Government given the green light over $10k cash limit bill
Mar 2, 1 year ago

Government given the green light over $10k cash limit bill

‘A Senate inquiry has recommended that a controversial bill that will criminalise business cash payments above $10,000 be passed with the proviso that the start date be pushed back, among other recommendations.’

‘The Senate Economics Legislation Committee has recommended that the Currency (Restrictions on the Use of Cash) Bill 2019 be passed, contingent on several recommendations, including a review of existing powers and penalty provisions to ensure that the bill is the “most effective response” to the black economy.’

‘The bill, which proposes to make cash payments above $10,000 a criminal offence with imprisonment of two years and a fine, was originally set to commence from 1 January 2020, but Assistant Treasurer Michael Sukkar has now confirmed that it will not be retrospective in nature and that a new commencement date will be determined in due course.’

‘The measure has been touted to quell black economy behaviour and money laundering by ensuring that entities cannot avoid scrutiny by making large payments in cash.’

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