News

Black Economy Taskforce

The Minister for Revenue and Financial Services has announced that the government has established a taskforce to crackdown on the black economy.

Mr Kelly said that “While there is no single internationally-agreed definition, typically, the black economy refers to people who operate entirely outside the tax system or who are known to tax authorities but deliberately misreport their tax (and superannuation) obligations.”

“The black economy can also include those engaged in organised crime, including those who engage in the production and sale of prohibited goods.”

The ABS estimates that Australia’s black economy could be as large as 1.5% of gross domestic product or around $24 billion dollars.

Mr Kelly said that “tackling the black economy requires a while government approach and participants will include the Reserve Bank of Australia, the Australian Federal Police, ASIC, APRA, AUSTRAC, and the Departments of Human Services and Immigration.”

The Taskforce will look carefully at successful measures that have been employed overseas.

The Taskforce will provide an interim report in March and a final report in October 2017 which will include a whole of government policy framework and detailed proposals for action to counter the black economy.

Ref: Media Release – Minister for Revenue and Financial Services