money

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Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.
Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". Counterfeit money can cause good money to lose its value.
The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries.

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  1. J

    VIC Theft of money in trust

    Hi some advice would be great Person 1 diagnosed with early on set Parkinson’s disease. Doctor recommended having large sums of money looked after by a trusted person (due to the sometimes impulsive spending behaviour caused by the disease). He trusted his ex wife as they were civil. She...
  2. Hdjaime

    NSW Private car seller lied...can I get money back

    OK so I know all about"buyer beware" but I was a sucker. Was looking at a first car for my son and came across this one which sounded good. When we got there the car looked clean and he assured me that it's in perfect condition, no problems whatsoever and on and on. He seemed quite nice and...
  3. P

    NSW Returning Garnished money

    I have to take a painter to court to overturn an Adjudication taken out and me under false pretenses. There was a number of issues with the Adjudicators judgement, all of which were incorrect. nevertheless, he found in favour of the painter. I showed the painter all the errors on the...
  4. B

    NSW Friend owes money

    Hi. 1 month ago I lent a friend 3350 for his bond on a Monday, he said he would pay it back on the Friday discussed via txt. I am yet to receive any payment from him. I keep ringing and asking and he keeps making excuses, I don't know what to do anymore. It dosnt seem like much money but it is...
  5. Z

    QLD need advice charged with stealing as servant, money laundering, computer hacking.

    hello i need some advice I'm innocent i never did this. i have been charged with following offenses 255 counts stealing as clerk or servant. (they allege I stole 33k in cash refunds because the manager couldn't locate stock) they believe this happened over a period of two years. 255 counts of...
  6. S

    Legal risk versus success (and who gets the money)?

    I know that generally costs can be awarded to the successful party but what happens when a single party undertakes a legal action (and therefore financial risk) to recoup money owed to a third party? To clarify I own an apartment in a NSW strata building where it turns out that one set of...
  7. D

    SA What does it mean to have power to determine if money is treated as capital or net income?

    Hi all, I am new to this forum and would like to say hello first, and follow up with a couple questions (of which I have a few) relating to my family trust. I would like to get a better understanding of concepts and clauses and laws etc relating to the trust deed before I engage my accountant...
  8. Luke g

    QLD Fackbook purchase

    So I bought a item only Facebook market place I spoke to the the person we agreed to have the items posted via mail to my house, I paid via direct debit. After a few weeks trying to get her to post the items she just blocked me and now I cant get my money back or a reply I ask and heeps of times...
  9. Z

    QLD i have just been charged with stealing by clerk,computer hacking and money laundering

    hello,so back in july 2020 i was interviewed by police for allegedly stealing 40k over a period of two years from my former employer. this morning i was arrested and charged with the following 255 counts of 398.6 stealing by clerk 208 counts of 408e 1&2 computer hacking and one count of...
  10. P

    NSW Money deposited direct from unknow person in China to my account is possible money laundering?

    $70k dropped into my Westpac account from a chinese citizen, using the overseas banks hi value transaction protocal, leaving only the name of the depositor and transaction munber. They used my full name, bsb and account number in the process. I asked my bank to trace the transaction, which...