New rules target non-withholding businesses
Businesses are being urged to review their payments processes – including for director’s fees – as new rules are set to kick in that remove tax deductions for entities that don’t meet withholding obligations.
Last week, the Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Bill 2018 passed both Houses of federal parliament, introducing new legislation to deny an income tax deduction for certain payments if the associated withholding obligations have not been complied with.
Read the full article at My Business.