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Bills of the current Parliament

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Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019


Type
Government
Originating house
House of Representatives
Status
Before Reps
Portfolio
Treasury

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.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 13/02/19  
Second reading moved 13/02/19  
     

Text of bill

  • First reading

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes