An ATO warning about tax debt should be a red flag to any accountant that the business needs to talk to an insolvency specialist before the situation becomes irretrievable, say two specialists in the field.
The earlier a warning flare went up, the more options were available to the business owner, said Jirsch Sutherland national managing partner Bradd Morelli and Sydney partner Andrew Spring on the latest Accountants Daily podcast.
The processes are important and can be very beneficial but the trick is coming in early for a discussion so people can be better educated, better aware of what their options are, how they work, and then make a more informed choice, said Mr Morelli.
Historically, people tend to leave it later, especially in …
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