Australia dating bank notes
“Our increased use of data and analytics means that, sooner or later, we will catch up with those businesses seeking to avoid their obligations.
Accountants should advise their clients that they should declare all income, be it cash or electronic,” the spokesman says.
“The new notes contain the same world-leading security features as the new note, including a clear top-to-bottom window, and a tactile feature so that it can be recognised by vision-impaired members of the community,” Mr Lowe said.
The new note will feature two small raised dots along one edge to assist people from the blind and low vision community to identify it.
With so much potential revenue at stake, it’s little wonder the Australian Government is dreaming up ways to bring such transactions within the tax system’s orbit.
The Indian Government has taken the boldest action, with its shock move in late 2016 to take all 5 rupee notes out of circulation.
For those who like to hold their wealth in cold hard cash, managing that stash under the bed may be about to become a major headache.
High-denomination Australian banknotes could soon be stamped with a use-by date – just like a carton of milk – in a bid to end people sitting on large piles of loot.
The Australian Government’s , due for release in December, is expected to contain a range of measures recommended by the Black Economy Taskforce, including a possible A,000 limit on cash transactions, a crackdown on business deductions for cash wage expenses, and greater support for non-cash payments. Access a handpicked selection of resources each month and complete a short monthly assessment to earn CPD hours. In the meantime, the Australian Taxation Office (ATO) warns that businesses operating on a cash-only basis should not assume they are invisible to the taxman.
Crime tends to be a cash-only business, and when criminals try spending the large stashes of banknotes they accumulate it arouses suspicion.
Stories abound of gangsters paying cash for luxury cars, high-end apartments and businesses; just as suspicious are attempts to deposit large amounts of cash in bank accounts, as Yi-Hua Jiao found out in 2013.
In the past decade, there has been a surge in the number of large denomination notes in circulation.
By November 2016, there were 339 million A0 notes issued (14 for every Australian) and 670 million As (see Figure 1).
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Remarks: all images reduced 50% Banknotes are attributed to last Pick's catalogue: Standard Catalog of World Paper Money, volume 2: General Issues 1368-1960 Standard Catalog of World Paper Money, volume 3: Modern Issues 1961- Standard Catalog of World Paper Money, volume 1: Specialized Issues home - glossary, grading etc.