Buying a car for $10,000 in cash from a dealer could see you jailed

Buying a car for $10,000 in cash from a dealer could see you jailed


Australians who hand over more than $10,000 in cash to buy a car from a dealer could soon face going to jail for two years  In a confusing development, the government has proposed to still allow consumers to hand over an unlimited quantity of banknotes if they are buying a secondhand car privately Buying a used car from a dealer, however, would be a different matter from January 2020 Those who break the proposed law face being fined $25,200 or being locked up for two years   Australians who hand over more than $10,000 in cash to buy a car from a dealer will soon face going to jail for two years (pictured is a Melbourne Toyota dealership)The confusion about the proposed law has angered economist John Adams who described it as ‘draconian’ and an affront to personal liberty ‘To bring this law, you take away freedom,’ he told Digital Finance Analytics principal Martin North in a video chat  Assistant Treasurer Michael Sukkar introduced a bill into Parliament last week, explaining the ban on $10,000 cash transactions He explained consumers would still be allowed to buy a car in cash, provided it was through a private seller RELATED ARTICLES Previous 1 Next The ridiculous new laws that could see Australians JAILED Furious Australians hit back as the Government bans ALL cash. Share this article Share ‘Importantly, the cash payment limit does not apply to private transactions excluding real property transactions – for example, the sale of a private car to another person,’ he told the House of Representatives His spokesman told Daily Mail Australia that under the proposed law it will be illegal to hand over $10,000 in cash to buy a vehicle from a used car dealer ‘For example, if you choose to sell a personal asset to a private individual, such as a car for $15,000, you will still be able to do so in cash,’ he said ‘However, if you were buying a car from a car dealer, you would not be able to pay $10,000 or more of the balance in cash ‘ In a confusing development, the government will still allow consumers to hand over an unlimited quantity of banknotes if they are buying a secondhand car privatelyThe government has admitted it doesn’t know how much this new law will raise, considering it promised to crack down on black market activity An explanatory memorandum circulated in the House of Representatives admitted it did not know the ‘financial impact’ during the next three years ‘The bill is estimated to have an unquantifiable impact on revenue over the forward estimates,’ it said Mr Adams said the cost of introducing a new law criminalising $10,000 cash transactions had not been justified, considering it would involve expensive surveillance ‘They say we don’t know how much revenue we’re going to raise,’ he said.’That, on a cost-benefit analysis, that’s a big problem ‘Even before we get out of the gate, the government says, “We’re going to spend money to enforce this draconian law but how much integrity it will bring to the system, how much additional tax we can get, we don’t know” ‘  Assistant Treasurer Michael Sukkar introduced a bill into Parliament last week, explaining the ban on $10,000 cash transactions He explained consumers would still be allowed to buy a car in cash, provided it was through a private buyerThe $10,000 cash ban would apply to individuals and businesses that made or accepted payments in banknotes Australians will still be allowed to deposit and withdraw $10,000 from the bank and store it how they pleased Mr Sukkar said the majority of daily transactions in Australia were unlikely to exceed that limit     ‘We are living in a time where a large majority of businesses now transact through electronic payment methods, which reduces their costs associated with the storage, transport, loss and monitoring of cash,’ he said He said the law was about cracking down on criminal activity.’The government is sending a strong message to the community, and to criminal syndicates, more importantly, that using cash to avoid obligations and potentially engage in criminal activity is a serious matter that requires a sufficient level of deterrence,’ he said In another bit of confusion, the government hinted digital and crypo-currencies could be exempted from the $10,000 cash ban  ‘While digital currency is included in the definition of cash, given ways in which digital currency is presently used in Australia, it is expected that the Treasurer will exempt most transactions involving digital currency for the cash payment limit,’ the exposure draft said The legislation needs to pass the Senate to become law, with One Nation leader Pauline Hanson opposed  

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