ATO Payment Plans
As Australian business owners get back on their feet after the lockdowns, border closures, extreme weather and problems with supply chains the ATO is beginning to crack down on overdue payments.
If you owe money to the ATO you may be eligible for a payment plan. Our advisers can walk you through your options and help you secure a payment plan on your behalf.
Some things that make a big difference:
Make sure you lodge your activity statements on time
Even if you can’t pay your debt in full, it’s important to lodge your activity statements on time. The ATO is more likely to consider alternative payment arrangements if their paperwork is up to date.
The ATO responds best to early intervention
The sooner we can organise an ATO payment plan for you, the better. Not only will you have peace of mind but it will help protect you from further penalties.
Be prepared to provide additional information
The ATO may request additional information, including profit and loss statements, balance sheets, debtor and creditor information and cash flow forecasts.
Factors that will impact the ATO’s decision
The ATO will assess the information you provide, along with information already in their system. They will be looking to see if your lodgements are up to date, if you have had a previous payment plan and if there were any defaults.
We’re here to help!
If you have any questions about tax planning or an ATO payment plan, please contact your adviser on 1300 667 897. We’re here to help and are happy to discuss your options with you.
You can also find out more about ATO Payment plans via the ATO website: https://www.ato.gov.au/General/Paying-the-ATO/Help-with-paying/Payment-plans/
For access to more helpful articles like this one, subscribe to our monthly newsletter here!
All material contained herein is written by way of general comment. No material should be accepted as authoritative advice and if you wish to act upon the material contain herein, you should contact The MBA Partnership for properly considered professional advice which will take into account your own specific conditions. No responsibility is accepted for any action taken without advice by readers of the material contained herein.