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Sir Spot of Borg Gold Member Offline WE ARE BORG Posts: 26460 Australia	cash limit Aug 6^th, 2019 at 4:40pm i ran across this - apparently they are trying to get it through parliament now? https://www.treasury.gov.au/consultation/c2019-t395788 theres a page in there about how individuals cant transfer more than 10k either thats cash or electronic - so much for loaning gramma 15k Spot
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Bam Gold Member Offline Australian Politics Posts: 21905 Gender:	Re: cash limit Reply #1 - Aug 6^th, 2019 at 4:58pm More here: Morrison moves to eliminate cash on instructions from IMF Of course, his mates who have already shifted their cash offshore to the Cayman Islands will be out of reach.
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Sir Spot of Borg Gold Member Offline WE ARE BORG Posts: 26460 Australia	Re: cash limit Reply #2 - Aug 6^th, 2019 at 5:19pm Bam wrote on Aug 6^th, 2019 at 4:58pm: More here: Morrison moves to eliminate cash on instructions from IMF Of course, his mates who have already shifted their cash offshore to the Cayman Islands will be out of reach. Funny enough the conspiracy theorists have been warning about this for years Spot
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John Smith Gold Member Offline Australian Politics Posts: 72209 Gender:	Re: cash limit Reply #3 - Aug 6^th, 2019 at 5:21pm anything over $10 gets reported to the tax office now already.
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rhino Gold Member Offline Australian Politics Posts: 17179 Gender:	Re: cash limit Reply #4 - Aug 6^th, 2019 at 6:23pm John Smith wrote on Aug 6^th, 2019 at 5:21pm: anything over $10 gets reported to the tax office now already. Lol, no it doesnt you maroon.
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greggerypeccary Gold Member Online Australian Politics Posts: 131487 Gender:	Re: cash limit Reply #5 - Aug 6^th, 2019 at 6:28pm Oh, I thought this was gonna be a good news story. i.e. a limit on this sort of cash:
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Bam Gold Member Offline Australian Politics Posts: 21905 Gender:	Re: cash limit Reply #6 - Aug 6^th, 2019 at 6:34pm greggerypeccary wrote on Aug 6^th, 2019 at 6:28pm: Oh, I thought this was gonna be a good news story. i.e. a limit on this sort of cash: https://i.ytimg.com/vi/brSSfl1STLE/maxresdefault.jpg That particular Senator makes a sound similar to a fell beast (from LoTR).
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John Smith

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Re: cash limit
Reply #7 - Aug 6^th, 2019 at 6:41pm

rhino wrote on Aug 6^th, 2019 at 6:23pm:

John Smith wrote on Aug 6^th, 2019 at 5:21pm:

anything over $10 gets reported to the tax office now already.

Lol, no it doesnt you maroon.

$10k cash, yes it does.

Quote:
Under current Federal legislation, all Australian banks are required to report cash transactions of $10,000 or more (or foreign equivalent), including details of the relevant account holders, to the regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC).

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Bobby.

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Re: cash limit
Reply #8 - Aug 6^th, 2019 at 7:13pm

Sir Spot of Borg wrote on Aug 6^th, 2019 at 4:40pm:

i ran across this - apparently they are trying to get it through parliament now?

https://www.treasury.gov.au/consultation/c2019-t395788

theres a page in there about how individuals cant transfer more than 10k either thats cash or electronic - so much for loaning gramma 15k

Spot

It says cash NOT electronic.

Buy some spectacles.

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greggerypeccary

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Re: cash limit
Reply #9 - Aug 6^th, 2019 at 7:18pm

Bobby. wrote on Aug 6^th, 2019 at 7:13pm:

Sir Spot of Borg wrote on Aug 6^th, 2019 at 4:40pm:

i ran across this - apparently they are trying to get it through parliament now?

https://www.treasury.gov.au/consultation/c2019-t395788

theres a page in there about how individuals cant transfer more than 10k either thats cash or electronic - so much for loaning gramma 15k

Spot

It says cash NOT electronic.

Buy some spectacles.

Apologise to Spot, Bobby.

Here's a tip, from someone who reads legislation for a living: ALWAYS read the 'Definitions' clause in an Act FIRST.

From the Act in question:

"cash means either or both of the following:
"8 (a) digital currency;
"9 (b) physical currency."

https://www.treasury.gov.au/sites/default/files/2019-07/Exposure%20draft%20-%20C...

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Bobby.

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Re: cash limit
Reply #10 - Aug 6^th, 2019 at 7:24pm

greggerypeccary wrote on Aug 6^th, 2019 at 7:18pm:

Bobby. wrote on Aug 6^th, 2019 at 7:13pm:

Sir Spot of Borg wrote on Aug 6^th, 2019 at 4:40pm:

i ran across this - apparently they are trying to get it through parliament now?

https://www.treasury.gov.au/consultation/c2019-t395788

theres a page in there about how individuals cant transfer more than 10k either thats cash or electronic - so much for loaning gramma 15k

Spot

It says cash NOT electronic.

Buy some spectacles.

Apologise to Spot, Bobby.

Here's a tip, from someone who reads legislation for a living: ALWAYS read the 'Definitions' clause in an Act FIRST.

From the Act in question:

"cash means either or both of the following:
"8 (a) digital currency;
"9 (b) physical currency."

https://www.treasury.gov.au/sites/default/files/2019-07/Exposure%20draft%20-%20C...

Yes - that says:
6Definitions
5In this Act
:6cashmeans either or both of the following:
7(a)digital currency;8(b)physical currency

Spot - my apologies - I'm the one who needs new spectacles.

How does that work?

How could you buy a car or a house or anything worth more than $10K
I don't understand it.

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greggerypeccary

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Re: cash limit
Reply #11 - Aug 6^th, 2019 at 7:34pm

Bobby. wrote on Aug 6^th, 2019 at 7:24pm:

greggerypeccary wrote on Aug 6^th, 2019 at 7:18pm:

Bobby. wrote on Aug 6^th, 2019 at 7:13pm:

Sir Spot of Borg wrote on Aug 6^th, 2019 at 4:40pm:

i ran across this - apparently they are trying to get it through parliament now?

https://www.treasury.gov.au/consultation/c2019-t395788

theres a page in there about how individuals cant transfer more than 10k either thats cash or electronic - so much for loaning gramma 15k

Spot

It says cash NOT electronic.

Buy some spectacles.

Apologise to Spot, Bobby.

Here's a tip, from someone who reads legislation for a living: ALWAYS read the 'Definitions' clause in an Act FIRST.

From the Act in question:

"cash means either or both of the following:
"8 (a) digital currency;
"9 (b) physical currency."

https://www.treasury.gov.au/sites/default/files/2019-07/Exposure%20draft%20-%20C...

Yes - that says:
6Definitions
5In this Act
:6cashmeans either or both of the following:
7(a)digital currency;8(b)physical currency

Spot - my apologies - I'm the one who needs new spectacles.

How does that work?

How could you buy a car or a house or anything worth more than $10K
I don't understand it.

Hang on, I think "digital currency" means things like Bitcoin.

Not the same as "electronic payment".

"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."

Makes sense now.

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Bias_2012 Gold Member Online Australian Politics Posts: 10306 Gender:	Re: cash limit Reply #12 - Aug 6^th, 2019 at 7:38pm It seems there's no end to the Lib's and Lab's quest to sacrifice the privacy of the law abiding majority because of the criminal acts of a small minority
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greggerypeccary Gold Member Online Australian Politics Posts: 131487 Gender:	Re: cash limit Reply #13 - Aug 6^th, 2019 at 7:40pm Bias_2012 wrote on Aug 6^th, 2019 at 7:38pm: It seems there's no end to the Lib's and Lab's quest to sacrifice the privacy of the law abiding majority because of the criminal acts of a small minority What's wrong with using electronic payment or a cheque? The only people opposed to this would be those who have something to hide.
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Bobby. Gold Member Offline Australian Politics Posts: 95276 Melbourne Gender:	Re: cash limit Reply #14 - Aug 6^th, 2019 at 7:41pm Who knows Greggy. Why the hell do they need to keep making new laws every day? How many laws are there? It must run into the millions by now.
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