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Friday, May 11, 2018

Australia Bans Cash For All Purchases Over $7,500 Starting July of 2019


Australia’s Liberal Party government has announced that it will soon be illegal to purchase anything over $10,000 AU ($7,500 USD.) The government said it’s, “encouraging the transition to digital society,” and cracking down on tax evasion. The ban starts on July 1, 2019 and any payment over $10,000 will have to be made by check or credit/debit card. The goal is to drum up about $3 billion in new tax revenue over the next four years. One of the biggest targets will be the illicit tobacco trade. Australia has the highest tax on cigarettes in the world, with an average pack costing $40 AU ($30 US.) Roughly 37 percent of all commercial transactions in Australia are still made using cash. Many other countries are making the move to a cash-less society. However, what happens when a completely digital economy gets hacked. https://ift.tt/2G6vtJT http://www.wochit.com This video was produced by YT Wochit News using http://wochit.com

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