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Australian Government response to the Black Economy Taskforce Final Report

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In response to the recommendations of the Black Economy Taskforce’s Final Report, the Government has announced a whole-of-government blueprint for tackling the black economy including a series of measures announced in the 2018-19 Budget and measures that the Government will continue to develop and consult on. Key measures announced in the 2018-19 Budget include the establishment of an illicit tobacco package targeting criminal gangs, introducing an economy-wide cash payment limit of $10,000 reducing the ease with which large anonymous cash payments can be used to avoid tax and reporting obligations, changes to Government procurement requirements to incentivise tax compliance in supply chains and increasing the ability of enforcement agencies to detect and disrupt black economy participants.