STOP THE INFIGHTING AND JOIN THE REAL BATTLE

Regulators have got phoenix operators in their sights, but they need better laws to help them protect hardworking Australians and crack down on dodgy directors.

 

The Australian Financial Review reports that the Australian Tax Office and the Australian Securities and Investments Commission are targeting advisors who seek out struggling companies and direct them to strip their assets and rip off the taxpayer.

 

Their job would be much easier if a number of simple measures proposed by Labor were agreed to by Malcolm Turnbull.

 

Labor is calling for the introduction a director identification number, so those flouting the laws can be stopped in their tracks. It’s an idea which has the backing of a range of legal and industry groups, as well as Liberal MP Nicole Flint.

 

We also want to increase penalties associated with phoenix activity, to make it less tempting for people to rip off legitimate businesses and workers.

 

Labor has urged the Turnbull Government to adopt its sensible measures to tackle this dodgy behaviour, which costs billions of dollars a year. It’s time Malcolm Turnbull stopped fighting Tony Abbott and turned his attention to the real battle.