How the government’s crackdown on tax dodgers could change your wallet

Did you know there are three times as many $100 notes floating around out there than $5 notes? If you’re
Society

Did you know there are three times as many $100 notes floating around out there than $5 notes?

If you’re like many of us and don’t see a green note very often, then you’re no doubt surprised by that news.

But the time of the $100 note could soon be up.

The Australian Government is looking into the ‘black economy’ as part of a crackdown on tax dodgers – and removing the $100 note is one of the things being considered.

Apparently, people are spending cash to avoid pay tax!

Read more: Is it time to flip the coin on the 5 cent coin?

Revenue and Financial Service Minister Kelly O’Dwyer has questioned why there are more $100 notes in circulation than $5 notes.

She isn’t ruling out getting rid of the $100 note.

“There’s nothing wrong with cash per se, the issue is when people don’t declare it and when they don’t pay tax on it,” she told ABC radio.

“I’m not going to put a limit on what the taskforce will look at.

“The whole point of this crackdown on the black economy is to make sure we close down any potential loopholes.”

So, what could happen as a result of this investigation?

According to reports, we could head down the same road as France, where you can only make cash purchases of less than 1000 euros.

Imagine if there was a similar ban here in Australia?

What do you think about this? Would you be sad to see the $100 note go?

 

 

 

 

 

 

 

  1. As a pensioner I pay cash were ever possible if they don’t take eftpos otherwise I have a Visa card surcharge, which takes even more of my pension to pay bills. Besides if they remove $100 notes people will transact in $50’s and so it goes on. Just another step closer to the cashless society, then what will the purchaser do when they go to a garage sale, fete, or local bring and buy market??

    • Grazyna (Grace) Scriha  

      Sue, I completly agree with your point of view as well with your end question. We, as sociaty cannot become ‘cash-less’, as lately, worryingly ‘things’ are heading towards it, (!) because of the simple fact that for the centuries cash was, it is still, and it should stay with us, giving people a choice how they would like to pay for their goods! If we are left without that choice, everything I mean, everything like (our lifestyles, economy, etc.) Will start collapsing into a huge chaos. So, to all globalists, governments, please leave the cash alone. Let us poor oldies to die first, so we don’t see it and experience it, then you do what the hell you like!’

  2. Rob  

    What is what they are tryin g to cut out. They are trying to make people so dependent on the government that they are mere slaves and not citizens. A cashless society means the government controls absolutely every aspect of your life. and knows exactly what you are doing, bartering at any time in your life and where you are. This is being stealthily bought in . Another nail in our freedom coffin. FIght this legislation. Make the Govt ministers pay full tax instead of using tax minimisation schemes. Make the rich pay full tax instead of hiding behind shelters. We already pay a 10% tax on anything we spend that is $10 in every $100 . If you dont stand up now then you will end up lying down like a whipped cur. It has been worked out of every dollar you earn you eventually pay the government 72 cents tax. They just get greedier and greedier

    • verbamu  

      Rob you said it! that’s exactly what the government wants! stupid people who are easy to manipulate! we have to stand up ant tell’em enough is enough! we ALL have to stick together! or we end up as puppets!

    • Ronin  

      Agree. Fight the move to control you and know everything about you. The ‘black economy’ argument is a furphy.

  3. I have just read and believe exactly what Rob and Sue has written , we need different money amounts for different payment situations

  4. Heather  

    I read about the 5 cent coin being done away with, I wonder how that will effect the prices on food etc. of course things will go up again don’t you think? As for cashless purchases, there seems to be a lot of business’ charging at least an extra 25 cents or more even if using eftpos. Back to cash for me!!!!

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