A greater number of underperforming small businesses are deciding to undertake small business restructuring (SBR) plans with the ATO increasingly willing to accept proposals made as part of restructures, according to accounting firm BDO.
BDO North Queensland office managing partner, advisory, Todd Kelly said that a slow uptake in the first two years after the introduction of SBR, there has been a sizeable increase in SBR appointments in 2023.
The ATOs willingness to accept numerous proposals, including those with a projected return to the ATO of no more than 15 cents in the dollar, is the driving factor behind this. If that continues, SBR will represent a valuable lifeline to directors of some struggling small businesses, said Mr Kelly …
Read the full article at: https://www.accountantsdaily.com.au/business/18950-small-business-restructuring-scheme-gains-momentum-bdo