A little publicised outcome of the May 2010 Federal budget would see the impost of a $500 annual fee on small business to comply with Austrac's procedures to monitor/combat money laundering and financing of terrorism.
This would hit small business very hard at a time when we are doing it hard anyway and already struggling to meet Austrac's existing highly bureacratic reporting requirements.
Plus there will be a $1.06 reporting fee every time a customer requires a transaction to be done which requires to be reported to Canberra!
For example: http://www.businessday.com.au/small-...0524-w8b7.html
As the owner of one of these small businesses, a licensed post office, offering international money transfer, I barely make $500 a year out of this service, so would have to consider withdrawing it as a service to the public.
It seems this is an opportunistic, unfair, money-grabbing move done by the federal government without any consultation with those involved.
Non-one will be a winner from this poorly thought-through idea and the public will be inconvenieced if these services are withdrawn.
I'm pretty upset and angry about this and have written in protest to the Minister concerned along with my local federal member plus my industry body.
Are there any other ASF members similarly affected?