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.
Treasury: Currency (Restrictions on the Use of Cash) Bill 2019
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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]
turnbull wants people to use crypto currency