Black economy measures draw a wide net

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Black Economy measures draw a wide net - Updated 2 September 2019

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New legislation directed at black economy behaviour is likely to impact many ordinary business dealings.

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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.
Black economy measures draw a wide net - 2 September 2019
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