As per the reports, Morrison government is planning to ban on cash transactions of more than $10,000; private transactions, legally required payments made by public officials and digital currency payments. In July, a new legislative draft released by demanding limits on cash transactions and jail sentences for the defaulters. The proposal was announced during the federal-budget.
The panel has decided the maximum penalties of 2 years prison and/or a fine of $25,200.
The Black Economy Taskforce estimates that the value of illegal activity could be worth as much as 3% of GDP, which is costing the Australian economy up to $50 billion a year. The authority believes that this will help crack-down on criminals, syndicates and illicit tobacco traders and limit under-reporting of income and GST.
Source – The Big Smoke