At The Tax Institute’s March 2019 National Convention, in Hobart, Mr. Paul Banister, CTA, of accounting firm: Grant Thornton, presented his paper, entitled: Black Economy Measures – They Don’t Affect Your Clients Right…?
Since responding to the Black Economy Taskforce’s (BET) Final Report in May 2018, the Government has been extremely active with implementation of promised measures. The myriad of announcements, consultations, exposure drafts, Bills and new law has provided much to absorb. In the effort to disrupt the Black Economy, these measures, along with others affecting management of tax compliance obligations, herald the most significant change in tax compliance in a generation. Thistax evolution, or is it revolution, shines a light on our client’s operations in a different way. This paper will reveal:
- ▪ What tax measures are already in place and what is to come
- ▪ How they impact much more than the black economy
- ▪ Some other measures that are affecting clients commercially
- ▪ How the black economy measures fit alongside other recent and proposed reforms to
modernise the conduct of business and administration of the tax and transfer system
- ▪ Surviving and thriving in this new regime
The focus of this paper is not the ‘why?’ – it is largely based around the ‘what?’ That is, of theintended policies announced, what tax measures have been implemented? What issues arise with that implementation? What is in progress? What is still to come?