The Turnbull Government is establishing a new Advisory Board to support its ambitious reform agenda to disrupt the black economy.
The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today announced that Mr Michael Andrew AO, who provided strong leadership to the Black Economy Taskforce last year, will chair the Black Economy Advisory Board.
“Mr Andrew’s comprehensive examination of black economy issues will be invaluable in providing insight as the Government progresses its extensive reform agenda on the black economy and I welcome his continued role in leading future collaboration with experts from all sectors,” Minister O’Dwyer said.
The Advisory Board will include members of the private and public sector who will provide strategic advice on trends and risks in the black economy.
The Advisory Board will also advise the Treasury about implementation of the Government’s decisions attacking the black economy and contribute to a Government report every five years about new threats emerging in the black economy.
Minister O’Dwyer said the black economy is a serious problem that does harm to the community and honest businesses, and deprives the community of revenue needed to support vital community services.
“Honest businesses meeting their tax and other obligations lose out to competitors doing the wrong thing and induce others to begin operating in the black economy in order to remain competitive.”
“The Government’s actions include a $10,000 limit on cash transactions, a comprehensive strategy to combat illicit tobacco, reforms to the Australian Business Number system, restricting government procurement to businesses that have acceptable tax records, and $315 million in additional funding to the ATO to increase its enforcement activity against black economy behaviour.”
“A new black economy standing taskforce, led by the ATO, will also ensure a whole of government approach with agencies sharing intelligence and best practice,” Minister O’Dwyer concluded.
The final report of the Black Economy Taskforce, the Government’s response and current consultation are available on the Treasury website.