Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 3-Jan-19
KPMG’s submission to a Treasury review has proposed that individuals who have previously engaged in black economy activity could have part of their fine refunded if they have a proven track record of complying with tax laws. The firm suggested that individuals would be more likely to continue to comply with tax laws under such a system, and they could qualify for a refund after three years with a clean slate. The black economy is estimated to be worth up to $50bn a year.
KPMG AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE