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Phoenix Taskforce goes door knocking

This week we were told that between 1 July 2020 to 30 June 2021, officers from ASIC and the ATO (‘the Taskforce’) conducted consultations with directors of selected companies in a proactive campaign to deter directors from engaging in illegal phoenix activity.  These consultations seem to be part of the Taskforce’s approach to target companies with outstanding ATO returns and encourage them to discuss their taxation obligations with professional and reputable business advisors if they are experiencing financial distress.  A pointed reminder of their director’s duties seems to be part of the intervention and the result seemed to be quite positive with 80% of those contacted lodging their outstanding ATO returns. Read more here.

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