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Black Economy Taskforce Interim Report

May 13, 2017

Black Economy Taskforce Interim Report

Michael Andrew AO, Australian Treasury (May 2017). The Black Economy Taskforce has been established to develop an innovative, forward-looking whole-of-government policy response to combat the black economy in Australia, recognising that these issues cannot be tackled by traditional tax enforcement measures alone.

The black economy refers to people who operate entirely outside the tax and regulatory system or who are known to the authorities but do not correctly report their tax obligations.

Participation in the black economy penalises honest taxpayers, undermines the integrity of Australia’s tax and welfare systems and creates an uneven playing field for the majority of small businesses doing the right thing.

The Taskforce is chaired by Mr Michael Andrew AO, former global head of KPMG and current Chair of the Board of Taxation. Mr Andrew is former chair of the Australian B20 Working Group on Anti-Corruption and Transparency and its Global CEO Forum.

The Taskforce brings together senior leadership experience from public and private sectors and provided an interim report to Government in late March 2017 and will provide a final report in October 2017. To date over 40 consultations have been held with representatives from business and industry, community, academic and government sectors. There are many more consultations planned, in both regional and capital cities.

The Chair’s Interim Report has been publicly released by the Government and is now open for comment.

The Taskforce invites all interested parties to make a submission on the interim report which outlines initial findings and recommendations. Submissions close 30 June 2017.