Proposed Business $10K Cash Limit

A controversial bill has been passed by the House of Representatives. "The Currency (Restrictions on the Use of Cash) 2019" bill will make it a criminal offence for businesses to make or accept a cash payment of $10,000 or more, penalties of up to two years of imprisonment and a $25,200 fine can be imposed.

The bill is not yet law and has been referred to the Senate for further enquiry.

If passed the measure is set to come into effect 1st January 2020 and is an attempt to stamp out tax evasion and other criminal activity.

There are arguments for and against the measure, with some arguing that the law should not criminalise the use of legal tender, while others believing banning cash should be extended to all payments.


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