Budget 2018: Cash-in-hand crackdown

The Government has introduced a 'Black Economy Package' which imposes an economy wide cash payment limit. The measure is aimed at tackling tax evasion and money laundering.

From 1 July 2019 a limit of $10,000 will be imposed on cash payments made to businesses for goods and services.

This new measure will mean transactions over the $10,000 limit will have to be made through an electronic payment system or cheque.

Transactions with financial institutions and non business transactions will not be affected.