The Minister for Revenue and Financial Services Kelly O’Dwyer has announced that Michael Andrew, who is the current Board of Taxation chair, will lead the government’s new black economy advisory board.
Mr Andrew, who chaired the black economy taskforce last year, will oversee a board that will include members of the private and public sector to provide strategic advice on trends and risk in the black economy.
The advisory board will also advise the Treasury about implementation of the government’s decisions attacking the black economy and contribute to a government report every five years about new threats emerging in the black economy.
“Mr Andrew’s comprehensive examination of black economy issues will be invaluable in providing insight as the government progresses its extensive reform agenda on the black economy and I welcome his continued role in leading future collaboration with experts from all sectors,” Ms O’Dwyer said.
The government has embarked on a campaign to disrupt the black economy, including $318.5 million in additional funding to the ATO to increase its enforcement activity, including measures to target egregious tax practitioners who enable black economy activities.
Other measures include an extension of the taxable payments reporting system regime, an economy-wide cash payment limit of $10,000, and restricting government procurement to businesses that have acceptable tax records.
“Honest businesses meeting their tax and other obligations lose out to competitors doing the wrong thing and induce others to begin operating in the black economy in order to remain competitive,” said Ms O’Dwyer.
“A new black economy standing taskforce, led by the ATO, will also ensure a whole of government approach with agencies sharing intelligence and best practice.”
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
With a focus on breaking news and exclusive analysis, Jotham keeps Accountants Daily readers up to date with company moves, tax updates and essential business and client strategy.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.