Cash mandate: conflicting messages

by

Ed.

The Institute of Public Accountants says the government’s cash acceptance mandate conflicts with previous pushes for businesses to adopt digital payments, www.accountantsdaily.com.au reports .

Treasurer Jim Chalmers states this mandate aims to protect vulnerable consumers, but it may impose additional costs on businesses that have transitioned to digital-only transactions.

The IPA supports measures to combat the shadow economy, including prohibiting cash payments over $10,000, emphasizing that a significant portion of cash remains unutilized or is linked to illegal activities.

Filed under: Economy

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