Page 1 of 3 123 LastLast
Results 1 to 10 of 21

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

  1. #1
    Join Date
    Feb 2017
    State
    NSW
    Posts
    67
    Mentioned
    2 Post(s)
    Quoted
    41 Post(s)

    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; 3 Weeks Ago at 01:01 PM.

  2. #2
    Join Date
    Sep 2006
    State
    Melbourne
    Posts
    1,735
    Mentioned
    75 Post(s)
    Quoted
    655 Post(s)
    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.




    Sent from my iPhone using Tapatalk

  3. #3
    Join Date
    Aug 2014
    State
    NSW
    Posts
    827
    Mentioned
    49 Post(s)
    Quoted
    231 Post(s)
    “Private transactions between individuals with no ABN would be exempt from the new rules”

  4. #4
    Join Date
    Jul 2015
    State
    Brisbane
    Posts
    1,091
    Mentioned
    120 Post(s)
    Quoted
    361 Post(s)
    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.



    Sent from my iPad using Tapatalk
    Failure is not an option!

  5. #5
    Join Date
    Jul 2015
    State
    Brisbane
    Posts
    1,091
    Mentioned
    120 Post(s)
    Quoted
    361 Post(s)
    Quote Originally Posted by RPZ View Post
    “Private transactions between individuals with no ABN would be exempt from the new rules”
    You bet me to it by like 20 seconds.. lol



    Sent from my iPad using Tapatalk
    Failure is not an option!

  6. #6
    Join Date
    Aug 2014
    State
    NSW
    Posts
    827
    Mentioned
    49 Post(s)
    Quoted
    231 Post(s)
    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.

  7. #7
    Join Date
    Sep 2006
    State
    Melbourne
    Posts
    1,735
    Mentioned
    75 Post(s)
    Quoted
    655 Post(s)
    Quote 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?




    Sent from my iPhone using Tapatalk

  8. #8
    Join Date
    Aug 2014
    State
    NSW
    Posts
    827
    Mentioned
    49 Post(s)
    Quoted
    231 Post(s)
    Quote Originally Posted by Koops View Post
    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!

    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!)

  9. #9
    Join Date
    Sep 2007
    State
    victoria
    Posts
    3,075
    Mentioned
    70 Post(s)
    Quoted
    980 Post(s)
    Quote 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

  10. #10
    Join Date
    Jul 2009
    State
    Victoria
    Posts
    3,520
    Mentioned
    200 Post(s)
    Quoted
    1330 Post(s)
    Next will be the decommission of $100 notes.

Page 1 of 3 123 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. GST on all overseas purchases from July 1st.
    By stuzza in forum General Chat
    Replies: 81
    Last Post: 3rd August 2018, 10:55 PM
  2. ATT Sleazious - you have exceeded your message limit.
    By spaceballs in forum News and Articles
    Replies: 1
    Last Post: 26th March 2012, 08:06 AM
  3. private sales
    By 07gabster in forum Help Centre
    Replies: 4
    Last Post: 15th February 2010, 02:14 AM
  4. How do you fund your pinball purchases?
    By Mickey Juice in forum Pinball
    Replies: 22
    Last Post: 3rd June 2007, 12:59 PM
  5. Overseas vs local purchases - a practical example
    By DialogPimp in forum Pinball
    Replies: 5
    Last Post: 6th December 2006, 10:26 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •