A retired couple in their 70s have now been released from the majority of their small business tax debts after the Administrative Appeals Tribunal overturned an ATO decision on the grounds of serious financial hardship.
The couple, Mr and Mrs Smith, had owed $106,576 in tax debts after their 50-year-old small interstate transport and freight business ran into cash flow problems when a large contractor of the business went into voluntary administration while owing them $80,000.
The couples transport fleet also suffered a number of significant mechanical breakdowns, at a cost of $60,000 to the business, ultimately leading them to rack up tax debts from 2015 to 2017.
Mr and Mrs Smith managed to keep the business afloat and sold it in May …
Read the full article at: https://www.accountantsdaily.com.au/business/15911-small-business-battlers-granted-tax-debt-relief