The Australian Taxation Office (ATO) is returning to pre-pandemic compliance measures with businesses on notice to pay-up on tax obligations that may have been put on hold during COVID-19.
Smart Company (September 21) reported the ATO issued 17 new winding up applications throughout August — which is almost equal to the total number of applications the tax office had issued over the past two years.
More businesses may now be under stress without the additional government supports offered during the pandemic. Good financial management advice is essential at this point and will assist with long-term planning. Advisory services can also provide information about other help that may be available. The key is to consult a professional quickly — before things get dire.
Thankfully, advisers at dmca have the experience and the knowledge to help SMEs navigate difficult situations. We have a range of expertise within our team and together they can guide business owners through any ups and downs that 2022 might bring. No problem is too big for us.
So, if you feel you may be facing some tough times ahead, or if cash flow is an issue, please speak with one of our advisers/accountants as soon as possible. Your discussion will be completely confidential, and is sure to make all the difference, and will take the load off your shoulders.