Cash payment limit laws hit parliament

The Morrison government's proposal to criminalise cash payments of $10,000 or more has reached parliament.

Assistant treasurer Michael Sukkar introduced the draft laws to the lower house on Thursday, saying it would stamp out situations where businesses under-report their income and avoid tax.

Australians could face up to two years' prison under the proposal, which puts a cash payment limit of $10,000 made or accepted by businesses for goods and services.