In October last year, the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2019 came into effect to target illegal phoenixing. Its’ rationale was to reduce ‘phoenix activity’, (where a deliberately liquidated company creates a new company in order to continue business and to avoid paying its debts and dues).
Now, the Australian Securities and Investment Commission (ASIC) have released on their site details of how to report illegal phoenix activity and how to change payment from a company that has consequently liquidated due to such activities. They have formed what is dubbed the ‘Phoenix Taskforce’; a government initiative aiming to reduce the illegal conduct.
To report phoenix behaviour, you can contact he Taskforce by e-mailing PhoenixReferrals@ato.gov.au, calling 1800 060 062 or filling out a ‘Tip off Form’ located on the Australian Tax Office (ATO) website.
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