Australia’s insolvency laws have been amended, yet again.
The Treasury Law Amendment (Combating Illegal Phoenixing) Bill 2019 (the Bill) was passed through the Parliament on 5 February 2020, and received Royal Assent on 17 February 2020.
The new legislation amends the Corporations Act 2001, A New Tax System (Goods and Services Tax) Act 1999 and the Taxation Administration Act 1953 and introduces new phoenixing offences, places restrictions on directors resignations in improper circumstances and allows the Commissioner of Taxation to collect estimates of anticipated GST liabilities and make company directors personally liable for their company’s GST liabilities in certain circumstances.
For a more in-depth analysis of the Bill, you can access our earlier update here.
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