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Cash option fading

Sweetninnocent

Sweetninnocent

Diamond Member
johnmatilda said:
Yup, banks and the govt/ATO can't wait to get rid of cash. Why? Banks make a cut for every card transaction and the ATO gets rid of the cash economy and rakes in more revenue.

Guys, start using cash as much as possible. Don't let the banks make coin.

Fruitless though. The number of people on here is infinitesimal to the rest of the population.

I read that Bankwest said that they were only serving a handful of customers a day. I don't buy it. Whenever I walked past a branch, there were heaps of customers in there.
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I wonder how many of us who bemoan the move towards a cashless economy are secret supporters of the cashless debit card introduced by the precious Coalition government but scrapped when Labor got back in.
 
Sweetninnocent

Sweetninnocent

Diamond Member
johnmatilda said:
Been my experience too, even redirected to use one of their terminals instore for self-service.

What BS from Commonwealth. Before the merger, I knew that Commonwealth was going to eventually bend Bankwest over a barrel and torpedo it to reduce competition and redirect business to crappy Commonwealth bank. Queues in Commonwealth are atrocious. If you want service, you have to book a time with them at their convenience. Have you seen the branch on Wellington St in the morning? What a disgrace.
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CBA is shit at customer service. WBC are marginally better. Hope they don't kill off St George's Bank like what CBA did to BWA. I have been a BWA account holder for more than 2 decades already. It was my first account since the time I was an overseas student.
 
Be Nice

Be Nice

Legend Member
Read somewhere yesterday that someone has started a movement to get everyone to withdraw ‘some’ cash, even if it’s only $20 on April 2nd from an ATM to send a message to the banks and the government. I’m certainly going to withdraw on the day, I hope millions do.
 
mrys

mrys

Member Moderator
Staff member
Talking Turkey Moderator
All the black money hidden from the ATO will start to surface soon. No point in being cash rich if you can't spend it. With deposits and withdrawals over 10k reportable transactions for the banks there will be nowhere to hide.......sadly.
 
D

Dood Deleted 66783

mrys said:
All the black money hidden from the ATO will start to surface soon. No point in being cash rich if you can't spend it. With deposits and withdrawals over 10k reportable transactions for the banks there will be nowhere to hide.......sadly.
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Why sadly? Don't you think everyone should pay their share of tax? I've the same misgivings about family trusts, negative gearing and other tax dodges as well.
 
mrys

mrys

Member Moderator
Staff member
Talking Turkey Moderator
doob said:
Why sadly? Don't you think everyone should pay their share of tax? I've the same misgivings about family trusts, negative gearing and other tax dodges as well.
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The harder you work the more you're taxed. They don't give prizes for paying more tax or working yourself into an early grave due to stress and 90 hours a week to better your circumstances. I don't begrudge paying tax, that's my fair contribution to the countries coffers. But it's blood sweat and tears sometimes to create a profit, employ people and have an ethical business. If we as a nation remove financial incentives to try/work harder and be innovative we will all be watching neighbours and waiting for the next social security payment.
 
zebca

zebca

Gold Member
The main reason people argue against cash is because people think there is tax evasion. I am sure there is. But there are far worse tax evasion methods which are not being addressed particular for multinational companies which are evading 7,8 and 9 figures of taxes.

Also if cash is gone, all your transactions can be tracked, the bank makes money on every EFTPOS transaction. If internet or electricity is not available then how are people meant to buy things. Also the most concerning thing to me is that there will soon be the potential for you to be locked out of your own money and you wouldn't be able to do anything to access it (in a society where all money is in the banks).
Also if cash is gone, money is too abstract, what even is it anymore, just numbers.
 
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W

Weber

Digital ID passes in the Australian Senate, next will be social credit scores like the Chinese have, and this could effect ones Universal Basic Income (UBI).
Visa & MasterCard reach a $30 billion settlement in the US over merchants fees, so how much did they both make over the last decade?
 
JimmyMcBuckets

JimmyMcBuckets

Silver Member
zebca said:
The main reason people argue against cash is because people think there is tax evasion. I am sure there is. But there are far worse tax evasion methods which are not being addressed particular for multinational companies which are evading 7,8 and 9 figures of taxes.

Also if cash is gone, all your transactions can be tracked, the bank makes money on every EFTPOS transaction. If internet or electricity is not available then how are people meant to buy things. Also the most concerning thing to me is that there will soon be the potential for you to be locked out of your own money and you wouldn't be able to do anything to access it (in a society where all money is in the banks).
Also if cash is gone, money is too abstract, what even is it anymore, just numbers.
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The ATO’s own public data shows that the tax gap across multinational and large corporates is small.. they collect over 94% of tax owed voluntarily at return lodgement, another 2% through standard review activity and another 2% through litigation/settlements.. the actual gap left remaining is circa 1-2% (which is world leading compared to other developed countries) and works out to be $2b to $3b per year

These figures are a few years dated but at the time they were trending down.. the term evading is misleading also.. the disputes between the ATO and corporates are usually around grey areas of the law being tested.. there is regular dialogue between the two sides and everything disclosed

Multinationals and large companies are a soft target thought because they don’t vote..

The tax gap across individuals and small business is a far higher % (in the 5% to 10% range) and the collective $ amount evaded dwarfs the multinationals (over $20b per year).. which is why you’re seeing the slow push over time away from cash.. politically no party wants to address it strongly because this part of the population votes come election time.. it’s easier to attack in the news BHP, google and Uber than your plumber who is popular on the suburban Facebook page
 
StevieG

StevieG

Legend Member
JimmyMcBuckets said:
The ATO’s own public data shows that the tax gap across multinational and large corporates is small.. they collect over 94% of tax owed voluntarily at return lodgement, another 2% through standard review activity and another 2% through litigation/settlements.. the actual gap left remaining is circa 1-2% (which is world leading compared to other developed countries) and works out to be $2b to $3b per year

These figures are a few years dated but at the time they were trending down.. the term evading is misleading also.. the disputes between the ATO and corporates are usually around grey areas of the law being tested.. there is regular dialogue between the two sides and everything disclosed

Multinationals and large companies are a soft target thought because they don’t vote..

The tax gap across individuals and small business is a far higher % (in the 5% to 10% range) and the collective $ amount evaded dwarfs the multinationals (over $20b per year).. which is why you’re seeing the slow push over time away from cash.. politically no party wants to address it strongly because this part of the population votes come election time.. it’s easier to attack in the news BHP, google and Uber than your plumber who is popular on the suburban Facebook page
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This reply misses the point - multinationals and other large companies are able to structure their operations in a way which minimises the tax they are required to pay. This is different to paying the amount they are required to pay under current tax law.
 
D

Dood Deleted 66783

Wouldn't it be great to own a porn cinema with stripper's booths next a Bankwest branch?
I'd call it "Wankbest". Motto: They lose interest there. You'll never lose interest here!

The signboard underneath will say; "Banks say the customer always come first. We say our customers come as many times as they want!".

First come, first served! Join us - give them stiff competition.
 
johnmatilda

johnmatilda

Legend Member
doob said:
"Banks say the customer always come first. We say our customers come as many times as they want!".

First come, first served! Join us - give them stiff competition
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I'mma fix that up for you:

"Banks say the customer always cum first. We say our customers cum as many times as they want!".

First cum, first served! Join us - give them stiff competition.
 
D

Dood Deleted 66783

johnmatilda said:
I'mma fix that up for you:

"Banks say the customer always cum first. We say our customers cum as many times as they want!".

First cum, first served! Join us - give them stiff competition.
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Sigh! There's always one. I was trying to respect the genteel men and women of culture in this forum.
 
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Smythie

Smythie

Money makes the world go around
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