Phoenixing is costing the economy as much as $5 billion a year through unpaid wages, invoices and tax bills, a new report claims, as the Turnbull government intensifies its crackdown on dodgy company directors.
The government’s Phoenix taskforce conducted about 340 reviews and audits in 2017-18, raising more than $270 million in tax liabilities and collecting more than $190 million in cash.
Seven business people were also prosecuted with criminal charges, while 34 were banned from acting as a director.
But now the government wants to go further, and Revenue and Financial Services Minister Kelly O’Dwyer will announce on Monday the establishment of a hotline and website for people to dob in businesses directly to the Australia…
Read the full article at: https://www.afr.com/news/rising-cost-of-phoenixing-delivers-5-billion-economic-hit-kelly-odwyer-says-20180715-h12pic
