The Labour Party will seek to deter company directors from committing serious tax offences if elected.
The Labor Party has promised to “name and shame” dodgy company directors that engage in illegal phoenixing activities if it wins the federal election next year.
Under the proposed new policies, Labor would give the Commissioner of Taxation the power to name individuals and entities as a penalty to deter directors from committing serious tax offences.
Phoenixing occurs when a company enters liquidation to avoid its liabilities or debts, only to return as a different trading entity with a similar business.P…
Read the full article at: https://www.bit.com.au/news/labor-promises-tougher-penalties-for-phoenix-activities-515241