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

Recommendations for addressing phoenix activities, Recommendations for addr...

Recommendations for addressing phoenix activities Over the past two decades there have been a significant range of proposals for addressing phoenix activity. Most of these opt

Service of notice - meetings and resolutions, Service of Notice: Secti...

Service of Notice: Section 134 (a) provides that, unless the articles of the company make other provision in that behalf, notice of the meeting of a company shall be served on

Determine the cash flows of the swap, Question : (a) Show how a party c...

Question : (a) Show how a party can terminate a forward transaction prior to maturity? (b) Suppose a forward Rate Agreement that: Expires in 30 days Is based on a n

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

List of members - meetings and resolutions, List of Members: S.130(6) ...

List of Members: S.130(6) provides that the directors shall cause a list showing the names and postal addresses of the members of the company, and the number of shares held th

High court registrars, High Court Registrars Therefore these are magis...

High Court Registrars Therefore these are magistrates that who in addition to judicial functions perform administrative responsibility. Thus they are appointed through the Jud

Essence of arbitration as a substitute to litigations, Question 1: Arbi...

Question 1: Arbitration, a form of alternative dispute resolution, is a legal method for the resolution of disputes outside the courts, where the parties to a dispute refer it

State article 2 of air and outer space law, State Article 2 of air and oute...

State Article 2 of air and outer space law Article 2 states that for the purposes of this Convention the territory of a state shall be deemed to be the land areas and territori

Form of reconstruction, Form of reconstruction: Where one company tran...

Form of reconstruction: Where one company transfers its undertaking (and assets) to another company in exchange for shares to be alloted direct or distributed to the members o

Domicile, I would like to know more about Domicile of Dependency at Englis...

I would like to know more about Domicile of Dependency at English Law: Married women and minors.

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