South Australian small businesses are facing a choice between calling in the liquidators or bringing in restructuring firms to go on payment plans amid mounting tax debts owed to the Australian Tax Office (ATO).
At an information night held three weeks ago by licensed small business restructuring (SMB) firm Small Business Restructuring Specialists, five clients representing about 12 businesses approached practitioner Thomas Dawson for advice on dealing with mounting materials costs and increased ATO debt collection activity.
Dawson said the businesses were mainly in hospitality and building.
Some of the businesses were quite large and I assume well known food brands on the high street of Adelaide, he said.
On the night, Dawson identifi…
Read the full article at: https://www.indaily.com.au/business/2024/07/08/local-small-businesses-look-to-restructuring-for-ato-debt-solution