Black Economy Taskforce

On 9 May, the Interim Report of the Black Economy Taskforce was released. The Interim Report indicated that the Final Report would include some recommendations specific to certain sectors, including the property sector.

While business supports the aims of the Black Economy Taskforce, particularly in ensuring both the rule of law and competitive neutrality, there is some risk that the property sector might be subject to additional regulation.

On 18 May, the Chair of the Black Economy Taskforce, Mr Michael Andrew AO, met with the Property Council in Melbourne. The Taskforce flagged discussion of the following issues with respect to the property sector:

• How black economy manifests in the property sector – building and construction is a high-risk sector, not reporting rental income, use of cash in apartment settlements

• Discussion of the property sector’s voluntary code –

• Responsible supply-chain management – with particular emphasis in public infrastructure segment

• Phoenix activities in the property sector and solutions

• GST fraud in the property development sector

• Policy harmonisation – how we can lower regulatory burden

• Extension of Taxable Payments Reporting System – owner builder segment and home improvement industry

• Capping of cash transactions (France has implemented a threshold).

 The Black Economy Taskforce is holding public consultation events, including the following events in Victoria. 

Date	Location	Venue	Event and registration link	Event times
Wednesday 14 June2017	Mildura	Quality Hotel Mildura Grand Seventh Street	Public town hall discussion. Register for this event.	12.30pm-2.00pm
			Industry roundtables with the Chair. Register for this event.	9.30am-10.30am 2.30pm-3.30pm
Tuesday 20 June 2017	Melbourne	TBA	Public town hall discussion. Register for this event.	12.30pm-2.00pm
			Industry roundtables with the Chair.Register for this event.	9.30am-10.30am 2.30pm-3.30pm

For more information contact the Policy Team on 03 96 8300.