Black economy measures draw a wide net - 12 December 2018

On 29 November 2018, Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Bill 2018 received Royal Assent. The Bill covers a wide range of measures drawn from recommendations from the Black Economy Taskforce Final Report and includes measures to:

• Deny an income tax deduction for certain employee/contractor payments if the associated withholding obligations have not been complied with; and
• Require entities providing road freight, information technology or security, investigation or surveillance services to report to the ATO under the Taxable Payment Reporting System.