2019-20 Federal Budget Report: Black Economy

The Government is strengthening the Australian Business Number (ABN) system to disrupt black economy behaviour.

What was announced

  • Requirement for ABN holders to lodge income tax returns
  • Annual confirmation of ABN details

Key Points

ABN holders will be more accountable for meeting their government obligations. Non-compliance with the requirements may result in the loss of the ABN.

From 1 July 2021 all ABN holders will be required to lodge their income tax return where there is an income tax return obligation and from 1 July 2022 ABN holders will be required to confirm their ABN details annually.