Ross Greenwood with Michael Cranston

Ross Greenwood speaks to Michael Cranston from the ATO about its crackdown on dodgy SMSF schemes and Phoenix companies.

Illegal phoenix activity at the Gold Coast is one of the agenda items for Mr Cranston.

‘When we identify problems, we will move very quickly,’ he said.

‘In this particular matter up on the Gold Coast we have. We’ve moved in with warrants and will conduct an investigation on the facts we find.’

Phoenix activity is essentially where a company sends itself broke, throws itself on its creditors who get the bad debts and the company gets back on its feet.

Click PLAY to hear Ross Greenwood with Michael Cranston