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. PwC released a report in July that estimated up to $5.13 billion was lost each year to illegal phoenixing activity.
Labor would also allow the commissioner to apply to the Australian Securities and Investment Commis…
Read the full article at: https://www.crn.com.au/news/labor-wants-to-name-and-shame-illegal-phoenixes-515211