Second Reading Speeches

Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Not Proceeding
Parliament no
45

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Summary

Amends: the

Corporations Act 2001
to: introduce new criminal offences and civil penalty provisions for company officers that fail to prevent the company from making creditor-defeating dispositions and other persons that facilitate a company making a creditor-defeating disposition; allow liquidators to apply for a court order in relation to a voidable creditor-defeating disposition; enable the Australian Securities and Investments Commission to make orders to recover, for the benefit of a company's creditors, company property disposed of or benefits received under a voidable creditor-defeating disposition; prevent directors from improperly backdating resignations or ceasing to be a director when this would leave a company with no directors; and make amendments contingent on the commencement of the
Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2019
and
Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019
; the
A New Tax System (Goods and Services Tax) Act 1999
and
Taxation Administration Act 1953
to enable the Commissioner of Taxation to collect estimates of anticipated goods and services tax (GST) liabilities and make company directors personally liable for their company's GST liabilities in certain circumstances; the
Taxation Administration Act 1953
to authorise the commissioner to retain tax refunds where a taxpayer has failed to lodge a return or provide other information that may affect the amount of a refund; and five Acts to make consequential amendments.