{"id":34124,"date":"2018-05-10T05:45:36","date_gmt":"2018-05-10T10:45:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34124"},"modified":"2018-05-10T05:45:36","modified_gmt":"2018-05-10T10:45:36","slug":"australia-bans-payments-over-10k-unleashes-mobile-strike-teams-in-war-on-cash","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34124","title":{"rendered":"Australia Bans Payments Over $10k, Unleashes “Mobile Strike Teams” In War On Cash"},"content":{"rendered":"
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Australia Bans Payments Over $10k, Unleashes “Mobile Strike Teams” In War On Cash<\/a><\/span><\/h3>\n<\/div>\n
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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.<\/p>\n

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<\/a>, will help (in the aussie slang) “keep dishonest tradies and businesses from rorting the system by taking cash in hand.”<\/strong><\/p>\n

\"Treasury\"<\/a><\/strong><\/p>\n

From July 1, 2019, cash payments of more than $10,000 made to businesses for goods and services<\/strong> will be banned as the Turnbull Government seeks to crack down on the $50 billion “black economy.”<\/p>\n

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.<\/p>\n

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.<\/p>\n

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”.<\/strong><\/u><\/p>\n

A black economy hotline will also be set up to allow people to dob in anyone who may be cheating the system.<\/p>\n

“Cash provides an easy, anonymous and largely untraceable mechanism for conducting black economy activity,” the response said.<\/strong><\/p>\n

“Cash payments make it easier to under-report income and avoid tax obligations. <\/strong>This allows businesses transacting in cash to undercut competitors and gain a competitive advantage.”<\/p><\/blockquote>\n

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…<\/p>\n

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…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6],"tags":[1035,20085,4927,4318],"class_list":["post-34124","post","type-post","status-publish","format-standard","hentry","category-liberty","tag-cash","tag-cash-payment-ban","tag-war-on-cash","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34124"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34124\/revisions"}],"predecessor-version":[{"id":34125,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34124\/revisions\/34125"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}