New Cash Payment Limit - $10,000

The Government intends to ban businesses from making or receiving cash payments of $10,000 or more. From 1 January 2020, those payments will need to be made electronically or by cheque.

And, if you're considering working around it by paying in instalments, they're already one step ahead.
This cash payment limit will apply to the total price of a single supply of goods or services, regardless of whether the price is split into a series of payments over time. 

Ignoring the limit will become a criminal offence, and could result in huge fines and jail time. 

If a genuine mistake has been made, you will need to be able to prove that you “reasonably believed that a payment did not include an amount of cash that was equal to or exceeded the cash payment limit". But do keep in mind, making a mistake does not stop the breach being an offence, it only limits the fault element, so be really careful! 

Read More



Advice from the Bean-Counter Blog

Save your cash flow by reducing debtor days

Save your cash flow by reducing debtor days

Barely half of Australian small businesses were cash flow positive in June 2019. Here's one area you can focus on to help stay out of the red. 

Read More
Weirdest Tax Deductions for 2018-19

Weirdest Tax Deductions for 2018-19

Taking a look at the ATO's list of most unusual claims - including a years worth of children's Lego!
Read More
Personal income tax changes: You're NOT automatically entitled to $1,080

Personal income tax changes: You're NOT automatically entitled to $1,080

The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return.
Read More
Why it's so important to check your myGov inbox regularly

Why it's so important to check your myGov inbox regularly

Once you register for a myGov Account and link it to the ATO, you will receive important notices to your myGov Inbox. If you don't check it regularly, you could end up with late payments and demands! 
Read More

 

Key Dates

Sunday 01 September  - Father’s Day 
Tuesday 10 September - Finance for Business Seminar
Friday 20 September - Victorian school term 3 ends
Monday 23 September - August monthly BAS due
Friday 27 September - AFL Grand Final Public Holiday
Sunday 06 October - Daylight Savings Time Starts  
Monday 07 October - Victorian school term 4 begins
Tuesday 15 October - Aged Care Seminar


How can we make your life easier? 

It's our mission to be able to make your life easier across the board (not just with tax), and help you work through life's tough decisions. 

Next time you're deliberating about an investment, wondering how you can grow your revenue, considering your plans for retirement, stuck deciding who to set as your power of attorney, or even looking for some marketing advice - get in touch! 


Contact Us