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 -
- 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.
- 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.