Small Business Restructuring and Working with the ATO. With Peter Biazos

In this episode of Bean There Done That!, host Phil Di Bella is joined by Peter Biazos, the founding director of B&T Advisory. Together, they delve into the intricacies of the Small Business Restructure regime introduced by the Liberal government in 2021. This initiative is designed to help businesses manage ATO debt effectively and avoid liquidation. Peter shares his extensive experience in solvency accountancy and provides practical advice on how small businesses can navigate financial difficulties, particularly those exacerbated by the COVID-19 pandemic.

Key Topics and Themes:

• Introduction to the Small Business Restructure regime
• Eligibility criteria for small business restructuring
• Benefits of proactive engagement with the ATO
• Success stories and real-life examples of businesses saved through restructuring
• Importance of paying employees and superannuation first
• Advice for suppliers to protect themselves
• The current economic landscape for small businesses in hospitality and construction

About Our Guest: Peter Biazos is the founding director of B&T Advisory with over 25 years of experience in solvency accountancy. He has held numerous senior positions and partnerships and is a registered liquidator. Peter is dedicated to helping businesses avoid insolvency through proactive restructuring and financial management.

Takeaways:

• The Small Business Restructure regime offers a viable path for businesses to manage ATO debt and avoid liquidation.
• Proactive engagement and compliance with the ATO are crucial for successful debt management.
• Paying employees and superannuation should always be prioritised.
• Early consultation with financial advisors can provide more options and better outcomes for struggling businesses.

Links and Resources:

• B&T Advisory
• Coffee Commune
• ATO Small Business Restructure Information

Don't miss this episode if you're dealing with ATO debt and looking for proactive solutions. Tune in now on [platforms]. For personalised advice, contact Peter at B&T Advisory and join the Coffee Commune for support and resources.

Time-Stamped Key Points:

• [00:00:40] Introduction to the episode and guest, Peter Biazos.
• [00:01:17] Overview of ATO issues and introduction to the Small Business Restructure.
• [00:02:00] Peter's background and expertise in insolvency accountancy.
• [00:02:27] Discussion on the proactive approach to business solvency.
• [00:02:47] Details on the Small Business Restructure and its setup.
• [00:03:00] Eligibility requirements: debts under $1 million, superannuation payments, and up-to-date ATO lodgements.
• [00:04:03] Importance of proactive communication with the ATO.
• [00:04:40] Breakdown of the restructuring process and associated costs.
• [00:05:20] Example of a successful restructuring case saving over $100,000.
• [00:07:20] Voting process and compliance history’s impact on ATO decisions.
• [00:08:20] Checklist for businesses considering restructuring.
• [00:11:07] Advice for businesses struggling with financial difficulties.
• [00:12:12] The importance of personal guarantees for suppliers.
• [00:13:40] Tips for businesses to manage cash flow and expenses.
• [00:15:20] Success stories from Peter’s clients.
• [00:16:17] Advice for suppliers on protecting their interests.
• [00:18:00] The current economic environment and its impact on small businesses.
• [00:20:27] The significance of open communication with landlords, suppliers, and staff.
• [00:21:20] Final advice: early engagement with financial advisors.