The Government bill: To ban all cash transactions above 10,000, making it a criminal offence to assist the ATO’s drive to get rid of the cash economy has effectively been sunk.
Given the Virus and recession there wasn’t much appetite to pass it.
It’s been delayed, but there is not much likely hood of it be passed in the future.
This over zealot approach to cash economy by ATO, would have delayed our recovery.
There no doubt cash is used to evade tax, especially in the building industry, but it is lifeblood of many smaller business.
At least we know where we stand and our leaders have now exercised common sense.
Terry Murphy Accountants and More PL