Australia’s shadow economy leeches $12.4bn from tax revenue amid Treasury’s failure to crack down
by Tory Shepherd from on (#6C9EK)
Auditor general's report says bid to tackle cash-in-hand work and tax avoidance measures haven't worked
Treasury has failed to effectively tackle the shadow economy, which leeches $12.4bn in tax from Australia, and paused" work on it during the Covid pandemic, an auditor general's report has found.
The shadow - or black - economy refers to dishonest or criminal activities operating outside the tax system and can include illicit tobacco dealing, money laundering, underpayment of wages, unregulated gambling and motor vehicle fraud.
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