Celebrities and Truck Drivers in the sight of the Treasurer
15 May 2018
National Tax Director at BDO Australia, Lance Cunningham said Celebrities and Truck Drivers were in the sights of the Treasurer following the release of this year's budget. The Treasurer announced a crackdown on celebrities who generate income from their fame or image.
“High profile individual, such as sportspeople and actors, can currently licence their fame or image to a related company or trust to take advantage of lower tax rates. But from 1 July 2019 they will no longer be able to licencing their fame or image to another entity,” Mr Cunningham said.
To help shutdown the black economy, the Government also announced measures that will specifically focus on the security and road freight transport industries.
“It looks like security guards and truck drivers will join couriers and cleaners in being put under the spotlight,” Mr Cunningham said.
“As part of the Taxable Payments Reporting System (TPRS), from 1 July 2019, the government will target workers in these industries who pay cash wages without deducting Pay As You Go (PAYG) contributions.”