2021 June

Payment Plans with ATO

If you are unable to pay your ATO obligations on time, there is a possibility of setting up a payment plan to pay off your liability in instalments. Payment plans can be arranged for BAS, Tax Return and Superannuation liabilities. There are a few things to consider when setting up these arrangements and whist you are paying off your instalments:
• You should always lodge your ATO obligations on time, even if you are unable to pay in full by the due date.
• You need to be up-to-date with all lodgements before a payment plan can be set-up.
• In general, a 10% deposit is required and then weekly or monthly instalments over up to a 2year period.
• Late lodgement and/or payment on subsequent obligations will result in a default of your payment plan.
• Interest may apply (this depends on your debt amount, the period of arrangement, your annual turnover and past history with other payment plans)

Are you one of the business affected by covid-19? or simply
struggling with your books? we can offer a custom solution for you.

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