Phoenix Activities — Government Flags Possible Action
The Government has flagged possible action to combat fraudulent phoenix activities which the Tax Office says are costing the country around $600 million a year in lost revenue. The Assistant Treasurer, Senator Nick Sherry, said the activity has been prevalent in the building construction industry, hospitality, cleaning services, and is spreading into other sectors. Senator Sherry said possible action may include changing the law so that directors engaged in phoenix activities cannot avoid being personally liable for paying tax that is owed and superannuation guarantee for employees.
