Engaging with a major creditor on small business restructuring plans

A shout out to the ATO

Over the years, the Australian Taxation Office (ATO) has often been the subject of comment on how it approaches taxpayers, debt collection, and company attempts at restructuring.

For accountants, they're thinking about how to deal with the ATO for their client's affairs in circumstances where tax debt has accumulated out of control. For the taxpayers themselves, they're contemplating or troubled with dealing with that accumulation of debt and the ever-present risk of receiving a winding up notice and/or director penalty notice. And of course the insolvency practitioners advising taxpayers wishing to attempt a restructuring through to making a recommendation to creditors.