Debt and financial hardship: Act early and know what support is available

When encountering financial challenges, small businesses should get on the front foot and address the situation early, including by finding out what help is available. 

If you're worried about repaying debts, early engagement can significantly improve your chances of managing financial difficulties:

• Banks have dedicated financial assistance teams ready to discuss options like waiving fees, consolidating debts, or restructuring loans.
• The Australian Tax Office (ATO) and Revenue NSW can provide information on the various support options available. Depending on your circumstances you may be offered a payment plan allowing you to manage repayments in smaller, more manageable instalments.
• Accountants can offer tailored advice, conduct financial health checks and suggest strategies to improve cash flow. They can also connect you with specialists for further assistance

Additionally, free support is available through the Small Business Debt Helpline at 1800 413 828 and with local financial counsellors, especially in rural areas.

For dedicated support resources for small businesses visit the Australian Banking Association’s Financial Assistance Hub to help navigate financial stress and strengthen your business's financial position.

Don’t wait—reach out early for the support you need to get back on track.

More information on how to manage tax debt, improve cash flow and other support for your business can be found at:

• Understand your options if you’re in financial distress | CPA Australia
• Help with paying | ATO
• If you don't pay | ATO
• Managing debt | moneysmart
• Is your business experiencing financial difficulty? | ASFA