Australia Bans Payments Over $10k, Unleashes "Mobile Strike Teams" In War On Cash

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."

Treasury

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.

Treasurer Scott Morrison said the Black Economy Standing Taskforce will be beefed up to detect people making sneaky cash transactions through a rigorous identification system and "mobile strike teams".

A black economy hotline will also be set up to allow people to dob in anyone who may be cheating the system.

"Cash provides an easy, anonymous and largely untraceable mechanism for conducting black economy activity," the response said.

"Cash payments make it easier to under-report income and avoid tax obligations. This allows businesses transacting in cash to undercut competitors and gain a competitive advantage."

Meanwhile, Australia's federal law enforcement are setting up a hotline for people to call in and "dob on their neighbors" who are violating the cash payments rule...

A black economy hotline will also be set up to allow people to dob in anyone who may be cheating the system.

"Cash provides an easy, anonymous and largely untraceable mechanism for conducting black economy activity," the response said.

"Cash payments make it easier to under-report income and avoid tax obligations. This allows businesses transacting in cash to undercut competitors and gain a competitive advantage."

...And the Australian taxation office is stepping up audits and upgrading its data analysis tools to help catch businesses that violate the law.

It said the taskforce had identified examples of "large undocumented cash payments being made for houses, cars, yachts, agricultural crops and commodities," which contribute to the $50 billion black economy and "hurt honest businesses."

The Australian Taxation Office will also carry out more audits and improve its data analytics in its effort to curb money laundering and criminal activity.

The law is slated to take effect in 2019. After that, transactions involving businesses will need be routed through checks or electronic means. But transactions between individuals and financial institutions.

The government will also overhaul how it handles the Australian Business Register, including possibly imposing more stringent requirements on renewing businesses' operating licenses.

This will be bad news for criminal gangs, terrorists and those who are just trying to cheat on their tax or get a discount for letting someone else cheat on their tax...

It’s not clever. It’s not OK. It’s a crime.

Australian lawmakers have backed the new system, which was introduced by the country's Treasurer, Scott Morrison in his annual speech introducing his proposed national budget.

In its response, the government said it agreed with or supported the majority of the recommendations, including potentially requiring wages to be paid into bank accounts, effectively outlawing cash-in-hand payments. Workers in the "gig economy" will also face greater scrutiny. The government said it was "encouraging the transition to a digital society."

Of course, while the government says its new system is targeted at criminals, we suspect there might be an ulterior motive: Given the rash of foreign investment that has propped up Australia's housing and asset markets, the government is merely trying to stop a flood of capital from leaving the country - particularly now that rising interest rates in the developed world are making its bonds and currency less attractive by comparison.

Comments

Decoherence Bitchface-KILLAH Thu, 05/10/2018 - 00:26 Permalink

You should enlighten us.  Explain how any digital currency wins anything, other than mass manipulation and scrutiny.  I see how crypto helps facilitate the end game toward cashless societies.  I'm connecting those dots with ease.  The best way of getting peasants to give up more freedom is to trick them into doing it on their own accord.  It's the oldest gig in the book.   

In reply to by Bitchface-KILLAH

risk.averse Four chan Thu, 05/10/2018 - 03:22 Permalink

Yes, a 100% accurate statement. On a number of counts.

Australia’s prime minister, Malcolm Turnbull, is Jewish. He is Australia’s first Jewish PM. Outwardly, he’s a Catholic —he says he was inspired to become one by his Catholic wife. But, technically (according to Jewish custom) because Turnbull’s mother —who abandoned him when he was still a child — was a Jewess that makes him one as well. Jewishness follows matrilineal lines.

And —if that wasnt enough—Turnbull was also a merchant banker before his move into politics about 15 years ago. In the 1990s, Turnbull was the CEO of Goldman Sachs Australia.

With the help of the MSM, Turnbull undermined the previous PM, Tony Abbott, and ostensibly because Abbott had lost a series of newspaper-run popularity polls Turnbull was able to get his Party to dump Abbott. Abbott is a true conservative (and a real Catholic BTW). Turnbull only joined the Liberal Party (current ruling party) because Labor Party wouldnt have him—Labor was probably spooked by Turnbulls banking past. Socially and politically Turnbull is a center-leftie

 

In reply to by Four chan

ItsAllBollocks risk.averse Thu, 05/10/2018 - 06:04 Permalink

Correction - Pigeonholing Tony Abbott as a catholic is not quite correct. Abbott trained as a Jesuit priest. Jesuits are the army of the vatican so to speak and if you know little of their history I suggest a some research before the next election. Abbott hasn't gone away no matter what you think of him. The main difference between catholics and jesuits is their pope. Catholics have the white pope where jesuits have the black pope, from there, the differences intensify.

Don't take my word for it, google it.

In reply to by risk.averse

Theosebes Goodfellow ItsAllBollocks Thu, 05/10/2018 - 06:53 Permalink

All of this will become very interesting if gold ever tops $10k/oz., though it may not matter. It does now appear as if the world is hell-bent on war, which will bankrupt everyone who plays along. When the Aussie buck goes to shit, $10k might not be that big of a value sum. I'm sure they will "upwardly adjust" the number as needed to keep the wage-slaves enthralled.

In reply to by ItsAllBollocks

philipat risk.averse Thu, 05/10/2018 - 06:10 Permalink

The Australian Government is already one of the most mean-spirited combinations of "Mummy knows best" and totalitarianism worldwide. So I'm not surprised that Australia should be the first to jump the shark on this. Of course, all Governments want to ban cash because of those evil criminals and tax dodgers and for your own protection. Right. It also means of course that the Government can completely control you AND can introduce negative interest rates as another way to steal from the 99%. Fuck them all, frankly.

In reply to by risk.averse

Bendromeda Strain philipat Thu, 05/10/2018 - 07:03 Permalink

Hear hear! When I was an ignorant Navy man I looked up to the Aussie's as an example of men being men where playing rugby and Aussie football was followed by several pints and a good-natured fistfight. How sad that it all went so wrong. That Australia ended up as a castrati nation should be an alarm bell and a clarion call to resist the feminist move towards totalitarian Marxism disguised as benevolent "center-leftism"

In reply to by philipat

philipat Bendromeda Strain Thu, 05/10/2018 - 08:00 Permalink

Not to mention that Australians, a great outdoor sporting nation, have become as fat and unhealthy as Americans. For all of the same, planned, reasons. But yes, another example of Government completely fucking up an otherwise very nice country. Just as with the US also.

I'll throw another prawn and a quadruple cheeseburger with extra fries and a large coke on the barbie for ya.......

In reply to by Bendromeda Strain

Dame Ednas Possum leftcoastfool Thu, 05/10/2018 - 00:38 Permalink

'ostensibly part of a crackdown on "criminal gangs" that are smuggling drugs and/or people into the island nation' 

More lies from government. 

I know someone who works for the Aust. Federal Police as a forensics expert fighting in the front line against serious drug importation into Oz.

This team is profoundly under-resourced, over-worked and constantly facing budget cuts and manpower reduction. 

 

In reply to by leftcoastfool

Mr. Universe U4 eee aaa Thu, 05/10/2018 - 01:29 Permalink

I can't wait to see my social credit score.

If the government wasn't so intent of taxing every transaction all the time this kind of crap would never come up. But nooooo, they have to control every freaking thing. The hammer is coming down and has been for the last several decades. The pigs are almost completely fenced in. They won't even notice the others getting slaughtered as they are glued to iPhones. The last ones will finally see, from a live FB video, but by then it will be too late.

In reply to by U4 eee aaa

philipat Mr. Universe Thu, 05/10/2018 - 08:09 Permalink

But the really sad part is that nobody seems to be prepared to do anything about it? I think that more and more people can see it. Of course, the "Two party" political system in most countries (Either completely or in effect) a/k/a two sides of the same coin, is part of the problem. But even so, when do people really start to care about their children and grandchildren?

Social Credit scores come next....And then they came for me.

In reply to by Mr. Universe

Jafo Dame Ednas Possum Thu, 05/10/2018 - 03:24 Permalink

I found this the more interesting observation.

 

"Of course, while the government says its new system is targeted at criminals, we suspect there might be an ulterior motive: Given the rash of foreign investment that has propped up Australia's housing and asset markets, the government is merely trying to stop a flood of capital from leaving the country - particularly now that rising interest rates in the developed world are making its bonds and currency less attractive by comparison."

 

With a peak in the asset bubbles the foreigners will want to take their winnings off the table.  Could it be that the existing capital controls were leaky.

In reply to by Dame Ednas Possum

Algo Rhythm Decoherence Mon, 05/14/2018 - 18:49 Permalink

Thank you for sharing this Decoherence - I've been shouting the same sentiments for a couple of years now but people aren't listening. They are hung up on "decentralized" when the very program used is completly centeralized. Whomever invented the "block chain" holds the keys and back doors.

Gold, Silver and barter are the only ways out of the corrupt banking control...

In reply to by Decoherence

risk.averse Bitchface-KILLAH Thu, 05/10/2018 - 05:15 Permalink

OK, they (i.e the Feds) *may* not be able to cut you off frim access to your crypto funds but they—with the stroke if their fecking legislative pen can BAN all legitimate businesses from accepting crypto.

This would render crypto only useful for illegal/black economy transactions. And even these would shrink away as crooks realized they couldnt buy that yacht with their drug-sales cryptos.

Fact that no serious govt has done this already may be a sign they won’t do it. That govts see a benefit to themselves by allowing crypto to flourish

In reply to by Bitchface-KILLAH

zvzzt Bitchface-KILLAH Thu, 05/10/2018 - 03:48 Permalink

You mean there is no other way 'criminal' payments can be made? Phew good! I was almost afraid .gov would also start to ban payments in gold,drugs,diamonds,real estate,foreign currencies,fine art, treasuries, bank wires via shell companies etc.

I mean, cash is of course the only means to make an illegal payment and crypto is very stable and completely safe from prying eyes and untracable...

(/sarc, as if needed)

In reply to by Bitchface-KILLAH

FireBrander JuliaS Wed, 05/09/2018 - 23:42 Permalink

Buying a yacht with chest full of cash..ok, red flags and sirens...it shouldn't be illegal, but it should be investigated.

Well, not to worry, you can still buy Real-Estate in the USA, millions in cash, no questions asked thanks the lobbying effort of the National Association Realtors.

PS. Before you downvote me assholes, if you and I have to pay our tax on a $3000 used F'ing car, then some SOB buying a yacht can pay his too.

In reply to by JuliaS