Insolvency – Worrells Liquidation observations
Despite the last 2 years being a rocky road for small businesses in Australia, liquidations and actions by the ATO have been very low. Yesterday I attended the Worrells Solvency seminar on the current state of play. Here is a quick summary:
- The ATO has been quiet over the last 2 years about debt recovery, but soon the sleeping giant will awake!
- Jobkeeper forced many taxpayers to get their lodgments up to date, so the ATO is aware of who owes what,
- ATO debt is sitting at $61 billion outstanding. That’s a lot to collect expected that $20 Billion might never get collected
- ATO has been kind regarding payment plans, but now it is likely that things will tighten up.
- Last 2 years, there has been a drop off insolvency appointments, but soon the ATO will start,
- The prediction is that corporate insolvency appointments will rise with higher interest rates, lack of supply and labour, and more excellent ATO activity.
- Directors changes in terms of appointment and debt
Small Business needs to start managing their debt. To avoid becoming personally liable for ATO Debt in an insolvency situation, make sure you ensure that all returns are lodged on time or within three months of the date of lodgment.
If you need advice on how to manage your debt, please call us, and we can assist you in exploring your options
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