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Last week the Australian Parliament threw out this bill. There will no restriction on paying with cold hard cash!
Previously, from 1 January 2020, cash payments of more than $10,000 between business and individuals were to be outlawed with maximum fines of $25,200 and/or two years imprisonment.
This was driven from recommendations from the Black Economy Taskforce, where these type of cash payments may be used for money laundering and financing terrorist activities. The Taskforce estimated that the black economy is costing the economy in excess of $50 million.
