New laws to ban cash on transaction over 10,000 dollars

Skynet on 01/03/2020 at 08:10:29 GMT

A Bill passed in the House of Representitives in 2019 is going to ban any cash transactions that is over $10,000 AUD. It is currently under debating in the Senate. This bill is introduced to enforce the law that any transaction should be logged and provided with an invoice. If required, a GST must be collected by the government. Australian small businesses are technically ready to provide such service to any customer that needs to make such a large transaction.