The Australian Taxation Office (ATO) has revealed a list of industries most likely to engage in the “shadow economy” as it received 43,000 tip-offs in the 2021-2022 financial year.
Building and construction, hairdressing and beauty services, cafés and restaurants, road freight transport, and management advice and related consulting services were the top industries where most of the tip-offs to the ATO originated.
Among the Australian states and territories, New South Wales had the highest number of tip-offs at over 13,400, followed by Victoria at 11,500 and Queensland at 9,200.
The shadow economy, previously known as the black economy, refers to dishonest and illegal activities that occur outside the tax and regulatory systems….