Small Business Owners Urged to Act Early on Tax Debt

Small business owners urged to act early on tax debt

Conditions appear tougher than ever for small owner-operators, with a two-speed economy emerging and smaller players being forced into tough decisions.

ATO ramps up debt recovery as small businesses rack up $35.9B in unpaid tax

Insolvency specialist Malcolm Howell on how company tax debt becomes a personal crisis and what to do before it gets there.

SME owners warned of personal consequences from mounting tax debts

Small business owners have been urged to resolve their tax debts early, as waiting until ATO enforcement action begins could put their personal assets at risk. The warning comes as the Australian National Audit Office found small businesses account for $35.9 billion of the ATO’s $54.2 billion in collectable tax debt and recommended stronger debt collection measures.   Malcolm Howell, partner at insolvency firm Jirsch Sutherland, described this a…