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About 7 years ago, (long before I found this site and info) I had a $25k debt in our business partnership. I closed the partnership (and marriage) and let the other half keep the company (and it’s tax debt) and I removed myself as director, he had no idea how to run the company and the legalities of any of it.

I then wrote to the ATO requesting the debt to be wiped on the partnership due to hardship & inability to pay. They wiped the debt and said that if I ever reinstate the partnership (when hell freezes over!) that the debt would be reinstated.

Take from this that you might be able hand your business over to another entity, or just close it, and then request the debt to be wiped. The MINIUM tax amount to be wiped is $20k.

Look for hardship details on the ATO, they do not provide much information so maybe just write a letter, hopefully this debt is not in a partnership structure or assets might be requested by ATO. Now is the time to research info from this group.
Good luck with it.