6 years ago
THE CHAMBER OF SECRETS
ANDREW LEIGH MP
Dodgy phoenix directors will be named and shamed under a Shorten Labor Government as part of a range of policies designed to boost productivity, protect vulnerable workers and secure the tax base.
Phoenix activity – where dodgy directors deliberately burn companies in an attempt to avoid their obligations to employees, government and honest businesses – is estimated to cost the Australian economy as much as $5.1 billion.
In addition to our existing anti-phoenixing policies, a Shorten Labor Government would allow the Commissioner of Taxation to name individuals and entities as a penalty for the most serious tax offences.
The Commissioner of Taxation would also have the power to apply to the Australian Securities and Investments Commission to have them formally seek disqualification orders for directors who engaged in or oversaw serious non-compliance.
These new measures – along with previous commitments such as requiring all company directors to obtain a unique Director Identification Number with a 100-point identification check and increasing penalties associated with phoenix activity – will help protect Australian jobs and the economy.
While the Coalition and its turnstile of Treasury ministers have dragged their feet on illegal phoenix activity, Labor has been taking the lead, committing to a Director Identification Number 18 months ago.
It’s time that Scott Morrison adopted Labor’s plans to protect our economy from the harm caused by the crooked few.
Fact sheet available here.
Phoenix activity – where dodgy directors deliberately burn companies in an attempt to avoid their obligations to employees, government and honest businesses – is estimated to cost the Australian economy as much as $5.1 billion.
In addition to our existing anti-phoenixing policies, a Shorten Labor Government would allow the Commissioner of Taxation to name individuals and entities as a penalty for the most serious tax offences.
The Commissioner of Taxation would also have the power to apply to the Australian Securities and Investments Commission to have them formally seek disqualification orders for directors who engaged in or oversaw serious non-compliance.
These new measures – along with previous commitments such as requiring all company directors to obtain a unique Director Identification Number with a 100-point identification check and increasing penalties associated with phoenix activity – will help protect Australian jobs and the economy.
While the Coalition and its turnstile of Treasury ministers have dragged their feet on illegal phoenix activity, Labor has been taking the lead, committing to a Director Identification Number 18 months ago.
It’s time that Scott Morrison adopted Labor’s plans to protect our economy from the harm caused by the crooked few.
Fact sheet available here.