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ARTICLE · 08 MARCH 2022

Leveraging Small Business Restructuring To Survive And Thrive In 2022 & Beyond

Worrells
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If you have tax debt, act now with one of 2 options, ATO debt negotiation & small business restructuring.

AustraliaTax
Chris Cook
Chris Cook
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BUSINESSES WITH TAX DEBT MUST ACT NOW BEFORE THE ATO DOES!

It's been reported that the Australian Taxation Office's (ATO) business debt has doubled from 24.9 billion (30 June 2020) to a colossal 53.8 billion (30 June 2021). And that data is now eight months old. We all know the ATO has taken a very soft approach for the last two years. Typically, it applies to wind up an average 100 companies a month, but applications were abandoned during the COVID-19 period. This means 2,400 companies-at least-that would have ordinarily been wound up, are still trading with its directors incurring debt that they cannot pay. This is why tax debt has more than doubled over the last two years.

We speak to many accountants across the country and know many businesses kicked the 'tax can' down the road. This approach worked while the ATO has not actively collected its debt, but the ATO will commence an aggressive debt collection approach. The Worrells teams are concerned that at

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