Live & Online Events

1230pm Thurs 23 May – FREE online Q&A with Cass – click here to join or use Teams Meeting ID 434 602 740 224 and PW FfC6Fz

630pm Thurs 30 MayFREE online Q&A with Cass – click here to join or use Teams Meeting ID 465 259 563 202 and PW nYoTmX

2, 13 & 24 May, 6 & 8 June – Cass & MJ live across Queensland at Brisbane, Toowoomba, Jimboomba, Townsville & Mission Beach – details here

Use it or lose it

This week we reported that “Aussies are being urged to dramatically alter their spending habits as new research indicates physical cash is an endangered species…Back in 2007, about 70 per cent of all transactions were made using cash, but the latest data from the Reserve Bank shows that figure slumped to just 13 per cent in late 2022.’ Read the full article here  

So if you want to stop what some call the ‘privatisation of money,’ go grab some cash and start using it. In good news, The Senior reported there were 30,859,700 ATM cash withdrawals made in Australia during February, up by 166,400 withdrawals from January 2024 (0.5%) and up over 1 million withdrawals compared with February 2023 (3.6%). Read the full article here

Cashless banks? No impact on SMSFs

This week we delivered a message in person to Macquarie that many of our clients were not happy with the bank’s announcement that they were going cashless, including that some were even looking changing banks as a result. 

Senior Macquarie reps took on board our representations that although the bank’s move to cashless technically made no difference to SMSFs – SMSFs must not withdraw physical cash – our clients appeared motivated by the broader principle of choice. 

Your choice – things to consider

When this announcement first hit main stream news in September 2023, Cass addressed the issue as follows. 

“My position on Macquarie’s announcement is that it makes no difference whatsoever for a SMSF as SMSF’s cannot deal with cash anyway.  All SMSF transactions are done through the Macquarie online banking system.

Further, I don’t believe Macquarie’s announcement in anyway paints them as a ‘bad’ bank to deal with. All the major banks will be going this way.  In fact, I appreciate Macquarie’s honesty in telling us something they plan to do well in advance in comparison to the other banks who made sudden announcements to be implemented immediately ANZ scraps cash withdrawals in move towards cashless society | 7NEWS  and Cash no longer available over the counter at some Commonwealth Bank branches in Sydney, Melbourne and Brisbane | 7NEWS

Macquarie have always been a specialist bank specialising in SMSFs, home loans and business loans. All of which are basically cashless accounts. As a result of the bank’s specialised operations, it has always had very few branches that one could withdraw cash from anyway.

My summary – its business as usual. There is very little point rushing out and changing banks as all banks are headed this way anyway.”  

Case study

One of our clients reported their own journey down this path last September when they thought they might make a stand anyway and change banks.

They asked their personal bank about making the change, but ultimately didn’t because 

As we always say, it’s your super, it’s your choice, so it is entirely your choice which bank you choose.

If you do feel strongly about keeping cash as an option for personal (not SMSF) use, then make sure you use it, and let the banks and others know.