The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP today released draft legislation and explanatory materials for public consultation.
Announced in the 2017-18 Budget, the measures take action to address the growing economic and social problem of the black economy.
The package includes:
- Banning the manufacture, distribution, possession, use or sale of sales suppression technology. This technology allows businesses to understate their income, and has been identified as a risk to the integrity of the tax system in Australia and internationally.
- Extending the Taxable Payment Reporting system (TPRS) to two high-risk industries – cleaning and couriers – to ensure payments made to contractors in these sectors are reported to the Australian Taxation Office (ATO). The TPRS has already improved tax compliance in the building and construction industry.
These Budget measures were included in recommendations from the Black Economy Taskforce’s interim report.
They are an important step in assuring the integrity of our tax system.
The draft legislation and supporting materials are available on the Treasury website, and interested stakeholders are encouraged to provide their views. Submissions close on Friday 10 November 2017.