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Reduce Company Tax Debt
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SBRP Case Study

Stressed Man

SME Owner
with ATO Debts of
$200,000

John and Cecilia run a small business, ABC Pty Ltd, which, initially due to COVID lockdowns, and later, as a result of slowing sales due to inflation and economic conditions, has built up the following legacy debts.
 

  • ATO debt $200,000 (superannuation is up to date)
  • Division 7A loan $90,000
  • SG debt of $60,000 (all their own)

Due to this debt and its impact on cash flow, the ATO has declined a payment plan (after the last payment plan defaulted) and is sending persistent and urgent communications to ABC Pty Ltd’s accountant. The client is facing a circular problem where they cannot service legacy debt, but without this legacy debt, could trade successfully. They are now also facing Div7A costs and are unable to reduce the principal amount. Please note Div7A loans were taken in a last ditch attempt to manage cash flow and reduce on costs of PAYG and SG.

​A Small Business Restructure.

The client received relief from legacy debt.

They met the criteria - A company or corporate trust, debts less than $1M and superannuation paid up to date (other than their own).


 

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Actions

A wage was declared of $90,000 to clear outstanding Div 7A loan. This resulted in a PAYG increase of $65,000 and SG of $16,500.

 

The balance sheet was tidied up and then a SBR Plan submitted. The ATO, as the only creditor, accepted an offer of 15c in the dollar, repayable interest free over a period of two years.

The Solution

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Robina QLD 4230

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