Cashless society

[Bellcose]

The RBA and the banks are your friends.

Cashless community still needs access to notes, coins | Canberra CityNews

Cash may no longer be king but those who want to use it to buy a coffee or store wealth should be able to do so, the nation's payments tsar says.

citynews.com.au

 

[Bellcose]

I’m at the local shops, a homeless busker is playing his guitar and singing a country ballad, magnificent voice. Had a quick word with him, he hates begging and music is all he can give. His hat out for donations, I gave him a $10 note. I asked if he had looked into getting eftpos on his phone, he said too much trouble in his line of work

Shame all the tight-arses around can’t give a few dollars, because they are trapped in the bureaucracy mind think of digital.

I'm more than likely to give them $10 in the hope of shutting them up they are generally so awful.

 

[farmerge]

I'm more than likely to give them $10 in the hope of shutting them up they are generally so awful.

I agree, but at least they are having a go at "earning" a quid and not just sitting on their bronze waiting for the taxpayer's handout.

 

[moXJO]

We can’t all store weeks worth of cash, most people living pay check to pay check would be withdrawing cash once a week and then expecting to spend it that day.

So on pay day if the ATM’s are down they are no better off.

—————

Also, unless you are using withdrawal slips and entering the branch, cash people still rely on cards to get to get their cash.

I think this is the point. Cash needs to be readily available. All we need is China to take Taiwan and our digital systems will get smashed. Most likely the undersea cable will be the first to go.

 

[divs4ever]

i have a nasty surprise for you , China does NOT need to invade , all China needs to do is stop ALL trade to it ( and throttle the flow of food in and semi-conductors out , especially if Russia stops exports to Taiwan as well )

how well can the West supply Taiwan ( especially when the US is trying to steal the chip fabrication business )

the Chinese would do better in a trade war by strategically limiting imports and exports , Vietnam can't fill the void ( they tried that and it isn't working well enough ) India , maybe but not by 2025 ( and maybe India will fully align with BRICS )

your digital systems will implode anyway , , because of insatiable demand and built-in obsolescence

 

[Craton]

I think digital improves accountability, that’s why some people love doing “cash jobs” because they want to rip off their fellow Aussies by avoiding tax.

That's why Howard's mob brought in the GST. Yes, the ATO might not be getting the full monty but they still get a cut just about everywhere else.

To my way of thinking too not so much as in ripping off but if one has more money to dispose of, one tends to spend more and thus, ends up providing the ATO more in GST than with income tax and that works both ways on "cashie" jobs.

 

[Value Collector]

That's why Howard's mob brought in the GST. Yes, the ATO might not be getting the full monty but they still get a cut just about everywhere else.

To my way of thinking too not so much as in ripping off but if one has more money to dispose of, one tends to spend more and thus, ends up providing the ATO more in GST than with income tax and that works both ways on "cashie" jobs.

That doesn’t really work, because us honest people are paying income tax and GST.

Also, the person doing the “Cashies” spends their money on another cash service then they aren’t paying GST.

And, when you honest guys spend your cash at that cash only bakery, and think the shop is going to pass along all the GST they are meant to, you are probably wrong.

————————————

The GST is just an extra tax, that non residents help us pay when they are here studying or tourism it’s not a good way to substitute income tax missed by cashie tax dodgers.

 

[Value Collector]

@JohnDe

There are plenty of buskers that accept digital payments, but the modern move goes way beyond that, the smart ones are filming their busking and putting it on TikTok or YouTube, and earning money from a much wider audience than those passing the local butcher shop.

There are buskers that earn $1000’s on TikTok and end up building a large group of followers regularly watching their videos, some even go further and release their music on Spotify and Apple Music etc, and have QR codes to help you find it, and you can listen to them days after and help them earn streaming revenue.

Digital has expanded those busking businesses not suppressed it, it’s never been easier to get your music out to the public and generate revenue.

But yeah, it’s you cash old foggies supporting the arts with your once a year $1 tip .

This busker has over 1 million views on this video, which probably generates about $6,000, notice the sign in front to all her social media locations etc etc, she isn’t after a quick $2 as you scoot past, she is aiming to gather a following of regular online viewers.

 

[Craton]

That doesn’t really work, because us honest people are paying income tax and GST.

Also, the person doing the “Cashies” spends their money on another cash service then they aren’t paying GST.

And, when you honest guys spend your cash at that cash only bakery, and think the shop is going to pass along all the GST they are meant to, you are probably wrong.

————————————

The GST is just an extra tax, that non residents help us pay when they are here studying or tourism it’s not a good way to substitute income tax missed by cashie tax dodgers.

If one has ways and means to meet living costs and enjoy the luxuries of life (that doesn't involve illicit means) all well and good.

If one is keeping to the right side of the law but barely getting by, struggling to get ahead and to make ends meet, every extra shekel is a god send.

One can draw one's own conclusions however the fact remains that and as much as I'd always thought an altruistic world would be a nice place to live in, human nature is, what it is.

 

[Value Collector]

If one has ways and means to meet living costs and enjoy the luxuries of life (that doesn't involve illicit means) all well and good.

If one is keeping to the right side of the law but barely getting by, struggling to get ahead and to make ends meet, every extra shekel is a god send.

One can draw one's own conclusions however the fact remains that and as much as I'd always thought an altruistic world would be a nice place to live in, human nature is, what it is.

The taxation system is already set up where the low income earners don’t pay much, and get lots of free services and benefits, while the higher income earners pay more.

Any one at any level that hides income with the intent of not paying tax is simply ripping off the rest of society.

 

[farmerge]

The taxation system is already set up where the low income earners don’t pay much, and get lots of free services and benefits, while the higher income earners pay more.

Any one at any level that hides income with the intent of not paying tax is simply ripping off the rest of society.

@Value Collector Sadly for you @Value Collector cash is not dead and will be around for a long time to come.
The big companies that evade tax by having their businesses set in the tax havens of the world are the ones ripping off society not the mum and dads in small business.

 

[TimeISmoney]

Mechanic reveals brutal cost of cashless change: ‘$4,000 to $5,000 a year’​

• “[We’re] just sick of the bank fees. We pay between $4,000 and $5,000 a year in bank fees for the EFTPOS machine to hire it and a percentage on every transaction,” owner Michelle Guilford told Yahoo Finance.
• said the business absorbed the added costs of accepting card payments, rather than passing them onto customers.
• You can’t just whack $100 on top of a service because people go elsewhere because it is a cutthroat industry. A lot of our customers are customers we’ve had for a long, long time.”

 

[moXJO]

Mechanic reveals brutal cost of cashless change: ‘$4,000 to $5,000 a year’​

• “[We’re] just sick of the bank fees. We pay between $4,000 and $5,000 a year in bank fees for the EFTPOS machine to hire it and a percentage on every transaction,” owner Michelle Guilford told Yahoo Finance.
• said the business absorbed the added costs of accepting card payments, rather than passing them onto customers.
• You can’t just whack $100 on top of a service because people go elsewhere because it is a cutthroat industry. A lot of our customers are customers we’ve had for a long, long time.”

Now imagine if cash was stopped as a form of payment and we went fully digital. How much would they ramp the fees on payments?

We have seen over and over again that you can't trust corporations in being honest.

 

[moXJO]

That doesn’t really work, because us honest people are paying income tax and GST.

Also, the person doing the “Cashies” spends their money on another cash service then they aren’t paying GST.

And, when you honest guys spend your cash at that cash only bakery, and think the shop is going to pass along all the GST they are meant to, you are probably wrong.

————————————

The GST is just an extra tax, that non residents help us pay when they are here studying or tourism it’s not a good way to substitute income tax missed by cashie tax dodgers.

If you don’t declare cash then you can't spend it on a lot without triggering an audit I'd imagine.

Also if you buy most things you will pay tax on something. Cash has a habit of flowing round the system.

 

[farmerge]

If you don’t declare cash then you can't spend it on a lot without triggering an audit I'd imagine.

Also if you buy most things you will pay tax on something. Cash has a habit of flowing round the system.

Cash is very handy for small purchases and those must have take away Chinese and fish and chip meals!!!!!!

 

[Value Collector]

Cash is very handy for small purchases and those must have take away Chinese and fish and chip meals!!!!!!

That’s my point, a tradie can do a cash job and avoid tax, he can buy Chinese with cash and the take away shop avoids tax, the Chinese shop buys prawns off a trawler for cash, and the fisher man pays the lawn mower guy with cash, etc etc etc.

It adds up to a lot of avoided income tax and a lot of avoided GST.

You can say it doesn’t matter but it really does add up, and as I said more tradies than not tried to get me to pay them in cash when I did my Reno.

 

[Value Collector]

If you don’t declare cash then you can't spend it on a lot without triggering an audit I'd imagine.

Also if you buy most things you will pay tax on something. Cash has a habit of flowing round the system.

Sure they might pay some cash some where in part of their cash transactions if we are lucky, but I am sure you wouldn’t want me avoiding 50% of the tax I owe and just say, “well he might pay some gst so it doesn’t matter”

 

[Value Collector]

Now imagine if cash was stopped as a form of payment and we went fully digital. How much would they ramp the fees on payments?

We have seen over and over again that you can't trust corporations in being honest.

What is the cost if he had to handle cash though? Probably about the same, except it’s absorbed by others some of it.

 

[JohnDe]

If you don’t declare cash then you can't spend it on a lot without triggering an audit I'd imagine.

Also if you buy most things you will pay tax on something. Cash has a habit of flowing round the system.

Exactly.

I understand the concern that black economies have on the well being of a societies management of welfare and the fairness of the system. I also know the pressures that a wasteful system can put on every part of a modern society, including fair pay for fair work.

There are too many brainwashed egotistical socialist thinking wannabe entrepreneurial people that think they are always right and know everything and have disdain for others with different opinions and experience. Pretty much like our current federal government.

Anyone with half a financial brain knows that there are basically two types of people that favour cash -

1. Criminals involved in illegal industry such as recreational drugs, gambling, prostitution. Which in turn leads to professional criminals, many very well educated, that find ways to launder both cash and digital money into legitimate business enterprises.
2. Honest hard working people that prefer the feel of cash in the hand, that pay their taxes, contribute to society, and are law-abiding citizens.

Kerry Packer once said “I am not evading tax in any way, shape or form. Now of course I am minimising my tax and if anybody in this country doesn’t minimise their tax, they want their heads read because as a government I can tell you you’re not spending it that well that we should be donating extra.”

I pay a lot of money for accounting and financial advice, to try and minimise my tax contribution to a wasteful system. Meaning I am still paying tax, but I am also forced to pay for advice. Not everyone can, and I have no acrimonious thoughts or views of anyone working for the real basic wage collection a bit of cash. However, I do think that the ATO and law enforcement should throw all resources at finding and convcting those in the black economy making millions from other peoples misery.

I read an article last week, about the increase of extremely wealthy people transferring their accounts to countries with lower tax systems, moving businesses out to other locations.

There are lobbyist that work for people, including unions and super, that make deals to minimise tax payments. the average person can't do that, but they get hammered by fools for collecting a bit of cash and spending it.

My tax bill is quite considerable, and with my business I pay more than my fair share. Cash is a small part of the payment system of the business, and due to the electronic invoicing system we have, all cash is declared. However, it is not all banked. Some of the cash is kept for personal use, and some is used to pay for services, including paying staff members that like cash but don't like going to the bank.

The world is not black and white, and for those that think it is they have a lot of growing up to do.

 

[moXJO]

What is the cost if he had to handle cash though? Probably about the same, except it’s absorbed by others some of it.

Drive to the bank.
You already need cameras and security either way.

Sure they might pay some cash some where in part of their cash transactions if we are lucky, but I am sure you wouldn’t want me avoiding 50% of the tax I owe and just say, “well he might pay some gst so it doesn’t matter”

Black economy is needed to a degree. There's a lot of little people that could no longer survive if it disappeared.
Overseas students wouldn't be able to get by. That economy basically pushes money into the basics of consumption.

If you want real tax dodgers aim for the big yank corporations and the many that offshore profits into tax havens