The Meeting Place

I am not impressed or pleased.

As you may be aware old lard arse wants a cash ban on the amounts over $10,000 and this as has just come via email and thought I would share it so you can have a listen too.

Two comments from youtube members

1. What a bunch of Lying, Slimey, Treasonous, Criminals, Banksters and Politicians.

2. The only evidence is that the Bank wants your money, all of it.

A 5min (approx) video on it in Senate.


https://www.youtube.com/watch?v=K-awnYRvRjM&feature=youtu.be

There's a petition to sign here


http://stopthecashban.com.au/

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17 comments

 

The proposed new law banning using $10,000 or more in cash to buy goods is to stop money laundering and organised crime. Lot of dishonesty goes on and real estate agents or any other business that takes anything over that amount will themselves be hauled in. Even though the law is not yet passed, no business owner worth their salt will accept huge amounts in cash, they may have a lot of explaining to do, even face a prison term as well as the person offering the cash funds.

If you cross the border carrying $10,000 or more in cash you have to declare it or risk having it seized. Not declaring a BNI when asked by Border Force or police officers could result in imprisonment. Similar conditions for New Zealand.

Losing the money to theft is nothing compared to if the Federal Police catch you with it!!!

The legislation is being put in place to limit money laudering and black economy cash.  It is not about helping out the banks.  It actually involves work for the banks.

Most cash kept 'under the bed' has come about from cash jobs and the like on which people have not paid income tax.  These people justify it on the basis that they are just an individual trying to do their best, but the reality is, that if they are cheating the tax system, then they are part of the black economy and should not be allowed to get away with it.  The uncollected taxes resulting from individuals cheating the tax system is estimated to be larger than the uncollected taxes resulting from multinationals cheating the system.

Needing to have $100,000 in cash in the house in order to be able to make a quick deposit on a house is just a nonsense - pay for it like everyone else.  Likewise, funerals are usually paid for out of a bank account.

Yes - the fees that banks charge can be annoying - but there are lots of different banks and account types to choose from.  Move your money to the best account(s) for how you receive and spend your money.

I hear what you're saying re tax avoidance but with interest rates so low and bank fees on every transdaction and the closure of many branches there is no incentive to put your money in in a bank. Some old people avoid credit/debit cards and would rather just deal in cash. If I were selling a car to a stranger I would want the cash money before the thing was driven away.$10000 doesn't buy you a very flash car these days.

 

How many banks do you think an 80 plus year old can access? Not on the Net and is totally dependant on no social media, internet, etc. Where she lives does not have a range of banks, one of the reasons she wants to move.

Worker10, just how old are you? If you not 80 plus you can't imagine what it is like for someone alone, no internet to check other banks and the fact she would not know how to use a computer, and the fact she is of the older generation, she is not a drug trafficker, ripping off the system to avoid tax. Between her and the husband, they have been up front and totally honest with what finances have come into the home. She has no superannuation and the money she has saved over the years has already been declared and tax paid on it twice - as wages and then as bank accounts. How many more times should she have to pay even more tax?

 

Consumer-to-consumer transactions - such as buying a car - are to be expempt from the rules.

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