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. 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...
  2. I

    QLD Early inheritance

    My father in law passed away mid 2019 and is survived by 2 children, my wife and her brother, who lives interstate. My brother in law went through a divorce in 2007, and my FIL gave him $300K out of his inheritance for bills and to purchase his house. My FIL changed the will outlining that my...
  3. H

    VIC Ex owes me insurance money what can i do

    while in a relationship my ex partner and i got a car, it was under my name (he paid for the car $1500ish and i paid for the insurance) all of it under my name and details. We split up, i let him take the car as he was using it to sleep in. he crashed it and hit another car, writing ours off in...
  4. J

    NSW Paying Somebody to Invest my Money

    Hi Guys, Just wondering about the legalities around having someone invest my money for me and charging a yearly commission. Just assume there is no risk at all (a hypothetical situation), would this be allowed? Or, would they have to acquire certain certification from ASIC in order to trade for...
  5. S

    Employer making me pay course fee

    I had signed up to do a certificate IV course in my review at the company I was made redundant through in early April, they agreed to pay for me to do the course. After being made redundant we tried cancelling the course as I didn’t want to continue the course, as I couldn’t afford the payments...
  6. W

    NSW Options for getting back money given to friend in 'good faith'

    I paid ~$9K to a friend in the travel business who'd offered us a special deal to book our family's flights back home over Xmas. Long story short, having promised us repeatedly that everything was confirmed, he let us down badly at the last minute saying that he'd misread the deal which...
  7. Ozzietheostrich

    VIC Parents Taking a Portion of a Minor's Paycheck

    A friend of mine is 16. She got a job about a year and a half ago and since then her mum has been taking a third of the money each time to "teach good money habits". Something about this seems off and I'm just wondering whether it's legal.
  8. N

    WA My mother bought a house using her money. Her ex partner is on the title. He broke up with her and has paid no money in Ten Years.

    My mother bought a house using her money. Her ex partner is on the title. He broke up with her and has paid no money towards her or the house in over Ten Years. She lives in WA. Can we remove him from the Title?
  9. N

    My mother bought a house using her money. Her ex partner is on the title. He has paid no money towards the house in over Ten years.

    My mother bought a house using her money. Her ex partner is on the title. He broke up with her over Ten years ago and has paid no money towards the house in over Ten years. How do we remove him from the title?
  10. M

    Money stolen from deceased bank account.

    Hi there, What charges can a person face for taking money from a bank account after the person is deceased. $2000 was stolen from my father in law's bank account 2 days after he died from a woman (whom the supreme court ruled was not legally his defacto partner). Would this be a fraud charge...