Show download pdf controls. Show print controls. Phoenix Taskforce outcomes Through the Phoenix Taskforce we work with partner agencies to detect, reduce and deter illegal phoenix activity.
The Phoenix Taskforce now has 39 member agencies representing a broad range of interests, including: law enforcement corporate regulation workplace rights and entitlements the construction industry labour hire licensing consumer affairs.
The Phoenix Taskforce also: recorded two criminal convictions banned or disqualified four directors from being involved in the management of a corporation. Highlights New civil and criminal offences for those who promote or engage in illegal phoenix activity came into effect on 1 April Victorian Premier to get 'huge sweep of power' to declare pandemics under new bill.
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More Just In. Thinking 17 March In the last of our series of articles on the avenues for small to medium businesses to deal with their overdue tax debts, we look at illegal phoenix activity.
Unfortunately, too many small businesses, on the advice of unlicensed and unqualified pre-insolvency advisers, turn to illegal phoenixing to attempt to avoid paying their tax debts.
This exposes the directors to prosecution for breach of their duties and should be avoided at all costs. A phoenix was a mythical bird that set fire to itself every years and was born again, rising from its ashes. The ATO describes illegal phoenix activity as being where a company deliberately liquidates its assets and transfers the assets to a new company to avoid paying its debts, including taxes, creditors and employee entitlements. Fraudulent phoenix activity involves the deliberate and systematic liquidation of corporate trading entities with the intention of avoiding tax or other liabilities, and the continuation of the operation of that business through other trading entities, debt-free.
Unlawful phoenix activity, on the other hand, does not require an intention not to pay a debt when incurred. It only requires that the phoenixing of the company be conduct that contravenes the law.
Further, the most significant direct costs in relation to illegal phoenixing were as follows:. The Phoenix Taskforce engages in early intervention, targets specific industries and works with key supply chain entities to prevent opportunities for illegal phoenixing.
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