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With the ATO returning to pre-pandemic debt collection measures, Executive Director of debt management firm de Jonge Read, Ashley Shield, warns small business insolvency rates are likely to double in the year ahead.
With the ATO returning to pre-pandemic debt collection measures, Executive Director of debt management firm de Jonge Read, Ashley Shield, warns small business insolvency rates are likely to double in the year ahead.
“The ATO pandemic debt relief efforts led to average insolvency rates dropping about 50%, which is set to rise again to at least the original levels as ATO now returns to collect,” said Ashley.
“The biggest problem is small businesses have been using the ATO as an overdraft facility, but that will stop, and the payback period is now much shorter.
“People are not taking advice early enough on ways to protect themselves,” continued Ashley.
“There are still a lot of people waiting for that ATO hammer to drop. If they continue to wait, by the time it does drop, their solution won’t be as effective compared to if they deal with it earlier.”
Australian Bookkeepers Network (ABN) Director, Peter Thorp, says that bookkeepers have an important role to play to look out for warning signs and advise their clients to act sooner rather than later.
“The minute a business can’t pay its monthly or quarterly tax bill on time, then you have to look at what protections are needed,” said Peter.
“A bookkeeper can identify whether there is enough profit to cover these older debts. If there isn’t they should get the Director to consider alternative advice.”
There is a lot of extra pressures impacting profitability, with greater supply costs, inflationary issues, staffing shortages, and investors now collecting on deferred rents.
Ashley, therefore, recommends referring to debt management experts early, which can keep businesses afloat and ward off the worst where Directors’ personal assets are reclaimed.
“If they’re not sure, then they need to look at asset and business protection measures in case their legacy debt comes after them,” said Ashley.
“We’re working, for example, with many businesses now to restructure their business, which allows them to keep their business for the long term,” said Ashley.
There’s more to learn at The Bookkeeper, the ABN 2022 expo in Cairns on 7-8 October. Limited tickets are still available.
You can also visit debt management support from ATO, or reach out to Ashley from de Jonge Read for an obligation free assessment and strategy to tackle business debt.
