Company directors to retain IDs across companies

Discussion in 'Business Accounting, Tax & Legal' started by New2prop, 12th Sep, 2017.

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  1. New2prop

    New2prop Well-Known Member

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    New2prop, 12th Sep, 2017
    #1
    willair and Brickbybrick like this.
  2. Trainee

    Trainee Well-Known Member

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    What are yours?
     
    Trainee, 12th Sep, 2017
    #2
    ashish1137 likes this.
  3. Brickbybrick

    Brickbybrick Well-Known Member

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    Step in the right direction. Wonder why it wasn't done before.
     
    Brickbybrick, 12th Sep, 2017
    #3
  4. New2prop

    New2prop Well-Known Member

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    First of all, this topic is moved to Off topic - small biz forum which I am not sure is the right place for this discussion given my below thoughts:

    - my understanding of the article is that it applies to all companies and not just small business

    - as there are many developers and investors on this forum so this could be a topic of interest for a wider audience

    - like @Brickbybrick has rightly said this is a step in the right direction and should have existed for some time

    - not to be negative but if this starts throwing up developers who had dodgy past and banks/ investors now wake up to this and start to pull out or implement punitive financing this could further hurt the economy/ real estate market
     
    New2prop, 12th Sep, 2017
    #4
  5. willair

    willair Well-Known Member Premium Member

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    Quote..

    The Tax Office was caught up in a phoenix scandal in June when the deputy commissioner in charge of coordinating raids on suspected phoenix companies, Michael Cranston, resigned after he was captured on tape allegedly telling his son how to avoid being prosecuted for tax fraud..

    Maybe they need to clean up their own backyard first..
     
    willair, 12th Sep, 2017
    #5
    New2prop likes this.
  6. geoffw

    geoffw Moderator Staff Member

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    It does apply to large business as well, however:
    1. We don't have a forum for large business
    2. It's much easier for a small business to get away with doing this.

    I've been the victim of a phoenixing have lost a substantial sum of money as a result. ASIC and ATO aren't really interested, as the sums of money are too small for them to out any resources into. They are only interested in large amounts and large numbers of investors. (He didn't pay superannuation either). I was quoted $25k to have auditors investigate with a close to zero chance of getting anything back.

    This legislation would not have helped, as he just transferred the companies to his wife- but it's a move in the right direction.
     
    geoffw, 12th Sep, 2017
    #6
    New2prop and willair like this.
  7. Trainee

    Trainee Well-Known Member

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    Fewer dodgy developers: either better quality stock or less stock. Either is good for property. Not to be positive or anything.
     
    Trainee, 12th Sep, 2017
    #7
    Jpm and New2prop like this.
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