The ATO has taken virtually no recovery action to collect tax debts since the start of the Covid-19 pandemic. This has led to many businesses simply racking up more debt.
Numerous businesses have unmanageable debt and will have to make difficult decisions.
We at Cactus Consulting can advise you on the available options if your business is in financial difficulty and is finding it hard to keep up with costs and expenses.
Our success story tells of a client we helped negotiate an ATO Payment Arrangement for, in order for them to avoid liquidation.
The Federal Government’s commercial rent relief provides for much needed cash to sustain SME businesses through the current disruption and beyond. For some however, the businesses will not survive even with the minimum relief provided by the Code.
Our client’s problem We were recently referred a property developer client who had two companies which were involved in a failed property development in northern New South Wales. The companies had limited assets and they owed several hundred thousand dollars to creditors.
Coronavirus has already had a devastating impact on businesses and it appears that the financial impact will be felt for years to come. If your business is in trouble it can be difficult to know where to turn or what to do. So, we have put together this list of tips for you to follow… Read more »
From 1 April 2020, the ATO will be able to issue Director Penalty Notices for a company’s unpaid GST. This article summarises how GST Director Penalty Notices will apply.