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The black economy measures: How they affect you and your clients

Published on 01 Oct 19 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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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Paul Banister CTA
Photo of author, Paul BANISTER Paul is a Chartered Accountant and a Partner at Grant Thornton, leading their tax division in Brisbane. He has over 30 years’ experience working with clients to help them navigate through complex and potentially risky tax and commercial issues. His expertise includes domestic and international tax planning, transaction advisory and support, superannuation structuring and advice, succession planning and estate planning. Paul has presented at many professional and business forums, both in Australia and internationally. He is a contributing author to Thomson Reuter’s Financial Planning Handbook. Paul is also the recipient of The Tax Institute’s SME Tax Adviser of the Year Award for 2016. - Current at 26 June 2019
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