Illegal phoenix activity is said to defraud the ATO by approximately $600 million per year and much more to the wider economy.
Yesterday, ASIC and the Department of Jobs released to the public a new memorandum of understanding (“MOU”) entered into, for the purpose of combatting such illegal activity.
The MOU is meant to assist both parties to exchange information and referrals, subject to legal/confidentiality/privacy limitations.
It’s neither clear how such info will be exchanged or the volume of data, nor which industry will be funding it. My guess, insolvency practitioners.
Less bureaucracy and more action would be better!