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AUSTRAC's new $500 ripoff fee!

Discussion in 'Business, Investment and Economics' started by YELNATS, Jun 13, 2010.

  1. YELNATS

    YELNATS Non illegitimus carborundum

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    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...ntimoney-laundering-scheme-20100524-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will be a winner from this poorly thought-through idea and the public will be inconvenieced if these services are withdrawn.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?
     
  2. Timmy

    Timmy white swans need love too

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    Is the fee a result of lobbying from banks? They would probably prefer to keep the guys like yourself out of the business so they can gouge customers some more?
     
  3. YELNATS

    YELNATS Non illegitimus carborundum

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    Not sure, but I wouldn't put it past them.

    Rather I think it's another tactic by the big-spending Rudd government to try to address its' recent big budget deficits.

    To illustrate the unfairness of the fee, it seems that the big banks will pay just $500 each per annum, exactly the same as us small traders who have a turnover of $1 million or less p.a.

    I really don't feel like parting with $500 every year to keep the Canberra fat cats in cigars and caviar.
     
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