Cash for Scrap to be banned
The Victorian government has passed laws outlawing scrap metal dealers paying or receiving cash for scrap metal. Instead payment will have to be via cheque or electronic bank transfer.
Also, the new laws prohibit purchasing motor vehicles without a VIN.
Purpose of the New Laws
These laws are to prevent criminals trading in scrap metal. NSW introduced similar laws in 2016.
How will this affect me?
At the moment the new laws are not in force so we still pay cash for scrap. We will continue to do so until the new laws become effective. This must be before 30 May 2018, so if you want to earn some cash for your scrap we suggest you act quickly!
Once the new regulations are operational we will pay you via electronic bank transfer or cheque (made out to a specific payee).
We will also have to keep records about each transaction, but we don’t yet know what records we will need to keep. We don’t expect this to be different from our current records, but we await further information from the government.
Conclusion
JK Recycling supports efforts to stamp out criminal activity in our industry. We hope the government provides sufficient resources to effectively police the new regulations and stamp out scrap metal dealers that do not comply.In the meantime it is business as usual, so keep scrapping!