Company Failures Reach an all Time High While Tax Office Hovers Overs Small Business Like a Vulture
By Editor, Cairnsnews
The federal government has been subjecting large and small business to a double whammy from the lingering effects of the scamdemic and then allowing the Taxation Department to bankrupt businesses that have been unable to pay tax.
Labor Treasurer Jim Chalmers should be saving struggling small and medium business by keeping the tax office away. He claims he has a massive budget excess then he must protect small businesses, the largest employer in Australia
The tax office vultures are circling small and medium struggling businesses as operating costs spiral out of control forcing a 17 per cent spike in insolvencies.
Company failures have reached 5520 administrations and liquidations nationally ending June 30, 2023, up 17.2 per cent from the previous year, according to the Australian Securities and Investments Commission data.
Western Australia scored 485, up 53.5 per cent while Queensland rose 23.5 per cent to 1004.
Victoria was up 39 per cent to 1476 and the ACT came in at 5.8 per cent to 128. South Australia saw a decline form the previous year to 212 down 5.4 per cent and the Northern Territory was 21, down 34.4 per cent.
Home builders featured prominently because of spiralling interest rates, the unavailability of building materials and lack of tradesmen.
Ailing companies in most cases have not brought on their financial troubles all by themselves.
The Covid hoax and now the resultant lack of staff has had a massive impact on their viability. It is inconceivable and unconscionable that the Labor and Liberal Parties would allow the Taxation office to pursue these companies into bankruptcy because of the incompetence and malfeasance of governments.
Pay As You Earn taxpayers have borne the brunt of the taxation offensive which has destroyed any prospect of those wanting to get ahead by holding more than one job.
Hard workers get pushed into the highest tax rate of 45 per cent or if under the income threshold of $180,000 they re forced to pay 37 per cent. This blight on the entire system of government should be removed as soon as possible.
Income tax is offensive and unnecessary which has held back Australia for three generations.