Get a fresh start. Tax debt?
Financial pressure in business is not uncommon in todays world. Rising operating costs, failure to provide for tax obligations, missed payments from debtors, tougher competition are just some of the reasons we often hear from our clients. Business’ that have been successful for many years can suddenly struggle to make ends meet, retail stores due to a higher online purchasing presence, restaurants – let’s face it, eating out is often a luxury, sub contractors who work under an ABN and don’t put aside for their tax obligations. These are amongst the most common reasons our clients contact us. Currently, tax debt is often one of the major reasons that people call us whether it is a business operating under an ABN, Pty Ltd Company or Family Trust. It’s not uncommon for business owners to put off even doing their annual returns because they know the tax debt will be so high they simply can’t face the prospect of dealing with it. This is a normal reaction as often the stress of tax debt is too difficult to face. Of course there are many more reasons that a business owner can find themselves in financial distress but we are happy to work with you to address any of the specific issues your organisation may be facing.
There could be a variety of options available to get your business back on track. They range from restructuring to simple budget adjustments or as a last resort, insolvency options such as voluntary administration, liquidation or voluntary bankruptcy.
If required, we can co-ordinate with professionals within the industry such as private trustees, administrators and liquidators. This allows us to offer you a smooth and well rounded solution.
ASK YOURSELF THESE QUESTIONS:
- Does my business have debts that can no longer be managed?
- Are debts creating personal stress?
- Is my financial situation stopping me from sleeping well?
- Am I trading insolvent?
- Are money problems creating issues with my relationships?
If these symptoms apply to you, you need to act. Remember, All About Bankruptcy offers a no obligation free phone consultation. – take advantage of it – no situation is too complex.