Financial hardship support

Financial hardship can occur when a business is unable to meet financial obligations such as payment of invoices, wages or debts.

If your business is experiencing financial hardship, it is important to seek support as soon as possible. There are steps you can take to help identify the best course of action and there are a range of supports available.

This page provides information and services relating to financial difficulties. Mental health information is available on our Mental health and wellness page.

Understanding your financial situation
If you are experiencing financial distress, ensuring that your business and financial records are accurate and up-to date is an initial step that can help you to identify the areas that are causing the most financial pressure.

Accurate financial records can assist you to access the right type of advice and support and direct accountants or business advisors to the key issues for your business faster.

Access advice and support
The following resources and services are available:

Tasmanian Business Advice Service
The Tasmanian Business Advice Service provides free business advice to Tasmanian small businesses. Experienced advisors can help you with a wide variety of topics from how to manage your debt through to strategies to exit your business if you decide that is the best course of action.

Visit the Tasmanian Business Advice Service website or call Business Tasmania on 1800 440 026 between 9:00 am to 5:00 pm, Monday to Friday.

Australian Small Business and Family Enterprise Ombudsman (ASBFEO)
ASBFEO offers a range of tips on how to manage your financial wellbeing.

View the ASBFEO tips on financial wellbeing.

Tax support
If your business is experiencing financial difficulties and can't pay tax or super on time, you may be able to access support through the Australian Taxation Office (ATO).

Visit the ATO website or call 13 11 42 between 8:00 am to 6:00 pm, Monday to Friday.

Financial hardship assistance from your bank or lender
If you are falling behind on repayments, you can request assistance directly from your bank or lender.

The Money Smart website has information on how to ask your lender for help.

Small Business Debt Helpline
A free counselling service that connects small business owners in financial difficulty with qualified financial counsellors who can listen and provide practical business advice. This service is provided by Financial Counselling Australia with funding from the Australian Government.

Visit the Small Business Debt Helpline website or call 1800 413 828 between 9:00 am to 5:30 pm, Monday to Friday.

Tasmania Legal Aid
If you need legal advice, free legal advice is available through Tasmania Legal Aid.

Visit the Tasmania Legal Aid website or call 1300 366 611 between 9:00 am to 5:00 pm, Monday to Friday.