ATO

Industry acts as Treasury releases phoenix reforms

Federal Treasury yesterday released its Reforms to combat illegal phoenix activity – Draft Legislation and the insolvency industry’s key association produced a summary of the exposure draft’s key points and invited members to provide feedback for inclusion in the Australian Restructuring Insolvency & Turnaround Association’s (ARITA) submission. The reforms – which are a centrepiece of Financial Services Minister Kelly O’Dwyer’s anti-phoenix crusade, will: Create new phoenix offences to target those…

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Cor Cordis pair overlooked as ATO intervenes

We can’t be certain at this early stage of our Sinvestigation but the recent move by the Deputy Commissioner of Taxation (DCoT) on the incumbent liquidators of Italian Prestige Jewellery bears a passing resemblance to the DCoT’s GST-avoidance case against ABC Refinery. Orders handed down by Justice Brigitte Markovic yesterday in the Federal Court reveal that the DCoT has applied to have “proposed additional liquidators”…