Cashless society

[Value Collector]

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

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

Driving to the bank costs you time or wages and it also costs the bank which is subsidised by the rest of us.

Thats why the banks want to limit cash going forward, because it’s expensive, and hard to pass the costs on to those using it.

So if you think cash is cheaper than digital, that’s because you aren’t tracking all the actually daily expense you spend on managing cash, and you are free loading to an extent on the banking system which isn’t passing the true costs on to you.

 

[farmerge]

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.

Ah Kerry the Man. Can still him in my mind's eye giving it to the Senate Inquiry

 

[againsthegrain]

Local coffe shop, butcher, deli all charging 30c surcharge on eftpos now. Im upping my cash game. Instead having few 100 emergency im going to be going atm weekly at the shops and withdrawing and using cash on all my shopping. I don't collect any bonus points or fairies on eftpos transactions anyway so nothing lost there

 

[divs4ever]

@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.

now of course if they REALLY wanted to retire cash , they could sell the narrative that cash abandonment would reduce the corruption of Government ( and semi-government ) officials .. you know the well-documented 'brown paper bags ( of yesteryear ?? )

i can tell from living next door to a 'high-crime area ' it is very difficult to 'spot the criminal' from the rare ( relatively honest resident )

 

[wayneL]

I have a client that works for the ATO, which I didn't know till quite a bit later. Has always paid me in cash without me ever asking for it.

In fact I never ask for cash, ever. In fact many ask me if I want cash or direct debit. I always say I don't care either way is fine, But at least half of my clients still pay me in cash.

One thing I don't do is take card payments, it's either cash or Osko. (Osko is actually really awesome straight into the account in seconds).

Card payments all considered would easily cost me a few grand a year, so yeah nah.

 

[farmerge]

I have a client that works for the ATO, which I didn't know till quite a bit later. Has always paid me in cash without me ever asking for it.

In fact I never ask for cash, ever. In fact many ask me if I want cash or direct debit. I always say I don't care either way is fine, But at least half of my clients still pay me in cash.

One thing I don't do is take card payments, it's either cash or Osko. (Osko is actually really awesome straight into the account in seconds).

Card payments all considered would easily cost me a few grand a year, so yeah nah.

@wayneL Same for us Wayne. often asked if we do Eftpos especially with hay sales. cash, cheque or direct debit only for us.

 

[farmerge]

Local coffe shop, butcher, deli all charging 30c surcharge on eftpos now. Im upping my cash game. Instead having few 100 emergency im going to be going atm weekly at the shops and withdrawing and using cash on all my shopping. I don't collect any bonus points or fairies on eftpos transactions anyway so nothing lost there

Just read an article about a n IGA shop in Tasmania promoting cash only sales for those who prefer it.
Discounts 5% off the bill for cash.
According to the shop owner the card's hidden costs are the killer.
With cash no hidden costs and he passes on the savings of those hidden costs to his customers.
Obviously if he has to go a bank to deposit the takings it is of no inconvenience to him.

 

[againsthegrain]

Just read an article about a n IGA shop in Tasmania promoting cash only sales for those who prefer it.
Discounts 5% off the bill for cash.
According to the shop owner the card's hidden costs are the killer.
With cash no hidden costs and he passes on the savings of those hidden costs to his customers.
Obviously if he has to go a bank to deposit the takings it is of no inconvenience to him.

My local thai restaurant gives 5% cash discount and always throws in some extra spring rolls

 

[mullokintyre]

My local thai restaurant gives 5% cash discount and always throws in some extra spring rolls

So what happens if you buy in one of the the seasons, say winter?
Mick

 

[Value Collector]

@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.

I am not against cash, I comments here are mainly just pointing out that the digital system is better.

 

[Value Collector]

Local coffe shop, butcher, deli all charging 30c surcharge on eftpos now. Im upping my cash game. Instead having few 100 emergency im going to be going atm weekly at the shops and withdrawing and using cash on all my shopping. I don't collect any bonus points or fairies on eftpos transactions anyway so nothing lost there

Make sure you do the math, Because using my credit card benefits me to the tune of about 3% in points and extra interest from holding the money in my account longer, so saving 0.5% fee by using cash is pretty silly for me, also having to make extra trips to ATM's extra is wasting my time also, which even for a retired guy like me has a value.

 

[divs4ever]

I am not against cash, I comments here are mainly just pointing out that the digital system is better.

at times

the city near here has interruptions where even 3G is unreliable as they try to upgrade the networks ( to 4/5G )

no wonder the second hand farm ute recently bought has a great CB set ( just in case of no signal out in the paddocks )

 

[farmerge]

I am not against cash, I comments here are mainly just pointing out that the digital system is better.

Only for those it suits and I am not of them.

 

[farmerge]

at times

the city near here has interruptions where even 3G is unreliable as they try to upgrade the networks ( to 4/5G )

no wonder the second hand farm ute recently bought has a great CB set ( just in case of no signal out in the paddocks )

Just been reading about NAB having a problem with Wait for it, on line banking etc since 4.30 pm today.
Well, well, well so if you need to do a NAB transaction and it is due today, what will the interest be if it cannot go ahead.
Just one of the joys of being solely reliant on digital.

 

[Value Collector]

Just been reading about NAB having a problem with Wait for it, on line banking etc since 4.30 pm today.
Well, well, well so if you need to do a NAB transaction and it is due today, what will the interest be if it cannot go ahead.
Just one of the joys of being solely reliant on digital.

Every time I walk near a bank I see they have trouble with lines, digital helps me avoid the lines

 

[moXJO]

Every time I walk near a bank I see they have trouble with lines, digital helps me avoid the lines

That's because banks pushed digital and got rid of all the banks.
See, you do walk near banks and could have taken out a superior form of Payment.

 

[Craton]

That's because banks pushed digital and got rid of all the banks.
See, you do walk near banks and could have taken out a superior form of Payment.

...as per the recent BOQ layoffs. Blaming job cuts on the "digital channel" forcing a "corporatisation" of branches but to be fair, customers are preferring to use digital platforms for the convenience. Doing so has placed the local bank branches, the use of hard currency and jobs firmly at risk of being lost.

The BOQ job cuts total 650 over the last 12 months thus saving $22.75M (based on 650 x $35k p.a.)
Unfortunately and without doubt, those layoffs are affecting more than 650 individuals.

So for convenience and cost savings to the banks, digital may be better but when it comes at the expense jobs, is it really?

 

[Value Collector]

That's because banks pushed digital and got rid of all the banks.
See, you do walk near banks and could have taken out a superior form of Payment.

I as I said I walk past them, haven’t been in one in 15 years I reckon. It’s a bit like a block buster video store to me.

If the branches worked economically, the don’t get rid of them, keeping more branches just raises the costs of backs and would make it even more likely they would need to raise fees on accounts and cash handling.

 

[Value Collector]

...as per the recent BOQ layoffs. Blaming job cuts on the "digital channel" forcing a "corporatisation" of branches but to be fair, customers are preferring to use digital platforms for the convenience. Doing so has placed the local bank branches, the use of hard currency and jobs firmly at risk of being lost.

The BOQ job cuts total 650 over the last 12 months thus saving $22.75M (based on 650 x $35k p.a.)
Unfortunately and without doubt, those layoffs are affecting more than 650 individuals.

So for convenience and cost savings to the banks, digital may be better but when it comes at the expense jobs, is it really?

If you want to protect jobs just ban the use of all machine tools, plant and equipment. And we would have full employment and our productivity would drop.

 

[farmerge]

...as per the recent BOQ layoffs. Blaming job cuts on the "digital channel" forcing a "corporatisation" of branches but to be fair, customers are preferring to use digital platforms for the convenience. Doing so has placed the local bank branches, the use of hard currency and jobs firmly at risk of being lost.

The BOQ job cuts total 650 over the last 12 months thus saving $22.75M (based on 650 x $35k p.a.)
Unfortunately and without doubt, those layoffs are affecting more than 650 individuals.

So for convenience and cost savings to the banks, digital may be better but when it comes at the expense jobs, is it really?

The banks are only worried by the bottom line on their balance sheets. People and jobs don't come into the equation. Perhaps if the top of the tree were being trimmed then there maybe there would be a different scenario. Certainly be a bigger saving than the current cost cutting.
Fortunately for us the local Community Bank is thriving and growing.