With businesses collapsing at levels not seen since 2012, Grant Thornton Australias John McInerney suggested that the small business restructuring scheme could be a more favourable option than a payment plan.
He made the comments ahead of his session at the ACE24 Accounting Conference and Expo 2024, where he will unpack how accountants can help their small business clients leverage the small business restructure scheme to clean up old debt.
The scheme was introduced by the former liberal government in 2021 in response to the COVID-19-induced financial distress that it predicted would hit small- to medium-sized enterprises (SMEs).
The ATO said earlier this year that collectable debt had increased from $26.5 billion in June 2019 to $50…
Read the full article at: https://www.accountantsdaily.com.au/business/19936-cash-flow-analysis-key-to-small-business-restructuring