Accepting cash may become mandatory for Aussie businesses

Binghay Co • November 13, 2024

Australia is fast heading towards becoming a cashless society. But there are still segments of society that rely on being able to pay in cash.


With this in mind, the Federal Government is proposing new legislation that would make it compulsory for Aussie businesses to accept cash for groceries, fuel and other essentials.


What’s the impact of this likely to be for your small business? Let’s take a look.


Giving consumers the option to pay with cash


Research from 2022 by the Reserve Bank of Australia shows that 76% of Aussies pay using cards, while 13% pay using cash. However, there are demographic groups, generally the elderly and those in low income brackets, that still prefer to pay using cash.


Reasons for this can range from security worries and a mistrust of online banking, to the relative ease of using cash as a payment method.


To protect the rights of consumers that prefer cash over cards and/or digital payments, the Federal Government hopes to introduce legislation over the next two years.


Here’s the lowdown:


At present, under existing law, businesses do NOT have to accept cash payments. It’s proposed that legislation will be introduced to make it mandatory for businesses to accept cash as payment for groceries, fuel and other essentials. Cheques are to be phased out altogether as a payment option by September 2029. A consultation process will take place in 2024/25 and legislation will be introduced from 2026. There may be an exemption for small businesses, with details on this to follow.


Talk to us about the impact of a move to cash


If you’re a consumer-facing business selling essential items, and currently only offering cashless payment options, this change in legislation could have a significant impact.


Having to accept cash will require you to have cash registers, cash floats and to bank the money at the end of each day – practicalities that cashless systems had done away with. 


Talk to our team and we’ll be happy to run you through the implications.

Binghay & Co are Accountants & Business Advisors located in Docklands, Melbourne.

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The new financial year is already in full swing, meaning most of you are still finalising your general ledger accounts in order to get the necessary information to us to prepare your final 2024 accounts and tax returns. Others have already got us your information and are looking ahead. Either way, it can be a time when we forget our current tax obligations, due in relation to the beginning of the 2025 financial year. In order for you to be across your tax obligations, below are the key compliance dates that are coming up. Make sure these lodgments are up to date to avoid any interest or penalties. KEY TAX DATES – SEPTEMBER/OCTOBER 2024 21 September 2024 – GST – Monthly Activity Statement and payment for August 2024 21 September 2024 – PAYG withheld – Monthly activity statement and payment for August 2024 21 September 2024 – PAYG instalment – Activity Statement and payment for monthly reporters for August 2024 30 September 2024 – TFN withholding report – Annual TFN withholding report for closely held trusts where a trustee has been required to withhold amounts from payments to beneficiaries during the 2024 income year 30 September 2024 – PAYG withholding payment summary – 2024 income year annual report due if lodged by us 21 October 2024 – GST – Monthly Activity Statement and payment for September 2024 21 October 2024 – PAYG withheld – Monthly activity statement and payment for September 2024 21 October 2024 – PAYG instalment – Activity Statement and payment for monthly reporters for September 2024 21 October 2024 – Annual PAYG instalment – Payment of annual PAYG instalment for 2023–24. Lodge only if instalment amount varied or the rate method to calculate the instalment is used 28 October 2024 – GST – Quarterly Activity Statement and payment for the July to September 2024 quarter if you do not lodge with us 28 October 2024 – PAYG withheld, FBT instalment and PAYG instalment – Quarterly Activity Statement and payment for the July to September 2024 quarter if you do not lodge with us 28 October 2024 – Superannuation guarantee – Due date for superannuation guarantee contributions for July to September 2024 31 October 2024 – Income tax – Due date for lodgment of 2023–24 income tax return for individuals, trusts and partnerships if you do not lodge with us 31 October 2024 – GST – Lodgment of annual 2023–24 GST return for instalment payers who are required to lodge tax returns by 31 October 2024 31 October 2024 – Companies – To provide distribution statements to shareholders for 2023–24 for most companies 31 October 2024 – Income tax – Due date for lodgment of 2023–24 income tax return for an entity that has one or more prior year tax returns outstanding as at 30 June 2024 31 October 2024 – SMSFs – Annual return for new registrant SMSF if the ATO has provided this due date We’re here to help if you’re facing operational issues, tackling people challenges, or have health and safety questions, give us a call or email us. 

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By Binghay Co • December 16, 2024
As the year winds down, the festive season and holiday break provide an opportunity to pause, recharge, and reflect. But how can you make the most of this valuable downtime? Here are five tips for enjoying a restful and productive holiday period: 1. Reconnect with Family and Friends Running a business often takes time away from loved ones. Use this break to strengthen personal relationships by disconnecting from work and focusing on quality time with family and friends. Turn off work emails, relax, and make this festive season one to remember. 2. Reset and Recharge Take a deliberate step back from the business to recharge mentally and physically. A digital detox—avoiding work emails and laptops—can reduce stress and help you return refreshed and ready for the year ahead. 3. Reflect and Plan for 2025 Review your business performance and finances, identify growth opportunities, and set goals for the upcoming year. This reflective downtime is ideal for developing a strategic plan that aligns with your long-term vision. 4. Expand Your Knowledge Use the extra time to read inspiring business books, listen to podcasts, or watch educational YouTube content. Learning from other entrepreneurs’ stories can spark new ideas and motivate you for the next chapter of your business journey. 5. Explore a New Hobby The holidays are a perfect opportunity to try something new. Whether it’s learning a language, picking up a creative hobby, or diving into a new sport, pursuing a fresh interest can broaden your perspective and keep your mind sharp. Let’s Plan for Success in 2025 A new year brings new opportunities. Whether it’s exploring a new market, diversifying your offerings, or funding a growth project, we’re here to help you strategise and achieve your goals. Reach out to discuss your plans for 2025 and take the first step towards a successful year ahead.

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