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Proposed new law to limit cash purchases to $10K, both private and commercial sales

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  • Proposed new law to limit cash purchases to $10K, both private and commercial sales

    https://www.abc.net.au/news/2019-08-...minal/11429230

    This is going to be an interesting one for a lot guys here who like to buy/sell machines for cash. I think it would raise concerns/cause frustrations for quite a few folk. Ironically for me it might stop the (discount) for cash offers for machines I sell that have no benefit to me in my case(I and am not an operator, getting some kind of benefit through my business for example), since I always have to bank the money anyway (risking getting a sideways from AUSTRAC for no reason in the process ).

    EDIT: as pointed out this only affects individuals to business transactions (also B2B), no individuals. Apols on the misread, it was based on info from this article : www.theguardian.com/australia-news/2018/may/08/australia-federal-budget-2018-cash-payment-crackdown-tax-evasion
    Last edited by OurManinOz; 22 August 2019, 01:01 PM.

  • #2
    Did you see this bit?

    The Government has said the measure would not apply to individual-to-individual transactions, such as private sales where the seller does not have an ABN, or cash payments to financial institutions.




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    • #3

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      • #4
        Failure is not an option!

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        • #5
          You bet me to it by like 20 seconds.. lol



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          • #6
            This opens up for another conversation though. As I recently met with my accountant and he suggested that due to the sums of money pinballs cost. It would be best for all transactions be done via eftpos where there will be a record left of the purchase and then sale. As if you sell your pinball for say 12ks cash, then you deposit it on your account. Should there be a random audit on you at tax time, it will be hard to prove the money came from a pinball sale and not something else... Also mentioned there could be some serious fines should one not be able to prove where the money came from! .. something to keep in mind and think about.

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            • #7
              Originally posted by RPZ View Post
              it will be hard to prove the money came from a pinball sale and not something else..
              Would video of said machine leaving my house be enough?




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              • #8
                Originally posted by Koops View Post
                Would video of said machine leaving my house be enough?




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                • #9
                  Originally posted by RPZ View Post
                  This opens up for another conversation though. As I recently met with my accountant and he suggested that due to the sums of money pinballs cost. It would be best for all transactions be done via eftpos where there will be a record left of the purchase and then sale. As if you sell your pinball for say 12ks cash, then you deposit it on your account. Should there be a random audit on you at tax time, it will be hard to prove the money came from a pinball sale and not something else... Also mentioned there could be some serious fines should one not be able to prove where the money came from! .. something to keep in mind and think about.
                  That's what crown casino is for. Take your money there, buy chips and cash in. There's your proof

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                  • #10
                    Next will be the decommission of $100 notes.

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                    • #11
                      I wouldn't be wanting to leave a paper trail to tell you the truth. Remember when it become illegal to sell more than two cars a year without a traders license?. People were buying write offs, repairing them and selling paying no tax on the profits and doing this several times a year. Nice little tax free earner for some. If you think long and hard about it, this is exactly what is going on in the pinball buy and sell trade right now.
                      If you sold more than two pinballs in the last year, you fall in this category.

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                      • #12
                        Just part out your machine and sell it in 3 pieces, cabinet, backbox and playfield. All parts less than 10k each but totaling more than 10 k cash. There's always a way to play the game.
                        Cash is your friend.

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                        • #13

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                          • #14
                            Government is always looking for new ways to treat us all like children.....

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                            • #15
                              Apols all, I sworn I'd read something about private sales in another article but it must have been the statement about ‘between businesses and individuals’ that I read as meaning both. Anyway regardless still poses some interest for the folks who do benefit somehow on the cash side, assuming they are in business, when they move machines along.

                              That is a really good point by the person who mentioned taking cash in regards to an audit. That's the kind of thing in the back of my mind two when I think of banking cash from a machine over $10k.

                              This was the article in the Guardian that threw me off : www.theguardian.com/australia-news/2018/may/08/australia-federal-budget-2018-cash-payment-crackdown-tax-evasion

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