The Australian Taxation Office has today issued a press release in connection with its increased investigations into illegal phoenix activity.
As part of the investigation, ATO personnel have (without warning) descended on sites throughout Sydney in order to seize and catalogue records of interest.
Illegal phoenix activity involves the acquisition of a business from a company in financial distress without payment of proper consideration, and usually involves related parties of the insolvent company acquiring the business for no value. The ATO’s press release states:
Recent figures show that phoenix activity costs the Australian economy up to $3.2 billion each year. Honest businesses suffer the most, losing almost $2 billion in unpaid debts and the non-supply of purchased goods and services.
Historically, authorities have been criticised for their lack of action in pursuing illegal phoenix activity. The recent activity of the ATO makes it evident that this type of activity is no longer being ignored.
For further information, please contact Angelina Kozary.
People
With the technical skills, diverse backgrounds and practical experience to match, our teams care about their clients.
Our Expertise
We have a strong reputation for providing specialist, market-leading advice in the practices we offer. Our teams are experts in their field and provide an unrivalled service to clients.
News
We want to share our knowledge with you. A collection of news and insights into those areas in which we specialise.
Resources
We offer a relevant, easy access platform that allows clients and colleagues to gain access to relevant resources.
Contact Us
With offices in Sydney and Melbourne, our team pride themselves on always being available for their clients.
Careers
We are collaborative, respectful and inclusive. Recruiting the best talent is only half of the equation; providing a culture that enables development is the other.
See our exciting opportunities available for graduates, lawyers, legal support staff and business services professionals.