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ATO Payment Arrangements – Avoid Overseas Travel BanOwe the Australian Taxation Office (ATO) a debt? You are not alone. Many businesses – sole traders and companies – cannot pay a debt to the ATO upfront. So the ATO offers you recourse with its payment arrangement system that allows you time to pay off your debt, saving you the stress of finding the money to pay a debt upfront in full.
A payment arrangement with the ATO will also ensure you are not subject to the new Departure Prohibition Order (DPO), an action enforceable at the border when you wish to travel overseas. This order provides that you pay your taxation debts – or have an active payment arrangement in place – prior to being allowed to leave the country.
What is a payment arrangement?
A payment arrangement is an agreement between the ATO and you, whereby you agree to pay off your debt gradually – in instalments – over an agreed period, usually 12 months.
Once you are in a payment arrangement with the ATO, it’s important to stay on track with your repayments and make sure that you:
✔ Pay the exact amount expected to be received by the ATO – it is matched to repayments
✔ Pay in to the correct account – check if you normally use more than one
✔ Pay on time – check due dates
✔ Pay all future ATO obligations by the due date - keep up to date with your future ATO lodgments
Fulfilling these requirements precisely will help you to avoid defaulting on your payment arrangement, avoid penalty and a General Interest Charge (GIC) accruing on your remaining unpaid debt.
How do you apply for an interest-free payment plan?
First, your business’s eligibility is assessed using these criteria:
- Annual turnover of < $2 million
- Activity Statement debt of up to $50,000 – overdue for up to 12 months
- Ongoing compliance with payments and activity statement lodgements
- Unable to obtain finance / loan through normal business means
- Demonstration of ongoing business viability
Should your circumstances change, the ATO may be able to vary the terms of a payment plan to make it easier for you to repay your debt. Make sure you contact the ATO if you cannot pay an instalment.
There is no need to go it alone when it comes to debt and the ATO.
YML Group can not only help you to determine your eligibility for an ATO payment arrangement but also help you to administer your 12-month interest-free repayments.
How can YML help?
Talk to our YML Chartered Accountants Team today to see how YML Group can assist you with your ATO payments. Contact us on (02) 8383 4400 or by visiting the Contact Us page page on our website.