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


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https://www.abc.net.au/news/2019-08-20/transacting-$10,000-or-more-in-cash-could-make-you-a-criminal/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 :rolleyes).

 

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

Edited by OurManinOz
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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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Private purchases are exempt from this.

It is only business purchases.

 

EG if you sold a car for 15K for cash privately you are fine.

 

So selling a pinny for 10K cash won’t be affected by this proposed new law.

 

 

 

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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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Would video of said machine leaving my house be enough?

 

 

 

 

Sent from my iPhone using Tapatalk

 

Lol! Don’t know but if you get audited please let me know if it worked! :P

 

Same goes the other way around. If you purchase a machine cash, then sell it and someone deposits cash on your account.... what is that money for? (Even if it says pinball or whatever) They could be a real pain if they wanted to and apply some Hefty fines from what he said! (He may have gotten a little too over excited maybe! But enough to make time think twice!)

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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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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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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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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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It is legal tender but it's made of indestructible plastic .Maybe the ban of plastic money seems more environmentally friendly to some. Just like the plastic bag fiasco where they now sell you one that has more plastic in its makeup than the re purpose garbage bag style. Although cash is still best packed in a paper package of sorts. The future does not look good in the form of a cashless society.
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I don't know of any non-ABN / non-business owning individuals who have eftpos machines... unless you're this bloke :lol

 

 

[emoji23][emoji23][emoji23]

 

You know what I mean... bank transfer! [emoji13]

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