Options to Address Fraudulent Phoenix Activity

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Abstract:

On 14 November 2009 the Assistant Treasurer announced the release of a proposals paper canvassing options to address fraudulent phoenix activity. Such activity involves avoiding the payment of liabilities, often tax liabilities, through the liquidation of a company and the subsequent continuation of the business through a new company. This is done for the purpose of generating personal wealth or an unfair competitive advantage and is an abuse of the corporate form and the privilege of limited liability.

The proposals paper outlines a number of possible amendments to the taxation and corporations law to address fraudulent phoenix activity.

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 15 January 2010

Address written submissions to:
The General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Email:  phoenix@treasury.gov.au

For enquiries, please contact the project team on (02) 6263 4334.

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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