Speaking to ABC radio on Wednesday, Revenue and Financial
Services Minister Kelly O’Dwyer flagged a review of the $100 note and
cash payments over certain limits as the government looks to recoup
billions in unpaid tax.
Monday’s midyear budget update will include the appointment of former
KPMG global chairman Michael Andrew to oversee a black economy
taskforce. The black economy accounts for 1.5 per cent of GDP, given
many cash payments are untaxed.
O’Dwyer told the ABC not only is the lost revenue owed to the
Australian people for schools and hospitals, but it’s also critical for
those who do the right thing and pay tax.
“The whole point of this crackdown on the black economy is to make sure we close down any potential loopholes,” she said.
Despite the broad use of electronic forms of payment, O’Dwyer warned there are three times as many $100 notes in circulation th