Small Business Restructuring in Australia: A Lifeline for Accountants and Their Clients

Small business restructuring (SBR) is a formal insolvency process introduced in Australia in January 2021 under the Corporations Act 2001. It offers a structured pathway for financially distressed but viable small businesses to manage their debts while continuing operations. This process is particularly relevant for accountants advising clients with significant Australian Taxation Office (ATO) debts. […]

Managing Cash-flow when Tax Debt Looms – A Directors Guide

For business owners and directors, tax debt is often a silent threat—not urgent enough to disrupt daily operations but significant enough to spiral out of control if ignored. When managing cash flow alongside tax liabilities, the key is proactivity rather than reactive scrambling when the ATO comes knocking. The Balancing Act: Cash Flow vs. Tax […]

Decoding ATO Letters: What the Color Bands Mean for Your Business

If you’ve ever received a letter from the Australian Taxation Office (ATO) with a colored band across the top, you might have wondered what it signifies. These color-coded notices are part of the ATO’s compliance efforts, designed to communicate urgency and seriousness regarding your tax situation. Understanding these colors can help businesses respond appropriately and […]

Preparing Your Business for Tax Debt Changes in 2025

The Australian government has announced a significant change to tax debt regulations, set to take effect from July 1, 2025. Starting on this date, the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) will no longer be deductible, marking a major shift in how businesses manage tax liabilities. Why Is This Change Happening? With […]

Chifley Advisory Essential EOFY Checklist for Small Businesses

With the End of Financial Year (EOFY) approaching, now is the perfect time for small businesses to get ahead of tax obligations, improve cash flow, and set up for success in the new financial year. Chifley Advisory is here to help businesses streamline their EOFY processes, avoid tax debt surprises, and maximize financial stability. 1. […]