Cash payment crackdown to counter tax evasion and black economy
Found on The Guardian on Friday, 11 May 2018
The Turnbull government has turned its attention to the “black economy” in an attempt to raise billions of extra dollars and intends to limit cash payments for purchase goods and services to $10,000.
As part of the cash-in-hand crackdown the government will introduce an economy-wide cash payment limit of $10,000 to reduce money laundering and tax evasion, to apply from 1 July 2019.
That won't do anything to stop tax evasion or black economy. Tax evasion is done professionally on a much bigger scale (hello Apple, Amazon and Google) while black economy just works because of person-to-person payments. All it does is pave the way for the complete elimination of cash; and with cash gone, banks and governments get a much tighter grip on citizens.