Excessive use of $100 notes to come under scrutiny amid crackdown on tax evasion
Excessive usage of the $100 note will come under scrutiny as the government cracks down on tax evasion.
It is estimated that the ‘black economy’ is worth over $20 billion, money which should be earning tax revenue.
Now, the government has called on various oversight bodies to find out what can be done about the issue.
One possibility is to do away with the $100 note.
Minister for Financial Services Kelly O’Dwyer told Tony Jones there are three times as many $100 notes in circulation as $5 notes.
‘The question really is why that’s the case,’ Ms O’Dwyer said.
She said ordinary Australians who do the right thing are being ‘dudded’ by those who don’t.
‘They’re rightly angry by it, and the government’s doing something about it.’
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