For years, digital payments have dominated – fast, convenient, and secure. But cash is making a return, and small businesses should be aware of what this could mean.
The Government is introducing regulations requiring certain retailers to accept cash for in-person purchases under $500, focusing on essentials like groceries and fuel. The aim is to ensure Australians can still pay when technology fails or when they prefer cash.
Who This Affects
Good news for most small businesses: if your annual turnover is under $10 million, you’re exempt. That includes many family-run grocers, cafés, and corner stores. Your main task? Keep clear records to show your business qualifies for the exemption.
For businesses that do need to accept cash, the focus is practical:
· Reintroducing cash floats and tills
· Training staff on handling cash
· Updating reconciliation and banking processes
Why This Matters
Cash use remains important for older Australians and those in regional areas, and it’s a reliable backup during outages, natural disasters, or system failures. Accepting cash can also bring commercial benefits, attracting customers who value personal service and convenience.
Getting Ready
Small businesses should:
· Review their turnover and documentation to confirm exemption status
· Prepare staff and processes if cash acceptance is required
· Explore tools like smart safes or digital counters to make handling cash easier
How L. Jack & Associates Can Help
Whether you need guidance on compliance, record-keeping, or practical cash-handling solutions, our team can help ensure your small business is ready for these changes while staying focused on your day-to-day operations.