Q. Show the Suggested actions to address phoenix activity?
There have been a range of options identified by previous works on phoenix activity, such as the Cole Inquiry and Treasury's Action Against Fraudulent Phoenix Activity:
Proposals Paper.
In consultations with stakeholders a range of cross agency, FWO and legislative options for addressing phoenix activity were discussed.
These options, as well as the feedback received, are summarised in section 5.2. Actions have been suggested based on:
- stakeholder feedback
- the scale of the problem
- the potential to be successful in mitigating phoenix activity.
The suggested actions are primarily cross agency. This is because the ATO, ASIC and FWO all work in the space of phoenix activity. Therefore, any successful strategy to address phoenix activity will involve all the agencies. A range of suggested actions for the FWO to address phoenix activity are also detailed due to the significant impact of phoenixing on employees.