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This doesn't apply to private transactions, by the way.
Off the top of my head, I can't think of a single example of a legitimate legal business that would be done using cash in that amount.
So while there's definitely a danger of the rules being tightened over time, this specific change here doesn't raise my concern too much.
What bothers me more is the utter lack of any effective measure against the true problem in tax fraud โ those who do it at a truly large scale still get away without any punishment or control, and in fact sit at the table when the tax laws are written.
Does this apply to, say, purchasing a house?
The way I read it, it doesn't. That's still a private transaction.
And who buys a house and hands over a suitcase full of cash?
Depends on where you buy a house. There are many rural houses and small apartments in tower blocks. And why a suitcase? You probably have a few dozen low-value banknotes lying around at home, stack them together and see they don't take up much space (high-value banknotes aren't thicker).