The Treasury Laws Amendment (Black Economy Taskforce Measures No 2) Bill 2018 and Excise Tariff Amendment (Collecting Tobacco Duties at Manufacture) Bill 2018 were both passed the Senate on 15.11.2018 and received Royal Assent, on 29.11.2018, as Acts No. 141 & 137 of 2018, respectively.

The Black Economy Taskforce (No 2) Bill will:

  • amend the ITAA97 to deny an income tax deduction for certain payments if the associated withholding obligations have not been complied with;
  • amend the TAA53 by requiring entities with ABNs providing “road freight”, “IT” or “security, investigation or surveillance” services to report to the ATO information about transactions in which other entities are engaged to undertake those services on their behalf; and
  • amend the Excise Acts to establish a framework to make excise duty on tobacco due and payable at the time of manufacture (along with the Excise Bill).

I’ve covered these Bills in greater detail in earlier Tax Technical Articles.

FJM 1.12.18

[LTN 221, 15/11/18; LTN 231, 29/11/18; Tax Month – November 2018]

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