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Tag Archives: liquidation
Phoenix operator jailed for $6.7 million fraud
James Soong, 65, was today sentenced to three years jail in the Sydney Downing Court for failing to remit $6.7 million to the ATO. Between October 1995 and July 1998 two companies operated by Mr Soong deducted tax instalments totalling … Continue reading
ATO plans Security Bonds to beat phoenix Activity
The ATO is seeking amendments to its powers with the introduction of the Draft Tax Laws Amendment Bill 2010 that will give the ATO discretionary power to demand security deposits from businesses as part of securing likely or expected tax … Continue reading
The Tax Office bypasses the priority queue in liquidations
The Commissioner of Taxation (CoT) lost its priority status in liquidations in 1993, when it gained the right to issue Director Penalty Notices. The CoT’s also have the power to issue notices to parties that owe a taxpayer money directing … Continue reading
