The ATO is adopting a range of targeted strategies in response to the growth in the amount owing to ATO by businesses particularly where there is no communication with ATO or a breach of repayment arrangements.
- Director penalty notices
- Personal liability of directors
- Garnishee of bank accounts and debtors
- Legal actions including summons, creditors petition, wind-up
- Notification of business tax debt to collection agencies
It is a mistake to ignore ATO.
Small businesses should also consider the procedure outlined in Part 5.3B Corporations Act 2001, known as the Small Business Restructuring Process or SBR. SBR is a game-changing solution for extinguishing debt while allowing a business to continue operating under the control of existing directors and management.
David Levi is a Registered Liquidator and turnaround professional. He is a member of peak professional associations including the Australian Restructuring Insolvency & Turnaround Association (ARITA), Turnaround Management Association Australia (TMA Australia), and the Association of Independent Insolvency Practitioners (AIIP).
David is currently working with businesses navigating ATO debt recovery initiatives. He understands the expectations of ATO, as well as PS LA 2011/16 para 32 in relation to SBR proposals.
Contact David Levi on 0418 602 466 for a chat or zoom (free).
Click here to download the fact sheet
Comments are closed.