The Black Economy, the ATO and Security – What do you need to know?

    The Black Economy Taskforce estimates that the black economy is costing the Australian community as much as $50 billion, which is approximately three percent of Gross Domestic Product (GDP). In order to better protect the economy, the Australian Taxation Office (ATO) introduced the Taxable Payments Reporting System (TPRS) for businesses providing security, investigation or surveillance services as of July 1st, 2019. To help us understand how the TPRS scheme works, who it affects and what people need to do, we spoke with Marcus Chew, Director of TRPS at the Australian Taxation Office.

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