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The Black Economy - General Public Town Hall Discussion (BRISBANE)

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EY

Level 51, 111 Eagle street

Brisbane, QLD 4000

Australia

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The Black Economy Taskforce has been formed to target the black economy, which is also known as the shadow economy or cash economy – businesses and individuals which operate outside the tax and regulatory system.


Clamping down on the black economy is a matter of fairness and ensuring that there is a level playing field. Otherwise businesses, employees and consumers who do the right thing are directly penalised.


The black economy also enables the exploitation of workers, abuse of the welfare system and undermines community trust in the tax system.


In Australia, it could be at least as large as 1.5 per cent of our gross domestic product, or around $24 billion dollars.


The Taskforce's Interim Report was released by the Government on Budget night and submissions are open until 30 June 2017. You can download a copy at www.treasury.gov.au/blackeconomy. The Taskforce will deliver a final report to Government in October this year.


In this session, the Chair of the Taskforce, Michael Andrew AO, is keen to share what the Taskforce has uncovered so far, and to hear your perspectives about participation in the black economy.


Mr Andrew was Chairman and CEO of KPMG International from 2011 to 2014 and a partner in KPMG since 1988. He is also currently the Chairman of the Board of Taxation and former Chair of the B20 Anti-Corruption Taskforce.

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EY

Level 51, 111 Eagle street

Brisbane, QLD 4000

Australia

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