Practitioners urged to consider Small Business Restructure approach for tax debt
As the economy continues to battle ongoing waves of COVID-19, the use of the Small Business Restructure process can become a viable alternative approach instead of a repayment plan to better manage any underlying tax debt, according to Grant Thornton.
In a recent update, Grant Thornton said that in support of businesses under pressure, the ATO has encouraged taxpayers to lodge their returns on time to receive stimulus payments, such as JobKeeper, even if the taxpayer couldn’t pay the underlying tax debt.
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