The Black Economy Taskforce final report recommended that an Advisory Board be established that includes members of the private and public sectors to provide strategic advice on the black economy (now referred to as the ‘shadow economy’). Treasury established the Black Economy Advisory Board, with the board meeting for the first time in September 2018.
In 2021, the Black Economy Advisory Board was disbanded and transferred its responsibilities to the Shadow Economy Advisory Forum, chaired by the ATO and Dr Michael Schaper.
The Shadow Economy Advisory Forum collaborates with key industry and business stakeholders to lead, share and advocate matters relating to the shadow economy including:
- advising on improvements to the provision and timeliness of education and advice to businesses
- providing industry insights into non‑compliant practices and behaviours
- identifying practical options to reduce regulatory or other compliance burdens
- actively influencing and promoting positive changes in behaviour to support a level playing field
- championing the benefits of engaging with the Australian tax and regulatory system to the community.
More details on the Shadow Economy Advisory Forum including membership details can be found on the Australian Taxation Office website.