Inflation is down to 3.2%
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Hornsby Based Accountants, Business Tax Agents and Consultants
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New wage compliance code targets underpayments
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Cashflow concerns persist, but small businesses find some relief
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2025 Outlook For Small Businesses
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A third of businesses with over $100k of ATO debt closed in 2024
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Sadly, 33.6% of private businesses with outstanding tax debt of $100,000 or more became insolvent or voluntarily closed their doors in 2024. Many of these were small to medium-sized enterprises (SMEs). The electricity, gas, water, and waste services sector had the highest closure rate, with 40% of businesses that defaulted on their tax debts collapsing. Other industries experiencing high failure rates include: |
ATO crackdown on phoenixing gets $360m boost
The federal government is ramping up its crackdown on illegal phoenixing with a $360 million boost for the Australian Taxation Office (ATO). This funding will modernise tax systems, increase penalties for black economy activities and extend anti-phoenixing compliance programs.
Illegal phoenixing occurs when a company is liquidated to dodge debts, only to re-emerge under a new name, continuing business as usual. This practice exploits workers, disrupts supply chains, harms suppliers, and creates unfair competition for law-abiding businesses.
Business conditions 25% below long-term average
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Deferral of a vote on the instant asset write-off
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Can you order staff to work on public holidays?
With the holiday season just around the corner, you might be wondering what rights your business has in terms of asking employees to work during public holidays.
According to the Fair Work Act, staff are “entitled to be absent” during public holidays, although employers may ask staff to work “if the request is reasonable”.
Ombudsman’s small business guide to dealing with debt
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