Australia Bans Payments Over $10k, Unleashes “Mobile Strike Teams” In War On Cash
by Tyler Durden
ZeroHedge.com
Wed, 05/09/2018
As Australia struggles to maintain its unprecedented 104-quarter-long streak of uninterrupted economic growth, lawmakers are intensifying the country’s “war on cash” – ostensibly part of a crackdown on “criminal gangs” that are smuggling drugs and/or people into the island nation and companies that are trying to cheat their taxes.
To wit, Australia’s government has introduced an economy-wide payment limit of $10,000 for transactions conducted in cash, which, according to News.au, will help (in the aussie slang) “keep dishonest tradies and businesses from rorting the system by taking cash in hand.”
From July 1, 2019, cash payments of more than $10,000 made to businesses for goods and services will be banned as the Turnbull Government seeks to crack down on the $50 billion “black economy.”
The law was purportedly inspired by instances of large purchases – yachts, sports cars and other luxury items – being made in cash and the tax not being reported.
Perhaps the most – um – striking element of the proposal is the introduction of “mobile strike teams” to catch businesses engaging in the act of conducting an illicit cash transaction.
The Rest…HERE
