Paying more than $10,000 in cash could be a criminal act under ‘heavy handed’ proposed law
Australians could face up to two years in jail and be fined $25,000 for completing transactions in excess of $10,000, under a proposed new law.
The proposal to criminalise large cash transactions has been put forward in an attempt to crack down on the black economy and tax avoidance.
Paul Drum, CPA Australia General Manager of External Affairs, says the proposal is “heavy handed”.
“The penalties are quite dramatic,” he told 3AW’s Tom Elliott.
Mr Drum said the new laws will make ordinary Australians criminals.
“Your listeners might think that this is on the periphery, that a lot of people don’t have cash lying around like that, and I think that’s fair. But certainly, there are people out there that mistrust banks,” he said.
“There’s a raft of other measures there already to stop black economy.
“We think that there should be measures in place, we just think that this bill that is currently presented is heavy handed, it needs to be reviewed, and perhaps it needs to be withdrawn.”
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