The black economy measures: How they affect you and your clients
Source: Taxation In Australia Journal Article
Published Date: 1 Oct 2019
While the ATO's tax gap project commenced in 2015, its influence on the Commissioner of Taxation's strategic direction and its potential to impact on every business and their advisers is only now emerging. This was inevitable, given the mutual impact of tax gap reporting on the Black Economy Taskforce (BET). The BET was established in late 2016, reported to the federal government during October 2017, and since then the government and its agencies have been busy adopting most of its 80 recommendations. Taxpayers and advisers are coming to terms with the impact of separate significant new legislative and administrative reforms, including digital business initiatives like single touch payroll and e-invoicing, new withholding and reporting requirements, non-compliant payments, and the Commissioner's greater collection and enforcement powers, all of which are BET outcomes to some degree. As strategies to close tax gaps are emerging, it is timely to consider the BET's influence in reforms, especially to plan for what is to come.
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Details
- Published By: Paul Banister CTA
- Published On:1 Oct 2019
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