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

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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.

Author profile

Paul Banister CTA
Photo of author, Paul BANISTER Paul Banister, CTA, is a Chartered Accountant and a Partner at Grant Thornton in their Private Enterprise team in Brisbane. He has over 40 years’ experience working with clients in an array of industries to help them navigate through complex and potentially risky tax and commercial issues, including to address tax disputes. His expertise includes domestic and international tax planning, transaction advisory and support, superannuation structuring and advice, succession planning, estate planning and philanthropy. Paul has presented at many professional and business forums, both in Australia and internationally, and is a published author. Paul is the Vice President of The Tax Institute and was the recipient of The Tax Institute’s SME Tax Adviser of the  Year Award for 2016. - Current at 13 February 2026
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