The ATO recommenced debt collection in late 2021 in NSW, Victoria and the ACT, prioritising businesses with large debts and outstanding superannuation payments. And while the tax office is still taking a gentle approach, they’re set to change gears this year. The “velvet gloves” will come off at some point.
We can help
It’s crucial to get on the front foot now. We can work with you to develop effective business rescue, restructuring, business advisory or other solvency solutions for clients whose businesses are weighed down by tax debt. Options such as:
- Restructuring (including the Small Business Restructuring Regime)
- Safe Harbour
- Voluntary Administration
- Deeds of Company Arrangement
- Members Voluntary Liquidations
We can also help businesses avoid trading while insolvent or being forced into a Creditors Voluntary Liquidation or Court Liquidation.
Taking the first step
Australia’s insolvency regime is one of the most robust in the world. It’s designed to enable directors and owners to recover or legally wind-up unviable – and viable – companies to provide a fresh start. There are stigmas and uncertainties associated with insolvency but engaging with a practitioner doesn’t always mean the end of a business. We have decades of experience helping turn companies around. Just one obligation-free conversation can reveal viable solutions and help unsaddle the tax debt.
The first step is often the hardest but the sooner action is taken, the more options there are.