          Hopefully the $10k cap will make all businesses adopt the new transfer system, and with it available it’s appropriate timing for the government to block large cash transactions.

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