Recent developments in mitigating phoenix activity, Business Law and Ethics

Assignment Help:

Q. Show Recent developments in mitigating phoenix activity?

Since these previous works, there have been significant developments in mitigating phoenix activity.

Following Treasury's 2009 proposal paper the government committed to a range of measures to mitigate the incidence of phoenix activity. In July of 2011 draft legislation was released which amended tax law in order to:

- expand the director penalty regime to superannuation guarantee amounts

- enable the ATO to commence recovery of a director penalty without providing a 21 day grace period where the company's unreported PAYGW and/or superannuation guarantee debt is over three months old restricting access to Pay As You Go (PAYG) withholding credits for company directors and their associates where the company has failed to pay withheld amounts to the Commissioner.

Further legislation was introduced into Parliament on 13 October 2011. The Corporations Amendment (Phoenixing and Other Measures) Act 2012 received Royal Assent on  26 May 2012. This Act  amends the Corporations Act to provide ASIC the administrative power to wind up companies that have been abandoned (i.e. those no longer trading but have not liquidated). This is intended to assist employees with outstanding employment entitlements to access GEERS.


Related Discussions:- Recent developments in mitigating phoenix activity

Determine the example of a relational contract, Determine the example of a ...

Determine the example of a relational contract A characteristic macro example of a relational contract with a strong lock-in effect is membership of a currency community. Self-

Dormant Commerce Clause, In 2001, Puerto Rico enacted a law that requires s...

In 2001, Puerto Rico enacted a law that requires specific labels on cement sold in Puerto Rico and imposes fines for any violations of these requirements. The law prohibits the sal

Contract law problems, Case Study Cathy's septic tank at her house was ...

Case Study Cathy's septic tank at her house was old and it suddenly stopped  working.  On 9 June 2008 she called Dave, the owner of Septix Pty Ltd (-Septix?), to urgently give

State article 22 of air and outer space law, State Article 22 of air and ou...

State Article 22 of air and outer space law Article  22  states  that  all  the  States  should  prevent  unnecessary  delays  to  aircraft,  crews, passengers and  cargo,  esp

Explain universal jurisdiction of criminal jurisdiction, Explain Universal ...

Explain Universal jurisdiction of criminal jurisdiction It is concerned with the application of a State's criminal jurisdiction in respect of offences committed against the int

restraint of trade clause, a) Explain two scenarios in which a restraint o...

a) Explain two scenarios in which a restraint of trade clause would typically be used. b) Suppose your employer wanted to include a restraint of trade clause in your employment

International labour conference for double-discussion, The work of the Inte...

The work of the International Labour Organisation in regard to the adoption and implementation of Conventions and Recommendations involves Member States in a number of constitutio

TRANSFER OF TITLE, WHAT ARE THE EXCEPTINS TO THE ''NEMO DAT'' RULE?

WHAT ARE THE EXCEPTINS TO THE ''NEMO DAT'' RULE?

Values, V alues Basic convictions or beliefs which are specific beh...

V alues Basic convictions or beliefs which are specific behaviors and out- comes are more desirable compare to others. Values are judgmental in which they include our ideas

Casual appointments - company management, Casual Appointments:  Articl...

Casual Appointments:  Article 95 permits the board of directors to fill a vacancy in the board or to get an additional director to join the board for practical reasons provide

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd