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.