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It is very concerning.This is just scary I think. More freedom taken away. It doesn't seem like much but we have to stop taking this **** laying down.
I was reading something last week stating that the cash limit only applied to business transactions and not the general public? Have I missed something?
However, if you withdraw $20,000 in cash from your bank account, regardless what you choose to do with it, your bank is required by law, now, even prior to this new bill proposal, to report this to Austrac as a potentially suspicious activity.
It is very concerning.
It's a slow burn, the first step is to get the legislation passed, then it's easy sailing to do what ever they want within the regulations of the bill.
It's starts at $10,000, then $5000, then $2000, and the government of the day (and other 'stakeholders - banks/global accounting firms etc) continue pumping out the hollow propaganda that average Australians are responsible for the black economy, money laundering and massive tax evasion because we pay our barbers/hairdressers in cash or we occasionally pay a tradie mate cash to install a ceiling fan in our lounge room.
Oh and of course the ol' fallback, only drug dealers and criminals use $100/$50 notes...
The NSW Labor party recently had to hand over a $100,000 cash donation to the NSW electoral commission, that was supposedly given to them by a Chinese billionaire, apparently he wanted to deliver it in person, in an Aldi shopping bag...
https://www.abc.net.au/news/2019-09...ack-$100k-donation-at-centre-of-icac/11523808
...but according to ScoMo & Co., we, the average blue collar citizen slave workers are the big problem
I phoned my local LNP MP at Parliament House, his secretary answered, as luck would have it he just walked into his office, so I was on speaker phone with him and his secretary, calmly and reasonably explaining my concerns, but they just did not want to listen, they could not deal with it, in fact, his secretary sounded quite ruffled and agitated, then said, we don't have time for this and literally hung up on me.
They were both actually quite rude and condescending in the tone and responses....yet they are supposed to represent us, their constituents, the people.
No doubt their scope and power has been expanded in recent years.Reporting of cash transactions >$10k to Austrac by Banks has been in place for a loooong time.
I can't recall when it came in off the top of my head but I do recall having to complete such reports when I was a bank teller back in the 90s.
Yeah I've been bothering my MP too. The first guy that answered said that the mp was interstate and had no clue about his stance. The second lady answered the phone and was pretty rude to me I asked her and she acted like it wasn't imprtand. She said "maybe he's been busy in parliament" when I asked her why he won't answer my messages. I told her he's got plenty of time to post useless **** on Facebook but why is it so hard to find out his opinion on this? I emailed him too I'm still waiting for an answer haha.
No doubt their scope and power has been expanded in recent years.