2021-02-18T15:22:54+11:00February 18th, 2021|

Cash Payment Limit Bill Shelved

For now anyway, it looks as though the Government will not proceed with its proposal to restrict cash payments in Australia to $10,000 – otherwise known as the “cash ban” bill.

Originally raised as part of the 2018/19 Budget, the Currency (Restrictions on the Use of Cash) Bill 2019 – its official name – was passed by the House of Representatives on 24 October 2019. It was put before the Senate in November 2019, but did not proceed further. It was then withdrawn by the Government on 3 December 2020 meaning the Senate could not pass the bill.

No explanation was provided as to why it was withdrawn, but the Bill was very controversial and faced the prospect of opposition from Liberal Senators. It is unclear whether the Government will revive the Bill, or something similar, in the future.

Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances

Contact Us

Suite 4B, 250 Pacific Highway, Charlestown  NSW  2290

PO Box 142
Charlestown NSW 2290

Phone: 02 4926 4233
Email: office@paceraccountants.com.au

Follow us