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16 Nov 09 Minister announces crackdown on phoenix activity

In a media release issued on 13 November 2009, the Assistant Treasurer, Senator Nick Sherry, issued an Australia-wide warning against fraudulent phoenix activity and released a package of tough new proposals to crackdown on businesses who rip-off of their workers and the general taxpaying community.

The package of reforms, which is now open for public consultation, includes:

  • ensuring that there are anti-avoidance provisions in the taxation law to cancel any benefits derived through fraudulent phoenix activity;
  • reinstating the failure to remit offence that would make it an offence for an entity not to remit the required Pay-As-You-Go (Withholding) (PAYG(W)) amounts;
  • making it an offence for directors to claim credits in relation to their own income for PAYG(W) amounts that have not been remitted by the company of which they are a director;
  • extending the promoter penalty regime to provide a disincentive to those who promote fraudulent phoenix activity;
  • expanding the Australian Securities and Investment Commission's powers to disqualify directors;
  • expanding the role of the director penalty notice to impose stricter liabilities on directors and to cover a broader range of taxes and superannuation guarantee payments.

The closing date for submissions is Friday 15 January 2010.

For a copy of the Minister's media release, No 2009/090, 13 November 2009, go here

For a copy of the proposals paper, go here


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