FEDERAL BUDGET 2011: ATO receives $146 million to crackdown on phoenix schemes, tax refund fraud and contractor payments

The Government has again flagged a crackdown on tax avoidance in this year’s budget, with operators of phoenix schemes given special attention in a round of new measures that will see harsher punishments for company directors caught breaching tax laws. Continue reading

ATO responsible for 7% of company liquidations

THE tax office is winding up and bankrupting thousands of self-employed workers and small businesses instead of restructuring their tax debts.

The Australian Taxation Office admitted it was responsible for 2 per cent of bankruptcies and 7 per cent of all company wind-ups in the last financial year. Continue reading