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ARTICLE · 07 MAY 2022

Headwinds hitting Australian businesses

Worrells
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Uncertainties & financial pressures in the current business climate –eg ATO, politics, interest rates, business disputes etc.

AustraliaInsolvency/Bankruptcy/Re-Structuring
Lee Crosthwaite
Lee Crosthwaite
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UNCERTAINTY AND FINANCIAL PRESSURES YOUR CLIENTS SHOULD BE AWARE OF.

I think it's fair to say it's an uncertain and cautious business climate at present. The headwinds businesses, in particular SMEs, are facing appear to be getting stronger and more widespread. Here are some major and current business headwinds in Australia and blowing in from overseas:

  • Australian Taxation Office (ATO) debt recovery action.
  • Political & global environment.
  • Interest rates & bank finance.
  • Housing market.
  • Material & labour supply increases.
  • Business disputes.
  • Building industry (including QBCC regulation for Queensland builders).

ATO debt recovery action

For the past two years of COVID the Australian Taxation Office (ATO) has-for the most part-been a great help to businesses and taxpayers with deferred tax collection policies and arrangements. While the ATO has made some headlines from time to time about debt recovery, the ATO haven't really undertaken any real

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