The country’s bankruptcy regulator has warned of the rising number of personal insolvencies affecting vulnerable Australians, as small business owners struggle to make ends meet due to mounting debts.
The head of Australia’s bankruptcy regulator has shared sobering details behind rising insolvency numbers, which could hit 15,000 by next year.
Australian Financial Security Authority chief Tim Beresford stressed personal insolvencies were on the rise. Picture: Supplied/ COSBOA He also flagged a “sharpening” of compliance measures to ensure businesses guilty of “unlawful behaviour” faced “decisive action”. The debts, which include money from customer GST payments, and employee PAYG tax, meant businesses could inflate their financial statements, however it threatened a company’s long-term viability.
Insolvency Numbers Insolvency Figures Business Leaders Interest Rates People Business Owners Tax Authority Australian Taxation Office Sobering Details Businesses Fall Consumer Insolvencies Compliance Measures Personal Insolvency Tim Beresford Income Tax Credit Card Nicholas Eagar Rob Heferen Insolvency Storm Hitting Bankruptcy Regulator Personal Insolvencies Personal Insolvency Figures
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