A new bill will come into effect from 1st January 2020 which imposes a restriction on entities dealing with cash transactions. Important highlights from the bill are as follows:
- A limit of $10,000 has been placed on accepting or making payments in cash.
- The majority of individuals and businesses whose daily transactions involve cash are not expected to exceed the cash payment limit.
- This limit does not apply to private transactions (excluding real property transactions).Transactions with financial institutions or consumer to consumer non-business transactions will not be affected.
- This bill is aimed at ensuring entities cannot avoid scrutiny by participating in the black economy making large payments in cash.