The Australian Taxation Office (ATO) is cracking down on illegal phoenix activity, which costs businesses, employees, and the government $4.89 billion annually. Businesses must stay vigilant and avoid engaging with firms that might be insolvent or engaging in fraudulent restructuring.
🔍 Red flags to watch for:
⚠️ Quotes significantly lower than market value
⚠️ Requests to pay a new or different company
⚠️ Sudden changes in company directors or business names
At the same time, the ATO is warning businesses not to fall for tax schemes that promise massive tax reductions. These “too-good-to-be-true” offers often lead to heavy penalties, while the scheme promoters vanish after taking their fees.
💡 Stay informed, stay compliant! If you suspect illegal activity, report it to the ATO and protect your business.
#ATO #PhoenixActivity #TaxCompliance #BusinessIntegrity
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ATO Warns Against Illegal Phoenix Activity & Tax Schemes