Black Economy Taskforce Measures – Update – 7 February 2018

08 February 2018

BDO national tax director, Lance Cunningham, commented on the Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018 that was introduced into the House of Representatives on 7 February 2018.

“It is good to see the Government is making a start to combat the Black Economy issues that the Black Economy Taskforce identified in its report last year.  The introduction of laws to restrict sales suppression software and the extension of the taxable payment reporting System (TRPS) to the Courier and cleaning industries make sense and we expect there should not be too much of a problem in getting these measures through Parliament.

“These measures are a good start to this process but these measure on their own are unlikely to affect the more blatant tax avoidance in the cash economy.  There are many more recommendations and issues for consideration in the Black Economy Taskforce report and we look forward to seeing how the Government responds to some of the other recommendations/considerations that would have a more substantial effect on the cash economy, like the proposal to make it illegal to undertake cash transactions above a certain threshold.”