Home       What's New?       Corporate       Business       Published Information       Ministers       Related Websites

Options to Address Fraudulent Phoenix Activity

Date:

Saturday, 14 November 2009

Content ID:

1647

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) documents

 Acrobat (PDF)

Action Against Fraudulent Phoenix Activity: Proposals Paper  219.56kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Action Against Fraudulent Phoenix Activity: Proposals Paper  7,846.63kb

Related Items:

Submissions: Options to Address Fraudulent Phoenix Activity - 20/10/2010

Treasury has received 28 submissions in response to the Action Against Fraudulent Phoenix Activity Proposals Paper. Twenty-six of these are public submissions and there are two confidential submissions. The submissions that do not contain confidential material are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

Treasury Portfolio Ministers - Link to website MoreSuper  - Link to website Carbon Price Modelling - Link to Website Clean Energy Future  - Link to website Review of compensation arrangements for consumers of financial services - Consultation Paper  - Link to website

spacer