The past few years have created almost the perfect storm for small business insolvencies in Australia – from natural disasters to the pandemic that brought with it restrictions on trade for many, prolonged supply change disruptions and more recently inflation putting further financial pressure on recovery.
Many businesses are currently under an ATO payment plan with total outstanding debts from small business to the ATO increasing from $26 Billion to $44 billion in the 2 years to June 2022. Not only have debt levels increased but the ATO has recommenced its debt recovery methods with increasing numbers of director penalty notices, garnishees and reporting tax debt to credit reporting bureaus being issued.
Over 3,008 businesses had been a…
Read the full article at: https://www.accountantsdaily.com.au/business/18941-is-small-business-restructuring-your-clients-path-out-of-debt