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 130 consultations have been held with representatives from business and industry, community, academic and government sectors. The Chair ran a series of public town halls and industry roundtables as part of a national roadshow, visiting capital cities and regional areas in May and June.
The Chair’s Interim Report was publicly released by the Government on Budget night.
In August a consultation paper outlining a number of additional policy ideas , based on public and stakeholder consultations, was released. The 54 ideas outlined in the Taskforce’s paper were not recommendations, but intended for public comment and reaction. The submission process has now closed. The paper can be found below.
A final report is due to the Government in October 2017.
Questions regarding the Black Economy Taskforce can be emailed to firstname.lastname@example.org.
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