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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. T

    NSW How to prove at NCAT money hasn't been refunded to strata?

    Basically an owner did some renovations which needed a bylaw as it affected some common property. The owners corporation preferred to use its own contractor for the common property part of the work and the bylaw says the owner is to refund the owner corporation. No problem so far. The problem is...
  2. L

    NSW Unpaid money

    I have worked for the company as a sole trader and they have not paid my last month money. I have found they did same to some other people as well. its not a big amount but I do not want to let it go. as they are keep doing this. I have found this company submitted voluntary deregistration in...
  3. redness06

    VIC Car loan money not repaid

    My ex partner contacted me wanting my help she had no car to get her 3 kids around one is my child so we agreed if I got her a car she would pay me back got the car paid for all the one road costs and so on to a total of $7200 she paid $500 back into my bank and I've received nothing since and...
  4. 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...
  5. 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...
  6. 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...
  7. 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...
  8. 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...
  9. 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...
  10. 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...