In April 2022, the ATO issued 50,000 letters of demand to company directors giving them 21 days to resolve tax liabilities.
Historically, once ATO and major banks start escalating collection activity, it’s not uncommon to see insolvencies rise.
This piece from Holman Webb's Commercial Recovery and Insolvency Group highlights the impact that the ATO's issuance of these letters is likely to have within the building and construction industries.