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Government announces taskforce for ‘black economy’

The Turnbull government has announced an official crackdown on taxpayers who intentionally misreport their tax and superannuation obligations.

Tax&Compliance Katarina Taurian 15 December 2016
— 1 minute read

An announcement from the office of the Minister for Revenue and Financial Services, Kelly O’Dwyer, defined the “black economy” as those who operate entirely outside the tax system.

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The term also includes those who are known to tax authorities but deliberately misreport their tax and superannuation obligations.

The federal government confirmed that a taskforce has been established to crack down on the black economy.

The taskforce will be chaired by the former chair of the B20 anti-corruption taskforce, Michael Andrew.

The other participants will include the Reserve Bank of Australia, the Australian Federal Police, ASIC, APRA, AUSTRAC, the Department of Human Services and the Department of Immigration and Border Protection.

The taskforce will provide an interim report to the government in March 2017, and will provide a final report in October 2017.

The final report will include a whole-of-government policy framework and detailed proposals for action to counter the black economy.

“Nothing makes fair-minded Australians angrier than having to pay more tax as a result of someone else not paying the tax that they are supposed to pay,” said Ms O’Dwyer.

 

Government announces taskforce for ‘black economy’
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Tax&Compliance