If you're a small business owner struggling with ATO debt or other financial pressures, the Small Business Restructure (SBR) initiative offers a powerful way to reduce tax debts and regain control. A common question many directors ask is: "Can I access the SBR process if I already have an accountant?" The short answer is: Yes.

How the SBR Process Works with Your Accountant

While your accountant may be managing your day-to-day financials, only a registered Small Business Restructuring Practitioner (SBRP) is legally authorised to administer a formal SBR under the Corporations Act 2001. This means that even if you already have an accountant, you can still initiate an SBR with the help of a licensed SBRP.

Your accountant plays an important role in:

Preparing financial statements and documentation
Assisting with eligibility assessments
Supporting the development of the restructuring plan

The SBRP then takes over to:

Formally assess your eligibility
Lodge the plan with ASIC and notify creditors
Act as the point of contact during the restructuring period

This collaborative approach allows your business to leverage your accountant's financial knowledge while benefiting from the SBRP's legal and regulatory authority.

Key Roles: Accountant vs. SBRP

Can My Accountant Act as My SBR Practitioner?

Only if they are a registered liquidator and formally licensed as a Small Business Restructuring Practitioner. Most standard accountants are not qualified to take on this legal role. However, they can still work closely with the SBRP throughout the process to ensure the business remains compliant and the restructure aligns with your financial goals.

Why Engage an SBRP Even If You Have an Accountant

Even the most capable accountant might not be trained in restructuring law or debt negotiations with the ATO. Here’s why a qualified SBRP is essential:

Legal authority to implement the restructure
ATO-backed process with creditor protection
Ability to reduce unsecured debts (including ATO) by up to 70%
Protects directors from further liability, including potential DPNs (Director Penalty Notices)

Conclusion: A Collaborative Approach

Having an accountant is not a barrier to SBR—in fact, it can be a great advantage. Your accountant and a licensed SBRP can work together to create a successful plan, giving your business the best chance of survival and long-term recovery.

If your business owes over $80,000 to the ATO or is struggling with cash flow, it might be time to consider the SBR pathway—with the help of your accountant and a qualified restructuring practitioner.

References

ASIC. (2024). Restructuring and the restructuring plan. Retrieved from: https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-directors/restructuring-and-the-restructuring-plan/
Australian Restructuring Insolvency and Turnaround Association (ARITA). (2024). Small Business Restructuring. Retrieved from: https://arita.com.au
Corporations Act 2001 (Cth), Part 5.3B

Can I Use the Small Business Restructure (SBR) If I Already Have an Accountant?