Black economy measures draw a wide net - 12 December 2018
New legislation directed at black economy behaviour is likely to impact many ordinary business dealings.
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.