BLACK ECONOMY TASKFORCE: CONSULTATION PAPER

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today noted the release of a paper by the Black Economy Taskforce outlining a number of additional policy ideas which draw on recent public and stakeholder consultations.

In June, the Chair of the Black Economy Taskforce, Mr Michael Andrew AO, led a national roadshow with industry roundtables and public forums in all state capitals and some regional centres. Since its inception in late 2016, Mr Andrew has held over 90 meetings with key business, union and community organisation representatives.

The 54 ideas outlined in the Taskforce’s paper are not recommendations, but intended for public comment and reaction. The feedback the Taskforce receives on them will help it finalise the Final Report. 

The policy ideas respond to concerns raised by businesses and the community during Mr Andrew’s consultations, including: the need to tackle the question of individual identity, the abuse of the ABN system, phoenixing, the need for stronger enforcement action and visibility, the use of electronic payment systems, dealing with criminal elements of the black economy and industry specific problems including tobacco, horticulture, certain segments of the labour hire, and security industries. 

“The black economy is an insidious and wide ranging problem which impacts many Australians. It not only harms those less able to protect themselves, it impacts and undermines those doing the right thing, who end up paying for those who don’t. Those contributing to our community and economy should not be subsidising those who aren’t,” the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said.

“I look forward to receiving the Chair’s final report and recommendations in October. The Government is committed to working to fight the black economy with a focus on improving fairness for businesses, levelling the playing field and continuing to strengthen the integrity of our tax system.” Minister O’Dwyer concluded.

The Minister for Revenue and Financial Services established the Black Economy Taskforce in December 2016 to develop a whole-of‑government response to the black economy.

The paper and the Interim Report are available on the Treasury website at https://consult.treasury.gov.au/tax-framework-division/black-economy-taskforce/

Submissions close on 14 August 2017.