We have previously discussed the Australian Federal Government’s proposal for a simplified small business restructuring process (SBRP). Key features and requirements were covered by the article.
The House of Representative on 8 December 2020 passed the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 after three readings. It is now slated to be debated in the Senate and it is to be implemented from 1 January 2021.
Contact Us For Assistance
We have extensive experience in helping businesses negotiate payment arrangements and penalty and interest reduction with the ATO outside of formal appointments. Some of these examples can be found here, here and here.
We have covered how the proposed scheme will help businesses with unmanageable tax debt. Our team, led by registered liquidators who are senior members of the Australian Restructuring Insolvency and Turnaround Association (ARITA) and will be able to assist you in recalibrating your business.
So, if you think your business may be insolvent and is looking at restructuring it, contact us at TAX DEBT SOLVED for a free, no-obligation consultation. Start planning now to take advantage of the SBRP come 1 January 2021.