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

- Speckled Jim on 20/09/2019 - 23:48
  
  You know when Titanic was being made, they featured the first-ever CGI human stunt "actors" who fell or jumped from the titular vessel?
  The industry was wetting themselves over it.
  You could see the lightbulbs over their heads, the gears turning.
  That was 1997.
  
  Fox had Avid and others in their toy box. They could make the unreal appear real.
  
  That was the seed. Each subsequent event has led us to…this. And tomorrow, that.
Chubbsmcfatflabs on 23/09/2019 - 11:00

I don't like this at all.

But I would ask how many people complaining are registered for Mygovt ? I am not.

I also have large amounts of cash stashed at home and other places as I like paying cash for things as I then know I have paid for the item. I also save better as I stash away my coins and $5 notes. It adds up pretty quick.

The reality of handing over real money makes the purchasing decision harder as you are really transacting.

The exchange of tokens of value for goods/services has been a staple of economies for thousands of yrs.

Money in banks is just a number and for me is not quite as real.

Bought my last car for cash and the dealer was having kittens…got a real good deal though.
- brendanm on 23/09/2019 - 13:03
  
  How do you do tax if not registered for mygov?
  - Chubbsmcfatflabs on 24/09/2019 - 09:03
    
    Tax agent looks after it…
    
    I have never set up a mygov account. I have no contact with centrelink, I have some contact with medicare everyone does if you get ill, But as I have never set up an account nothing is linked. I never set up the myhealth record either.
    - brendanm on 24/09/2019 - 11:46
      
      I don't have Centrelink or myhealth either, but I do my own tax as it's quite simple, so have to have the mygov annoyingly.
EightImmortals on 31/10/2019 - 07:22

+1

https://youtube.com/AgYwFekUef8

Are the politicians exempt from their cash ban?
Interesting conversation about this criminal scam here.
- brendanm on 13/11/2019 - 11:13
  
  +4
  
  Politicians are generally exempt from most things. Morals, ethics, rules etc.
sintro on 14/11/2019 - 09:16

+1
CALL TO ACTION!
There is a Senate inquiry into Currency (Restrictions on the Use of Cash) Bill 2019 [Provisions]
Submission closes 15 November 2019.

If you don't want restrictions to use your own cash at any amount, I suggest you upload a submission NOW.

Every individual submission counts as the last inquiry for the draft bill they had 3500 submissions to the Treasury but they didn't publish any of them. It was only until someone used freedom of information request and found out they received 3500 submissions. But since this is a senate inquiry and the submissions goes to public elected officials hopefully they will look into the public's concerns properly and hopefully more people will request them to hold a public hearing.

The cash ban bill is presented as if it was to tackle tax evasion and the black economy. This is far from the truth as Australia has the 10th smallest black economy - https://cecaust.com.au/australia-doesnt-have-serious-black-e… and major tax evasion is done by big auditing firms, big banks and big corporations. Criminals are not going to stop using cash just because there is a new law, it's the law abiding citizens who will lose their rights.

Last 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]

Address the email to:
Committee Secretary
Senate Standing Committees on Economics
Re: Currency (Restrictions on the Use of Cash) Bill 2019

Then say what you want to say about the bill, especially:

The law attacks our right to privacy and freedom not to use banks—it is intended to trap people in banks so we can’t escape negative interest rates and bail-in, and our activities can be monitored and measured;

$10,000 is just the beginning, it has already been suggested by big corporations to reduce the limit to $2000 to $5000;

Criminals won’t abide by cash restrictions, but it will criminalise law-abiding citizens;

Australia doesn’t have an urgent black economy problem;

Digital technology often fails, as CBA’s system did recently, so cash-restricted economies can leave people stranded.

Exemptions are not written into the bill as law but in a separate instrument and can be changed by the minister at any time!

Cash restriction is a means to pave the way for Negative Interest Rates!

Have your say and innudate them with Ozbargainer submissions! We must retain our right to use our CASH at any limit!

Learn more here:
4-page flyer: Fight the totalitarian ban on cash!
Morrison rams cash ban through House of Reps, but we must be a brick wall in the Senate
Fact checking the government's 'cash-ban' fact sheet
Submission to the Australian Senate Inquiry into Banning Cash by Matt Barrie
How to stop the cash ban - You have the power - ACT NOW!!!

Sample submission to the treasury from August:
Submission by Australian Dental Association
Submission by Certified Practising Accountant Australia
1. Criminalisation of legitimate transactions with disproportionate penalties
2. The Object of the Act is qualified but the offences are not
3. There are limited defences and those that are available place the burden of proof on the defendant
4. Inappropriate extension of criminal liability to other entities
5. Treating multiple payments as a single payment
6. The offences apply to transactions outside of Australia
7. Australia’s legislation is far more punitive than other jurisdictions
8. Existing powers and offences sufficient to address the black economy
9. Investigation and prosecution of the offences is inefficient and administrative penalties should be
considered
10. The parliamentary process is critical to ensure oversight of exceptions and modifications
11. The Bill increases uncertainty for the fintech industry
12. Costs to business may increase
13. Encouraging changes in behaviour through incentives
14. Informing and educating consumers, business and not-for-profits of the change
EightImmortals on 14/11/2019 - 11:19

+1

Here's the video version.

https://youtu.be/sJAWYsrTr20
EightImmortals on 14/11/2019 - 16:43

+1

But wait, there's more!

https://cecaust.com.au/media-releases/never-give-treasury-ca…

Every submission is invaluable—1 day to go to get your submission into Senate inquiry

Following a week of public anger at the news that Treasury secretly dismissed over 3,400 submissions against the cash ban bill as just a “campaign by the Citizens Electoral Council”, Treasury has caved and published thousands of submissions on its website. Treasury now claims on its website that it received 3,620 submissions, all of which it has just published, minus 198 it calls confidential or unpublishable.

That said, the CEC knows of many submissions that are still unpublished, raising the question as to whether Treasury did in fact receive over 4,000 submissions, as the CEC was informed in September. Also, Treasury curiously redacted parts of the CEC’s submission, which was a strong condemnation of the corrupted process to benefit the corrupt financial system; all Treasury achieved by the redactions was to draw more attention to the CEC’s submission.

Click here for the CEC’s unredacted submission.

This mass-publication is nevertheless unprecedented in many ways, not least being that in almost all cases of government bodies receiving many submissions, even when the submissions are not ignored they usually only publish a small “representative” sample of submissions.

Treasury went from trying to ignore the submissions and misrepresenting them to the government, with no indication of any intention to publish, to suddenly doing a massive file dump of submissions.

What changed? We do know that in the meantime, they had received enormous, angry blowback, blasting them for the fact that they had misrepresented the consultation on the bill to the government. Remember the chronology: Treasury in late July had released the exposure draft of the bill on a Friday evening for a token two-week consultation. It is entirely possible that hardly anybody in Australia would have noticed, had not a public official in north Africa, who is an anti-money laundering campaigner, noticed it online (as it was billed as an anti-money laundering measure), and tipped off Australian anti-money laundering campaigner Helen Edwards, who tipped off economist John Adams who informed a number of people and organisations, including the CEC.

What happened next was stunning. In two weeks, Treasury received an unprecedented deluge of submissions from both experts and everyday Australians, the overwhelming majority of which emphatically opposed the bill. They weren’t form letters that someone just signed and forwarded on, they were the real thoughts of real people. And whether it was 3,620 or over 4,000, the response completely dwarfed the 30 submissions that a typical Treasury consultation receives on average.

Treasury’s report to the government should have been that its consultation had vividly demonstrated that Australians do not want this law. Instead it tried to misrepresent the response as the campaign of one organisation, but was caught out by the CEC’s FOI request, which sparked a blizzard of forceful complaint emails to Treasury by John Adams and many others. Now it has buckled under the heat and in so doing has proven that the bill has unprecedented opposition.

The lesson is: never give up! The machinery of government has become corrupted, but it gets away with it when the public grow demoralised and stop engaging. By engaging in large and growing numbers on issues such as the cash ban and “bail-in”, there are signs that the public is starting to force important shifts such as this one.

1 day to make your submission!

The most important thing you can do right now is to make sure you make a submission to the Senate inquiry by Friday’s (tomorrow’s) deadline. If you were someone who had been demoralised by Treasury not publishing or responding to your submission in August, and had thought that proved there was no point, as many had, take heart from this, shake your head clear and get back into the fight by getting your submission in ASAP. Who knows how many we can generate to the Senate inquiry, but every one is crucial in demonstrating the public opposition.

Include in your submission the fact that Treasury has now had to admit and publish that it received an unprecedented number of submissions opposing this law, and copy and paste this link to Treasury’s page so they can see the submissions for themselves: https://www.treasury.gov.au/consultation/c2019-t395788.

Click here for details on how to make a submission.

Supplementary submission

If you have already made a submission to the Senate inquiry, another thing you can do is make a supplementary submission, by emailing a message to the Committee with the link to the Treasury page (above), pointing out that the fact Treasury received so many objections in just two weeks proves the great majority of Australians don’t want this law. Call your email a supplementary submission. If we can generate enough of these in the next day it will ensure the Senators pay attention to what has happened in Treasury, which otherwise they wouldn’t know as Treasury had misrepresented the consultation process.
- sintro on 14/11/2019 - 17:48
  
  Just uploaded my submission!
  What about you?
  
  Looks like I gotta also make a supplementary submission!
  - EightImmortals on 14/11/2019 - 18:40
    
    +1
    
    Yeah I sent one back in August and then tweaked the same one and sent it last week.
EightImmortals on 16/01/2020 - 09:58

-1
Update: http://stopthecashban.com.au/

Three weeks to stop the cash ban based on lies!

The Senate inquiry into the Morrison government’s totalitarian cash ban bill is due to hand down its report in just over three weeks. Barring some extraordinary development, Morrison can then be expected to move for a vote in the Senate. If the Labor Party supports it, the bill will pass; if Labor opposes it, we can stop this law that has only one purpose—to trap people in banks.

For the next three weeks, everyone who opposes the cash ban must call all Labor MPs and Senators to demand they oppose this law. (Go to the new dedicated website stopthecashban.com.au for instructions and contact details, and share it with as many people as you can.)

Whatever the Senate report says, the facts are clear:

Treasury has zero evidence that this law will combat the black economy of tax evasion and money laundering. This became crystal clear in the first public hearing in December, under pointed questioning by Labor Senator Alex Gallacher and Centre Alliance Senator Rex Patrick. The Morrison government is not serious about ending real tax evasion and money laundering by the banks and big end of town. If they were, they would crack down on tax evasion that is facilitated by the corrupt Big Four global accounting firms including KPMG, the architect of this cash ban law. And they would legislate to make real estate agents, accountants and lawyers comply with anti-money laundering (AML) disclosures—sectors such as real estate are known for serious money laundering, but the Morrison government protects it. The only beneficiaries of the cash ban will (as usual) be the only constituency Scott Morrison cares about—the banks. Australians will be forced to use the banking system for everything, and will be unable to escape negative interest rates and the “bail-in” policy of stealing deposits to prop up banks when they are in danger of failing. There are numerous reasons cash use should not be curtailed, not least of which has just been exposed by the bushfire crisis—in a natural disaster, when electricity and internet infrastructure fails, only cash works for transactions. If the government and Labor were genuine about representing the needs of the Australian people, this experience alone would be enough to kill off this bill.

RBA cover-up

This week, there has been some important media coverage of the cash ban, by ABC and Business Insider. ABC’s Nassim Khadem on 13 January reported on the first round of public hearings in December, noting Treasury’s admission that the government’s evidence for this law was only “anecdotal”.

ABC highlighted the Reserve Bank of Australia’s testimony that claims the cash ban was intended to make negative interest rates work were “far-fetched”. Business Insider’s Jack Derwin also emphasised the RBA’s denials, which came in response to committee chair Senator Slade Brockman asking the RBA to answer the commentary that “this bill is somehow linked to the idea of a bank bail-in, the imposition of negative interest rates”. (Brockman didn’t say so, but that commentary has come from independent economist John Adams and banking expert Martin North on their Interest Of The People YouTube channel, and the Citizens Party.)

In response, the RBA tried to cover up this agenda. “With respect, I think some of those concerns that you’ve alluded to are a little far-fetched”, RBA head of payment policy Tony Richards told the hearing.

The problem for the RBA and Treasury is that contrary to Business Insider’s characterisation of the claims as a conspiracy theory, it is the International Monetary Fund that is openly saying cash must be restricted to make negative interest rates work. Australia’s financial authorities want to downplay negative interest rates, but they can’t rule them out.

As Business Insider reported: “RBA governor Philip Lowe, for his part, has previously stressed the prospect of negative interest rates is pretty unlikely, although maintained that all economic tools were on the table. At any rate, Richards noted that nations overseas that have introduced a negative official cash rate have not charged negative interest on savings. ‘There are almost no examples of negative interest rates for household deposits in those few countries that have had negative policy rates’, he said.”

As it happens there are several examples of negative interest rates being charged on retail bank deposits, in Germany and Denmark, and banks in Finland are looking to follow suit. And that’s with negative interest rates not far below zero. If interest rates go as deep as -4 per cent as the IMF has foreshadowed, however, all retail banks deposits will be charged negative interest rates. For the RBA to pretend that isn’t happening around the world, and that it isn’t a possibility here, is an attempt to cover up the real agenda behind this law.

Hit Labor!

With just three weeks to go to stop this law being passed in the February sitting of Parliament, we must call all Labor MPs and Senators to demand they oppose it. If Labor votes no, it can be stopped. Demand the Labor MPs and Senators look at Treasury’s pathetic testimony to the Senate hearing in which they admit they have no evidence of the need for this law, and tell them to talk to their own colleague, SA Labor Senator Alex Gallacher, whose sharp questioning forced Treasury to make this admission.

A second public hearing is scheduled for Sydney on 30 January. The venue hasn’t yet been announced, but when it is we’ll publicise it so as many people as possible in and around Sydney can attend, and demonstrate to the Senators the depth of public opposition to the government ramming through yet another law that benefits banks and strips away the rights of Australians.

What you can do:

Take the time over the next three weeks to call as many Labor Party MPs and Senators as you can, to make sure they see Treasury’s admission to the Senate hearing that there’s no evidence for this law, and to tell them the other facts listed above. Go to stopthecashban.com.au for instructions and contact details. Make plans to attend the second public hearing on the cash ban bill in Sydney on 30 January.

http://stopthecashban.com.au/
EightImmortals on 30/01/2020 - 18:20

Government criminals get owned. Lets hope the facts are enough to resist their scummy plans.

https://youtu.be/aafI1n1_Gm0

(8 minutes)
- lecheapo on 06/02/2020 - 14:38
  
  There is the full video online now: https://www.youtube.com/watch?v=33skHkp6z5U
  
  I can't believe they are trying to impose this on us.
  - EightImmortals on 06/02/2020 - 15:09
    
    Believe it.
    
    3 February 2020 - Citizens Party Media Release
    This week is make-or-break for the cash ban. The Senate inquiry hands down its report on Friday ahead of an expected Senate vote next week. Everyone opposed to this law must call Labor Senators this week, as well as Leader Anthony Albanese and Shadow Treasurer Jim Chalmers, and demand they stop it, as they have the power to do so.
    
    Click here for contact details for all Senators in each state.
    
    Labor Leader Anthony Albanese: (02) 6277 4022 or [email protected]
    
    Shadow Treasurer Jim Chalmers: (02) 6277 4880 or [email protected]
    
    The Liberals are hell-bent on ramming through a totalitarian law that jails people for up to two years for spending their own cash. They are riding roughshod over their own party members, who voted overwhelmingly—more than 95 per cent—against this law at a Victorian State Council meeting in November.
    
    The two Senate hearings have proven beyond a shadow of a doubt that they have zero evidence for this law, and all it will benefit are the crooked banks which people will be forced to use for more transactions, and the banks’ accomplices in the RBA who are pushing the economy towards negative interest rates, which the IMF says only work if cash is restricted.
    
    Independent economist John Adams proved this in his excellent testimony to the second hearing in Sydney on 30 January—click here to listen to the testimony and his answers to the Senators’ questions (and please share widely).
    
    In following up a question he was asked on notice, Adams has just broken the scandal that the Treasury and government deliberately side-stepped the proper regulatory impact statement process for new laws. Watch John Adams and Martin North, in this Interest Of The People video “The 11th Hour Regulatory Impact Economic Bombshell”, expose how the government is breaching its own processes in order to ram through this cash ban before the public become aware of the huge regulatory burden it will impose on businesses and individuals to ensure that they don’t end up in jail for spending or receiving legal tender.
    
    https://citizensparty.com.au/media-releases/liberal-policy-s…
    - lecheapo on 06/02/2020 - 16:32
      
      I just called all of my states senators to explain my opposition to this bill. It is worth getting on the blower for a few minutes to let them know your thoughts.
      - EightImmortals on 06/02/2020 - 16:50
        
        @lecheapo: Yep, I sent them all an email instead. What kind of response did you get?
EightImmortals on 09/02/2020 - 14:46

lols.

https://citizensparty.com.au/media-releases/tyranny-debankin…

STOP PRESS: Morrison blinks on cash ban! The Morrison government has delayed the Senate report on the cash ban, originally due tomorrow, until 28 February to consider the evidence. The flood of calls that Senators are receiving are working! Keep up the pressure.
Debuting on 16/02/2020 - 17:48

Any chance this ban will be cancelled?
tonyjzx on 18/02/2020 - 00:46

+1

I think this is all a grand plan to move completely to a cashless society so every transaction is under the federal microscope and it paves the way for negative interest rates and to limit daily expenditure to bolster reserves.
whooah1979 on 04/12/2020 - 12:08

+1

Common sense by sensible politicians.
https://www.smh.com.au/politics/federal/plan-for-10-000-cash…

Plan for $10,000 cash ban 'dead, dead and dead
In a motion moved by One Nation, the Senate on Thursday officially dumped debate on the proposal that emerged from the government's own black economy taskforce in 2017 as a way to crack down on organised criminals and those seeking to avoid tax.
- Speckled Jim on 04/12/2020 - 13:03
  
  There's no need — recent history has shown an overwhelming acceptance of a cashless economy.
  It's imminent.
  - whooah1979 on 04/12/2020 - 13:50
    
    There will always be a place for private transactions.
  - grasstown on 04/12/2020 - 19:19
    
    Hopefully 2020 I opened more people's eyes

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

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