{"id":2363,"date":"2023-05-10T14:40:53","date_gmt":"2023-05-10T04:40:53","guid":{"rendered":"https:\/\/wiselinkaccountants.com.au\/?p=2363"},"modified":"2024-05-03T14:50:08","modified_gmt":"2024-05-03T04:50:08","slug":"insolvency-advice-and-illegal-phoenix-activity-from-ato","status":"publish","type":"post","link":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/insolvency-advice-and-illegal-phoenix-activity-from-ato\/","title":{"rendered":"Insolvency advice and illegal phoenix activity from ATO"},"content":{"rendered":"\n<p>If your business is insolvent or struggling to pay its debts, it&#8217;s important to seek specialist advice from a qualified and registered insolvency practitioner as soon as you can. Be wary of inappropriate insolvency advice that could lead to illegal phoenix activity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Insolvency advice to watch out for<\/h2>\n\n\n\n<p>Registered liquidators and trustees will provide you with sound insolvency advice that you can rely on. But some insolvency or pre-insolvency advisers suggest actions designed to help directors avoid paying their creditors and create new companies to continue on without debts.<\/p>\n\n\n\n<p>This is&nbsp;<a href=\"https:\/\/www.ato.gov.au\/General\/The-fight-against-tax-crime\/Our-focus\/Illegal-phoenix-activity\/\" target=\"_blank\" rel=\"noopener\">illegal phoenix activity<\/a>&nbsp;and can result in serious penalties. Following this advice could put you at risk of a fine, criminal conviction or even a jail term.<\/p>\n\n\n\n<p><strong>Be wary if an adviser:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>contacts you with advice, especially after your creditor has taken court action<\/li>\n\n\n\n<li>suggests you transfer your assets to a third party without payment<\/li>\n\n\n\n<li>offers advice on restructuring your business to avoid paying debts or other obligations<\/li>\n\n\n\n<li>offers you a fee based on a percentage of your debt or obligations<\/li>\n\n\n\n<li>tells you they know a liquidator who will protect your personal interests or assets<\/li>\n\n\n\n<li>tells you about a valuer who can under-value any assets<\/li>\n\n\n\n<li>asks you to provide incorrect information to authorities<\/li>\n\n\n\n<li>suggest you can withhold or destroy relevant records to prevent access by the liquidator or bankruptcy trustee<\/li>\n\n\n\n<li>suggests they deal with the liquidator or trustee on your behalf.<\/li>\n\n\n\n<li>encourages you to engage in any kind of illegal activity.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">What to do<\/h3>\n\n\n\n<p>If your business is experiencing difficulties, it&#8217;s important to take action and get advice straight away. The ASIC website has information:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>for&nbsp;<a href=\"https:\/\/asic.gov.au\/regulatory-resources\/insolvency\/insolvency-for-directors\/\" target=\"_blank\" rel=\"noopener\">directors whose companies are in financial difficulty or insolventExternal Link<\/a><\/li>\n\n\n\n<li>about&nbsp;<a href=\"https:\/\/asic.gov.au\/for-business\/small-business\/closing-a-small-business\/illegal-phoenix-activity\/\" target=\"_blank\" rel=\"noopener\">illegal phoenix activityExternal Link<\/a>.<\/li>\n<\/ul>\n\n\n\n<p>If you need to wind up your company or re-structure your business, a registered liquidator or registered trustee will be able to help you.<\/p>\n\n\n\n<p>The Phoenix Taskforce is working to stop people promoting or engaging in illegal phoenix activity. If you&#8217;re offered advice that you think is illegal,\u00a0<a href=\"https:\/\/www.ato.gov.au\/General\/The-fight-against-tax-crime\/Our-focus\/Illegal-phoenix-activity\/?anchor=Wheretogoforhelp1#Wheretogoforhelp1\" target=\"_blank\" rel=\"noopener\">report it to us<\/a>.<\/p>\n\n\n\n<p>Ref: ATO website<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If your business is insolvent or struggling to pay its debts, it&#8217;s important to seek specialist advice from a qual [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,17,98,61,18,19,20,97,1,21],"tags":[66,63,85,84,83,70,62,64,93,65],"class_list":["post-2363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-topics","category-business-solutions","category-digital-game","category-english-post","category-business","category-market-research","category-professional-planning","category-registreration","category-uncategorised","category-world-of-business","tag-accountants","tag-ato","tag-business-gst","tag-business-tax","tag-reimbursements","tag-small-business","tag-smsf","tag-tax","tag-tax-accountant","tag-taxreturn"],"_links":{"self":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/2363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/comments?post=2363"}],"version-history":[{"count":1,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/2363\/revisions"}],"predecessor-version":[{"id":2365,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/2363\/revisions\/2365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media\/2364"}],"wp:attachment":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media?parent=2363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/categories?post=2363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/tags?post=2363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}