7 February 2018

Targeting key areas of the black economy


The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today introduced a Bill into Parliament specifically aimed at black economy activities.

The Bill delivers on the 2017-18 Budget decision responding to recommendations in the Black Economy Taskforce's Interim Report.

Minister O'Dwyer said "This new law will restrict the avenues for people participating in the black economy, whether by engaging in tax evasion or by deliberately underreporting their income."

The Treasury Laws Amendment (Black Economy Taskforce No.1) Bill will create new offences to ban electronic sales suppression tools at each stage of the supply chain. This includes hefty penalties to discourage the use of this software.

Secondly, the Bill will extend the current Taxable Payments Reporting System to areas of high risk - the courier and cleaning industries - to require annual reporting to the Tax Office of payments made by businesses to contractors operating in these industries.

Guidance material will be published on the Tax Office website.