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So, no more paying for things in Australia with more than $7500 USD? Brutal. Pretty soon it won't be legal to even pay your rent with cash. As far as I know va
by Canada 8y ago
So, no more paying for things in Australia with more than $7500 USD? Brutal. Pretty soon it won't be legal to even pay your rent with cash.
As far as I know various $10,000 reporting laws started in the 1970s. That's more than $60,000 in today's money. Have these limits ever been adjusted for inflation in any country?
- Rebelgecko 8y agoI think in the US the limit actually went lower. At the very least, multiple $9k transactions set off some flags
- fomojola 8y agoThat's just the structuring detection: the limit is $10000 but most financial institutions have some form of check for structuring or smurfing (see https://en.wikipedia.org/wiki/Structuring https://en.wikipedia.org/wiki/Structuring). One payment under the limit probably won't trigger it, but multiple will. Every couple of years there is a story about some small business owner who draws the ire of some government agency because they make multiple deposits under 10k.
- tialaramex 8y agoMaking several smaller payments in order to sidestep reporting requirements is called "structuring" and, duh, is illegal. In other news: Grabbing another person's hand and using it to slap them in the face is actually still just you committing assault.