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ARTICLE · 07 MAY 2020

Changes to company and tax laws to combat illegal phoenix activity

Gilchrist Connell
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The purpose of this Phoenix Act is to provide regulators with more powers to detect and disrupt illegal phoenix activity.

AustraliaCriminal Law
Hannah Griffiths
Hannah Griffiths
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The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) (Phoenix Act) received royal assent on 17 February 2020 and has made subtle but significant and critical changes to the Corporations Act 2001 (Cth) (Corps Act), A New System (Goods and Services Tax) Act 1999 (Cth) and the Taxation Administration Act 1953 (Cth).

The purpose of the Phoenix Act is to provide regulators with greater powers to "detect and disrupt phoenix activity, and to prosecute directors and other professional advisors who engage in or facilitate the activity." 1

In this Limelight, we discuss the changes introduced by the Phoenix Act and their implications.

Illegal Phoenix activity impacts all facets of the business lifecycle

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