While a "10000 cash law" was proposed in Australia, specifically known as the Currency (Restrictions on the Use of Cash) Bill 2019, it did not pass Parliament and is not currently in effect. Therefore, there is no active law universally restricting cash transactions between businesses and individuals to $10,000 in Australia.
Understanding the Proposed $10,000 Cash Law
The Currency (Restrictions on the Use of Cash) Bill 2019 was a legislative proposal put to the Australian Parliament. Its primary objective was to introduce a limit on cash transactions within Australia.
Under this proposed law:
- Limit: All cash transactions between businesses and individuals would have been capped at $10,000.
- Scope: This restriction applied specifically to transactions involving businesses (including sole traders) and individuals.
- Consequence: Any cash transaction exceeding this $10,000 limit would have been considered a criminal offence, carrying significant penalties. The intent behind such a law was primarily to combat the black economy, tax evasion, and money laundering by increasing transparency in large financial dealings.
Status of the Proposed Cash Law in Australia
It is crucial to understand that the Currency (Restrictions on the Use of Cash) Bill 2019 did not become law. After being introduced, it underwent parliamentary scrutiny but was ultimately withdrawn from Parliament on December 3, 2020.
As a result, there is no active legislation in Australia that imposes a universal $10,000 cash limit on transactions between businesses and individuals. People and businesses in Australia are currently not prohibited from conducting cash transactions exceeding $10,000, although financial institutions still have reporting obligations for large cash transactions to the Australian Transaction Reports and Analysis Centre (AUSTRAC) under anti-money laundering and counter-terrorism financing (AML/CTF) laws.
For further details on the bill's legislative history and status, you can refer to the Parliament of Australia's record for the Currency (Restrictions on the Use of Cash) Bill 2019.
Key Details of the Proposed Bill (Summary)
To provide a clear overview of what the "10000 cash law" would have entailed, here's a summary:
| Feature | Detail |
|---|---|
| Name of Bill | Currency (Restrictions on the Use of Cash) Bill 2019 |
| Proposed Cash Limit | $10,000 |
| Scope of Restriction | Cash transactions between businesses and individuals |
| Proposed Consequence | Exceeding the limit would be a criminal offence |
| Current Status | Not enacted; the Bill was withdrawn from Parliament and is not law. |
| Exceptions (Proposed) | The bill proposed exceptions for certain transactions, such as cash withdrawals from banks. |
