Small Business Restructuring: ATO tick of approval
“With the ATO now redoubling its debt collection efforts, the supportive nature of the ATO for the Small Business Restructures we’ve undertaken is a positive take-out message for struggling businesses with tax debts.”
— Andrew Spring, Partner (NSW)
More and more small businesses are taking advantage of the government’s simplified small business restructuring scheme since its introduction more than two years ago – and the ATO, often the largest creditor, has been largely supportive.
“The ATO continues to ramp up its debt – and Court – recovery activity, which is spurring small businesses into action, with many taking the SBR route,” says Jirsch Sutherland Partner Andrew Spring, a Small Business Restructuring Practitioner. “This financial year to date, our team of SBR Practitioners have undertaken 27 SBRs across a wide range of industries including building & construction, hospitality, retail, financial services and manufacturing, and we expect this trend to continue as economic pressures increase.
“An increasing number of businesses and their advisers recognise the benefits: addressing legacy debt, providing a greater return to creditors than if the business was wound up, preserving businesses and jobs, and enabling the businesses to get back on an even keel. If these businesses hadn’t acted quickly, the alternative would likely have been to shut them down, which would likely have meant a limited or nil return to creditors.”
Jirsch Sutherland has 17 Small Business Restructuring Practitioners around the country. We understand the SBR process and work closely with accountants, directors and other advisers to develop viable solutions. We also provide obligation-free consultations. Need guidance? Get in touch with our SBR Practitioners, enquire below.
Our team of SBR Practitioners have undertaken 27 SBRs this financial year aloneEnquire to book your free consultation today
Key SBR benefits:
- Easier to get clients to engage earlier with qualified insolvency professionals
- Directors feel empowered throughout the process by retaining control of the business’s day to day operations
- ATO supportive of the process
- <80% of legacy debt being compromised
- Significant cash flow improvement for the business
- Quick, simple, unintrusive process
- No disruption to key relationships – e.g., staff and landlord
- Enables directors to get back on an even keel and to even grow their businesses
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