Can I Use SBR If I Already Have an Accountant?
When your business is facing mounting tax debt, the Small Business Restructure (SBR) process offers a lifeline — even if you're already working with an accountant. In fact, having an accountant can actually support and streamline the SBR process.
Let’s break down how your accountant fits into the picture and what steps to take if you're considering a Small Business Restructure.
The Role of Your Accountant in SBR
Your accountant plays a valuable role in:
Providing financial records: They can assist with profit and loss statements, balance sheets, and debt breakdowns.
Confirming eligibility: Accountants can help verify that you meet the SBR criteria (e.g. less than $1 million in debt, up-to-date lodgements).
Collaborating with the restructuring practitioner: Your accountant may help liaise with the ASIC-registered Small Business Restructuring Practitioner (SBRP) throughout the process.
Note: Your accountant cannot act as your Restructuring Practitioner unless they are specifically licensed by ASIC to do so.
What If My Accountant Says I Don’t Need an SBR?
While accountants are often your first point of contact, not all are experienced with formal insolvency or restructuring processes.
Some accountants may:
Try to handle ATO negotiations informally
Recommend refinancing or payment plans
Be unaware of recent reforms like SBR (introduced in 2021)
This is why consulting a licensed restructuring practitioner (who works alongside your accountant) can give you access to all available options, including legally reducing ATO debt by up to 70% or more.
Can I Keep My Accountant During an SBR?
Yes — you can and should keep your existing accountant for:
Day-to-day tax and compliance work
Payroll and BAS/GST reporting
Assisting with financial documentation
The SBR practitioner works alongside your accountant to propose and implement the debt restructure plan. It’s a collaborative process — not a replacement.
Will My Accountant or the SBR Practitioner Control My Business?
No. One of the biggest advantages of SBR is that directors remain in control of the business throughout the restructure.
Unlike voluntary administration or liquidation, the SBR process is:
Less disruptive
Faster (completed in about 35 business days)
Designed to support viable businesses to recover and avoid closure
When Should I Speak to an SBR Practitioner (Even With an Accountant)?
If your business:
Has ATO debt over $80,000
Is receiving reminder notices, payment demands or a DPN
Is on an unsustainable payment plan
Is experiencing cash flow stress
… then it's time to speak to a specialist. Your accountant can still be part of the solution, but an SBR practitioner is required to formally implement the restructure and negotiate with creditors.
Final Word
Having an accountant is a great start — but when your business needs formal debt relief, you need specialist restructuring advice.
SBR isn’t a substitute for your accountant — it’s a complementary, legal pathway that can save your business.
References
Australian Government Treasury – Insolvency reforms to support small business
Australian Restructuring Insolvency and Turnaround Association (ARITA) – Guide to restructuring
ATO – Managing business tax debt
