Cash payments crackdown to close “loophole” allowing businesses to deduct “non-compliant” payments

SmartCompany, September 18, 2018

A participant in the federal government’s Black Economy Taskforce has welcomed reforms that will prevent businesses from claiming deductions on cash payments to employees if they haven’t properly met their tax obligations.

The changes, set to be introduced to parliament later this week, will crack down on cash payments, The Australian reports.

If passed, the reforms will prevent businesses from claiming tax deductions on cash payments they’ve made to employees if they haven’t properly reported on or withheld tax from those payments correctly. READ MORE: https://www.smartcompany.com.au/finance/black-economy-taskforce-payments-crackdown/

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