Tax Invoice

Assistant Commissioners Michael Morton and Peter Holt join Tax InVoice podcast host David Jepsen to talk about the shadow economy, what types of activities form the shadow economy and how it affects the Australian community. The shadow economy, also known as the cash economy or the black economy, refers to behaviour which involves under-declaring income, things like paying staff cash in hand or under the counter or sham contracting. Shadow economy behaviours also include trading in illicit tobacco, illegal drugs or counterfeit goods, ABN, GST, duty fraud and phoenixing.Small businesses and their tax agents can access the Reported transactions service on ATO Online platforms to view the third-party data that we hold on taxable payments, government grants and business transactions through payment systems. This provides transparency about the data that has been reported to the ATO about business income and supports small business owners to meet their tax obligations.As the shadow economy accounts for around $11