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!
Advice from the Bean-Counter Blog
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