Small businesses are being encouraged to seek help immediately if they arestruggling to pay their tax because of pandemic-driven cash flow issues.
The advice frombusiness rescue and insolvency firm Jirsch Sutherland comes as ATO debt attributed to small to medium enterprises was $21.4 billion at FY20.
With lockdowns continuing throughout 2021, Jirsch Sutherland partnerAndrew Spring said that its crucial for businesses to act quickly if they are behind on their tax payments.
“Inconsistent cash flow has a huge impact on when and how a business can meet its tax obligations.
“The lockdowns and restrictions are causing many retail businesses across the country to struggle, and rising tax debts serve as a reminder to seek help.
“If youre behi…
Read the full article at: https://www.ragtrader.com.au/news/smes-accounted-for-21-4-billion-in-ato-debt-in-fy20
