Any tax debts in arrears?
Small Business tax debt is estimated at $29m plus at 30 June 2022
Whilst Australian Taxation Office (ATO) debt recovery action has been lowkey, this debt is considered recoverable. Staff numbers have been reduced in ATO, potentially meaning less patience in negotiation repayment plans. But that is changing, and it is not a time to relax.
By issuing Director Penalty Notices, individual directors can quickly become personally liable for companies unpaid GST, income tax withholding and superannuation guarantee charges.
A proactive communication has greater prospect of satisfactory conclusions than the ‘ostrich’ approach.
In more difficult circumstances, Voluntary Administration or Small Business Register program managed by an external specialist can save what seems a hopeless financial and emotionally draining situation.