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Preventing illegal phoenix activity

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This Bill allows the Commissioner to collect estimates of anticipated GST liabilities and make company directors personally liable for their company's GST liabilities in certain circumstances. This will extend the director penalty regime to ensure that it covers unpaid PAYG withholding amounts, superannuation guarantee amounts and GST liabilities.

The Bill also amends the Corporations Act 2001 to introduce new criminal offences and civil penalty provisions for company officers who fail to prevent the company from making creditor-defeating disposals of property, as well as allowing liquidators to apply for a court order in relation to these disposals.

The legislation also prevents directors from improperly backdating resignations or ceasing to be a director when this would leave a company with no directors.

If you would like additional information, or to discuss how this may affect you, please contact us by phone or email.

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