Published on 01 Sep 12
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The term “phoenix activity” describes the occurrence of a company accumulating debts and then being placed into voluntary administration or liquidation in order to avoid paying those debts. The controlling entities behind the business then form a new company through which the business re-emerges, debt-free. Measures have been introduced to enforce compliance with tax and superannuation obligations owed by entities that had engaged in phoenix activity. The measures are particularly aimed at the building and construction industry. However, many of the new measures will apply equally to all businesses.
The ATO has also introduced new tools to help businesses make the right decisions in meeting their tax and superannuation obligations. This article examines these new initiatives, with particular focus on changes to the director penalty regime, new reporting requirements in the building and construction industry, and other legislative changes, including changes to corporations law.
Arthur Athanasiou CTA (Life) practises mainly in the area of taxation advisory, with an emphasis on dispute resolution, particularly in the SME sector, with both the ATO and the SRO. Arthur has many years experience in complex tax litigation and tax audit negotiations and settlements. He also has broad experience in the taxation of trusts and SME entities, with an emphasis on Div 7A and high wealth individuals and family groups. Arthur has qualified as a Chartered Accountant and also held senior taxation and management positions in the transport and motor vehicle industries. Arthur is a former President of The Tax Institute, has chaired the Law Institute’s Tax Law Advisory Committee for a decade and now serves on the Industry Advisory Board of the IPA-Deakin University SME Research Centre. Arthur is an Accredited Tax Law Specialist and a widely published writer on taxation issues. He regularly appears in the mainstream media and presents at tax seminars and discussion groups.
- Current at
21 September 2018
Mark specialises in tax advice, particularly in complex tax litigation and tax audit matters. He has extensive experience in negotiating and settling tax-related disputes, with an emphasis on achieving efficient and commercial outcomes for his clients.
Mark regularly advises clients on various tax structuring and compliance issues in a range of areas, under both federal and state-based revenue laws. He also advises clients on various other legal issues, including financial and reporting obligations, and compliance with corporate and competition laws.
Mark has been a member of The Tax Institute's Professional Development Committee in Victoria since February 2015. He holds a Bachelor of Laws and a Bachelor of Commerce from La Trobe University, and is currently completing a Master of Laws at the University of Melbourne.
- Current at
26 July 2017