HOW MANY AUSSIE BUSINESSES ARE ON THE VERGE OF COLLAPSE?
The amount of business tax debt that is overdue with the Australian Tax Office has skyrocketed by 14% in 12 months to $40 billion. This is a very worrying sign. A business which is struggling to keep afloat will try and delay their payments for as long as possible, hopefully to keep some liquidity and survive another day.
Eventually however, many businesses can’t keep going like this and collapse. This blowout in overdue debt is a worrying sign of how many businesses in Australia are on the edge. The Government’s response to COVID has wrecked our economy and country and the full effects of lockdowns and restrictions are still to be fully felt.
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