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)