With a federal election due in May, Treasurer Josh Frydenberg announced the 2022 – 23 Budget on Tuesday evening, which heavily features measures for combatting the rising cost of living. Measures include cash payments, a cut to the fuel excise and tax breaks.
There has been a great deal of activity over the past 12 to 24 months in the SME merger and acquisition space. Smaller businesses being acquired by larger businesses, smaller businesses merging and even some larger trade sales whereby multi-nationals swallow up profitable SME’s.
In early September, the Treasury released draft legislation that will introduce a Skills and Training Boost and a Technology Investment Boost tax incentive. These incentives will support businesses and address skill shortages in the workforce
Business troubles don’t often come out of nowhere. There are always warning signs that may indicate a business is heading towards financial distress.
As mentioned in previous editions of Armada Insights, the ATO has ramped up its debt collection activities by issuing Director Penalty Notices for outstanding debts.
The ATO is placing a major focus on income earned from crypto, including any capital gains and losses.
You may have received emails or reminders about registering the “.au” version of your business domain. Your current website domain probably ends in “.com.au” or “.net.au”.
Businesses in Australia are currently experiencing higher levels of debt than they were pre-pandemic. According to the ATO, many SME are carrying six-figure debts, and have been surprised to be issued with a director penalty notice—even though they were already making payments.