Bye-bye Cash Series Part 1
For those who stubbornly still prefer cash, and treat it as store of value, good luck!
The days of big notes are counting down, and will be gone soon.
The governments are tracking down assets of individuals with Common Reporting Standards (CRS).
Before you know it you will be laid bare in front of your “beloved” governments, with a helping hand from your “trusted” banks!
Future of the $100 note up for grabs as government targets cash
The Turnbull government is to consider a ban on the $100 note and a crackdown on all but small cash payments as part of an assault on the cash economy to be unveiled in Monday’s mid-year budget update.
“There’s nothing wrong with cash, the issue is when people don’t declare it,” said Financial Services Minister Kelly O’Dwyer ahead of the announcement.
“The cash economy is worth 1.5 per cent of GDP, that’s about $21 billion. If we can get a percentage of that, it’s revenue owed to the Australian people.”
The amount of money at stake was more than the amount missing as a result of corporate tax avoidance.
Ms O’Dwyer will set up a taskforce, to be headed by former KPMG global chairman Michael Andrew, to draw on the experience of France, where the government is banning cash payments of over 1000 euros, and Sweden, where businesses……
Read more : theage.com.au, Future of the $100 note up for grabs as government targets cash