The latest ASIC release shows corporate insolvencies for June 2024 remain at their highest level since monthly data was first published in Jan-1999, with CCI’s discussions with business recovery and insolvency specialists suggesting the number will continue to increase.
The rising value of Australian Tax Office (ATO) outstanding collectable debt tells the same story, providing a more complete picture of the financial stress of increasing insolvencies.
The collectable debt represents outstanding payments for income tax, GST, superannuation guarantee charges, and all other taxes, yet it excludes debt that is subject to objection or appeal, or to…
