Senior ministers including Treasurer Josh Frydenberg could have their preselections challenged as disgruntled rank-and-file Liberal Party members demand the government ditch plans to ban cash payments of more than $10,000.

As the nation's peak business group, the Australian Chamber of Commerce and Industry (ACCI), joined calls to abandon the proposal, it now appears at the very least the planned start date of January 1 will be missed.

Liberal Party members may target sitting MPs over their position on a planned ban on cash payments of more than $10,000. Credit:iStock

The party's Victorian branch at the weekend overwhelmingly endorsed a motion calling for the plan to restrict payments to less than $10,000 in cash to be abandoned.

First proposed in 2018, the ban emerged from the government's black economy taskforce that recommended a crackdown on large cash transactions in a bid to prevent tax avoidance and catch organised criminals. Under the laws, businesses will face criminal and civil penalties if they make or accept cash payments greater than $10,000.