Cash is Back: Preparing Your Business
Digital payments dominate, but government proposals may soon require some retailers to accept cash again, especially for everyday essentials like fuel and groceries. This change aims to ensure all Australians have access to payments, even if technology fails.
Who Is Affected
- Fuel stations and grocery retailers for transactions under $500.
- Businesses with A turnover below $10 million are exempt.
Why the Change Matters
Around 10-15% of Australians still rely on cash. Accepting cash improves resilience, ensures accessibility, and may attract new customers.
Practical Considerations
- Reintroduce cash-handling policies, including staff training and secure storage.
- Review reconciliation procedures and bank deposit schedules.
- Document your turnover if claiming an exemption.
Cash handling may feel like a step back, but it can be an opportunity to demonstrate inclusivity and reliability. If you’d like help reviewing your operations or preparing for the cash-handling changes, contact us at Simmons Livingstone. Call 1800 618 800 or email admin@simmonslivingstone.com.au.
