In December 2016, the Black Economy Taskforce was established to develop a whole-of government policy framework involving new proposals to tackle black economy activity. In the 2018-19 Budget, the Government responded to the Black Economy Taskforce’s Final Report. This included an announcement that the Government would require businesses seeking to tender for Australian Government procurement contracts over $4 million (inclusive of GST) to provide a statement from the ATO indicating that they are generally compliant with their tax obligations. Businesses who do not meet their tax obligations have an unfair advantage over honest businesses that do. The government wants to lead by example by implementing this recommendation in a way that strikes the right balance between tackling the black economy and keeping the regulatory requirements as low as possible.
Stakeholders are encouraged to provide their views on the proposed system.
No submissions are currently available.