Cash Receipt Limit Bill
The Currency (Restrictions on the Use of Cash) Bill 2019 has been introduced to establish the cash payment limit of $10,000 and offences for entities that make or accept cash payments of $10,000 or more from 1 January 2020, unless otherwise permitted.
These offences are intended to protect the integrity of the taxation law and other Commonwealth laws by ensuring that entities cannot avoid scrutiny and facilitate their participation in the black economy by making large payments in cash. The Black Economy Taskforce Final Report found that large cash payments can be anonymous and untraceable allowing businesses to under-report their income and for offering consumers discounts for transactions that reflect the businesses’ avoided obligations.
The cash payment limit does not apply to private transactions (excluding real property transactions). Transactions with financial institutions or consumer to consumer non-business transactions will not be affected.
If you would like to discuss this please contact our office.