A series of free roadshows is being held for the construction sector across Queensland to help combat illegal phoenixing in the industry.
The Queensland Building and Construction Commission (QBCC), the ATO and the Australian Securities and Investments Commission (ASIC) have joined forces for the educational campaign.
Illegal phoenix activity is the evasion of tax and other responsibilities, such as employee entitlements, through the deliberate, systematic and sometimes repeated liquidation of related corporate trading entities.
A 2018 report commissioned by the ATO, ASIC and the Fair Work Ombudsman estimates the annual impact of illegal phoenix activity across the Australian economy on businesses, employees and the government is between $2.85 billion and $5.13 billion.
QBCC Commissioner Brett Bassett said the three agencies were all members of the national Phoenix Taskforce but this was the first time they had combined their resources in this way.
“In the building industry, illegal phoenixing hurts everyone from mum-and-dad businesses, to subcontractors and suppliers” he said.
“These seminars will help members of our industry to identify and hopefully avoid the methods used by the unscrupulous individuals who engage in this behaviour.”
ASIC executive director, assessment and intelligence Warren Day said ASIC’s presentation would also discuss proposed law reforms, including the introduction of company director ID numbers to better track the relationship between individuals and entities.
“This, and other proposed legislative changes, will add to the tool kit that regulators, such as ASIC, the ATO and the QBCC, are using to fight illegal phoenix activity,” Mr Day said.
Representatives from the agencies will also participate in a panel-style question and answer session at the conclusion of their presentations.
The QBCC’s technical subject at the seminars will be metal roofing construction and the best practice methods for avoiding roofing defects.
The seminars kicked off this week and will include events in Cairns, Townsville, Mackay and Rockhampton in early September.
For event dates or to register click HERE