News
Managing Christmas Cashflow
Whilst Christmas and the Christmas – New Year holiday period is often associated with joy, it can also be a time of great stress for some business operators.
Read moreStart the conversation – Small Business Restructuring
Small Business Restructuring has been available for Australian businesses since 1 January 2021 and in mid-February 2021 we are seeing a slow, but increasing, uptake in adopting the procedure.
Read moreSmall Business Restructuring Procedure Due to Commence on 1 January 2021
Legislation has now passed bringing into effect the Small Business Restructuring procedure due to commence on 1 January 2021.
Read moreSmall Businesses Beware - Keeping an eye on your levels of debt to the ATO
A recent report highlighted that unpaid ATO debt is soaring and that if companies want to avail themselves of the Safe Harbour and Small Business Restructuring provisions, they need to keep their tax arrangements with the ATO in order (i.e. payment plans in place and Super being paid). The ATO’s book debt has grown to $45 billion and $15 billion of the total debt is due from small business.
Read moreSmall business restructuring is coming and it's good news for small business
Small business restructuring is coming and it's good news for small business. This week Treasury released draft legislation for public comment that describes a small business restructuring procedure. The draft legislation can be found at https://treasury.gov.au/consultation/c2020-118203 If passed by Parliament, the restructuring procedure will come into force on 1 January 2021. The intent of the legislation is to allow directors to remain in control of their company’s business whilst they put a deal to unsecured creditors to compromise company debts to enable a return to solvency.
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