In the 2018-19 Budget, the Government responded to the Black Economy Taskforce’s Final Report. This included an announcement of an economy-wide cash payment limit of $10,000 for payments to businesses for goods and services, to apply from 1 July 2019. Transactions in excess of this amount would need to be made using the electronic payment system or by cheque.
The Government is seeking to strike the right balance between cracking down on black economy participants using large cash transactions to avoid their tax obligations, and ensuring that businesses doing the right thing are not unduly burdened by increased red tape.
The consultation paper is also seeking the views of stakeholders to identify further issues for consideration in implementing this measure. This includes views on reporting obligations, integrity measures and whether any exemptions apply.
You can submit responses to this consultation up until 24 June 2018.
Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
How to respond
Address written submissions to:
Black Economy Division
PARKES ACT 2600