Don’t bury your head in the sand! The Taxman is a-coming
The ATO has awoken. Spurred on by the billions of dollars owed by businesses, it’s returned to its tough debt practices. No more Mr Nice Guy.
Thousands of warning letters and Director Penalty Notices (DPNs) have been issued and credit reporting agencies are getting the heads-up about those with tax debts of $100k and over. The ATO has a clear message: get your head out of the sand. It might have taken a light approach during the tough pandemic times, but directors shouldn’t be lulled into thinking this will continue.
This is where accountants and other trusted advisers can play a vital role. It’s time to defend your clients from harsh financial penalties and other punitive actions that could include forced liquidation, personal liability for their company’s tax debts, and legal action.
The first steps to shore up your clients’ defence
- Check whether there are any red flags that a client’s business is struggling. Our helpful downloadable infographic gives 13 signs a business could be heading towards insolvency.
- If you have clients experiencing any of these signs, we recommend contacting us asap. We can work with you to develop solutions such as:
We’ve been helping Australian businesses since 1984. Our aim is to preserve value in business and in life.
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*The Small Business Restructuring Process is accessible to incorporated businesses with liabilities of less than $1 million. To be able to propose a deal the business must have paid all employee entitlements and made all tax lodgements.