$190 million clawed back, billions more identified in ATO phoenixing crackdown
The ATO shared data from the Phoenix Taskforce, a cross-agency initiative designed to prevent collapsed companies from shirking their debts.
A crackdown on illegal phoenixing saw the Australian Taxation Office claw back $190 million in cash last financial year, with a dedicated taskforce warning legitimate businesspeople not to fall victim.
The ATO on Friday shared data from the Phoenix Taskforce, a cross-agency initiative designed to prevent collapsed companies from shirking their debts and continuing their business under a new entity.
The Phoenix Taskforce has discovered more than $3.26 billion in liabilities, with some $1.44 billion returned to the community since its launch in 2014, it said.
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