On 12 September 2017, the Turnbull Government announced that they are taking action to crack down on illegal phoenixing activity, the stripping and transfer of assets from one company to another by individuals or entities to avoid paying liabilities, which has costed the economy up to $3.2 billion per year.

The consultation paper is now available on the Treasury website. Submissions will close on 27 October 2017.

 

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