Original article by Adam Creighton
The Australian – Page: 21 : 20-Mar-18
A report from KPMG concludes that targeting the black economy could generate revenue of at least $A5.8bn for the Federal Government. This includes an extra $A2.5bn in business taxes and an additional $A1.2bn in goods and services tax revenue. KPMG’s recommendations include banning income tax deductions for wages paid in cash and prohibiting cash transactions of more than $A100,000. The Government’s May 2018 Budget is expected to include its response to the final report of a black economy taskforce.
KPMG AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA