Budget 2018

Budget 2018: Government gets tough on phoenix companies

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Budget 2018: The federal government has introduced new measures to deter illegal phoenix activity and stop small business rip-offs.

More on Budget 2018:

New federal government measures to combat illegal phoenix activity - where a new company is created to continue the business of a company that has been deliberately liquidated to avoid paying its debts:

* Directors prevented from improperly backdating resignations to avoid liability or prosecution

* Directors limited from resigning when this would leave the company with no directors.

* The Director Penalty regime extended to GST, luxury car tax and wine equalisation tax, making directors personally liable for company debts.

* Australian Taxation Office to get expanded powers to retain refunds where there are outstanding tax lodgements.

 

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