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Australia Publishes Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Act 2018

Australia has published the Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Act 2018, which was approved in parliament on 15 November 2018 and received royal assent (was enacted) on 29 November 2018. The schedules of the Act are summarized as follows:

Schedule 1 - Removing tax deductibility of non-compliant payments

Schedule 1 includes amendments to deny an income tax deduction for certain payments if the associated withholding and reporting obligations have not been complied with. The amendments are meant to provide a greater incentive for employers and entities engaging contractors to comply with their withholding obligations. The disallowance of a deduction applies for failing to meet withholding and reporting obligations in relation to a payment:

  • of salary, wages, commissions, bonuses or allowances to an employee;
  • of directors’ fees;
  • to a religious practitioner;
  • under a labour hire arrangement; or
  • for a supply of services — excluding supplies of goods and supplies of real property — where the payee has not quoted its Australian Business Number (ABN).

The deduction rules apply in relation to payments made, or non cash benefits provided, on or after 1 July 2019. Click the following link for related guidance published by the Australian Taxation Office.

Schedule 2 - Taxable payments reporting system

Schedule 2 requires entities providing road freight, IT or security, investigation or surveillance services that have an ABN to report to the ATO information about transactions that involve engaging other entities to undertake those services for them.

The requirements generally apply from 1 July 2019.

Schedule 3 - Taxing tobacco at the time of manufacture

Schedule 3 amends the Excise Acts along with the Excise Tariff Amendment (Collecting Tobacco Duties at Manufacture) Act 2018 (also enacted 29 November) to establish a framework to make excise duty on tobacco due and payable at the time of manufacture.

The amendments apply in relation to tobacco manufactured on or after 1 July 2019.

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