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Australia transport insolvencies rise as freight margins compress amid cost pressures.
Small business restructuring was introduced in 2021 as a response to COVID-19. It is a process designed to help distressed businesses avoid shutting down. Despite being around since then, there remains uncertainty in the market about how the process works and who is eligible.
It is important for business owners facing financial distress to understand all the options available to them. Small Business Restructuring (SBR) offers a pathway for small and medium sized Australian companies experiencing financial pressure to deal with unmanageable debt, reset operations, and continue trading through and beyond difficult times. SBRs are also a cost-effective solution to save a business compared to a liquidation shut down.
In the latest episode of Beyond the Numbers with Grant Thornton, Financial Advisory Partners John McInerney and Cameron Crichton discuss the current economic climate, what SBRs are, eligibility criteria, and how businesses have successfully turned around using this regime.
Explore 2023 Division 7A loan rates, compliance, and tax impacts.
We’ve made it to the other side of COVID-19, but what does this mean for businesses feeling significant headwind on the horizon post-pandemic?
On 28 March, the ATO sent its strongest message on debt enforcement since the COVID-19 pandemic commenced, advising that it is now issuing letters to taxpayers informing them about their potential personal liability for company tax debts under the Director Penalty Notice (DPN) programme.
As the economy continues to battle ongoing waves of COVID-19, businesses who are struggling to pay legacy debts may be left wondering what their future might look like.
On 1 January 2021, a new simplified small business restructuring process will become available for small businesses.
Commencing in 2021, the Federal Government has announced a new, simplified small business restructuring process for small businesses as part of the economic relief reforms.
Further to our article regarding the Treasurer’s announcement on 9 September 2020, the Queensland Government yesterday released administrative guidelines for introducing a duty exemption for some small business restructures in the form of Public Ruling DA000.16.1.
On 23 September 2020, Treasurer Josh Frydenberg announced the most significant insolvency reform in the last 30 years
