- Six Things that Can Keep a Business from Growing
- Avoiding the Wealth Creation Con Artists
- Why Business Owners Should Think Like Futurists
- 4 reasons to consider refinancing your home loan
- Does your super fund provide enough life insurance cover?
- Succession plan basics for small business
- Matters to Consider Before Setting Up an SMSF
- Should you register for GST?
- Finance options for buying a car
- 7 Useful Web-Based Software Programs for SMEs
- ATO ANNUAL REPORT
- How The Cloud and Automation Make Business Management Easier
- Buying Property? Why You Should Care About Interest Rates
- Buying property through SMSF – what are the rules?
- Big data for small business
- HIFX - INTERNATIONAL PAYMENT EXPERTLY DONE
- Budget Alert – Should you put in place a Transition to Retirement strategy?
- FBT 2016 - WHAT YOU SHOULD KNOW
- How New Laws May Impact Your Use of an Earnout Right when Buying or Selling a Business.
- Transfer of Business Assets & Private Company Shares
- Financial Future Checklist
- 6 Things that Work Better in The Cloud
- Can better inventory management improve business performance for Manufacturers?
- 5 Top Causes Of Stress for Small Business Owners Open page Preview for 5 Top Causes Of Stress for Small Business Owners
- 5 Reasons for Cash Flow Problems in Small Businesses
- Key man insurance, who do you need to insure?
- Buying A Business? 5 Red Flags to Watch Out For
- Should You Take Your Small Business National?
- Upfront costs when buying a home and how you could save
- Insourcing vs outsourcing vs co-sourcing
- Saving Tax Through Successful Loan Structuring
- Buy/sell agreements - do you need one?
- Changes to overseas working holiday tax
- Employment and the 457 visa
- Exciting new service offering at YML!
- Right Corporate Structuring
- Stamp Duty
- Annual Wage Review
- Interest Only Loans
- GOVERNMENT ANNOUNCES CHANGES TO THE WORKING HOLIDAY VISA MAKER PROGRAM
- Federal Budget 2014-15 Update
- YML Insight February 2015
- YML Insight March 2015
- YML Insight April 2015
- 2015 Federal Budget Report
- YML Insight June 2015
- YML Insight July 2015
- YML Insight August 2015
- POWER BI - BUSINESS DATA TOOL
- The Importance of Estate Planning
- Tax Time Checklist for Individuals
- Federal Budget May 2016 - Superannuation and Social Security
- SuperStream Deadline for Small Employers
- Land Tax Surcharge and You
- Tax Liabilities to be reported to Credit Agencies
- Business Process Improvement
- Business Valuation
- Prepaying Interest
- Superannuation Contributions at EOFY
- Financial Year End Planning
- How Business Process Outsourcing can bring value to your customers through technology
- Equity Crowd-Funding
- Mortgage Insurance
- 457 Visa
- Insurance in Super
- GENERAL SKILLED MIGRATION (GSM)
- Super Guarantee – What Happens When You Get It Wrong
- Business Process Outsourcing – Take the Technology View
- The Importance of Estate Planning
- PRINCIPAL-AND-INTEREST VS INTEREST-ONLY
- UPDATE YOUR WILL
- SAFE HARBOUR FOR DIRECTORS OF STRUGGLING COMPANIES
- PENDING 457 VISA CHANGES in MARCH 2018
- REMINDERS! LAND TAX REGISTRATION and DEED OF VARIATION
- UPDATING SMSF TRUST DEEDS
- SMSF - $1.6 MILLION TRANSFER BALANCE CAP
- CONTRACTOR vs. EMPLOYEE – EMPLOYER OBLIGATIONS
- RPA for VEHICLE FLEET MANAGEMENT
- TRUST DISTRIBUTION IN 2018
- TAX PLANNING
- THE IMPORTANCE OF WITHDRAWING YOUR MINIMUM PENSION
- AUDIT INSURANCE – ATO Increasing Audit Activity in the Areas of Income Tax and Supe
- What does the NEW 482 Visa mean for your business?
- GST on Property Transactions has changed from 1 July
- YML MIGRATION – WHAT CAN WE DO FOR YOU?
- INVESTMENT LOANS – IS IT WORTH TAKING OUT PRINCIPAL + INTEREST at 3.89% RATE*?
- GLOBAL TALENT SCHEME – Get the expertise your company needs…
- It’s started – Single Touch Payroll (STP)
- CAR LOAN – HERE’S AN OFFER
- Over 65? Downsize your home to contribute to your super!
- NEW Skilling Australians Fund (SAF) Levy
- Superannuation Guarantee Amnesty – Self-Correct your past Super Guarantee Liability
- Non-Residents and SMSFs – Tax Alert!
- Proposed Partner Visa Changes – NEW Two-Step Process
- Should I ‘fix’ my home loan?
- Working with Remote Staff – Business Process Outsourcing
- ATO Payment Arrangements – Avoid Overseas Travel Ban
- Other Topics
- WORK RELATED CAR EXPENSES - WHAT'S LEGAL?
- WHAT IS THE BEST WAY TO PAY OFF YOUR DEBTS?
- Business Protection Insurance
- Aiming to Make a Final Non Concessional Superannuation Contribution for 2016? Be Careful!
- Getting Organized and Planning Effectively This EOFY
- New Withholding for Non Residents
- Four Per Cent Stamp Duty Surcharge for Overseas Investors Buying Residential Real Estate in NSW
- Co-Sourcing: An Alternative To Out-Sourcing
- What Small Business Expenses Can You Claim?
- Israeli Tax of Trusts
- New Superannuation Rules
- YML Group App - Coming Soon
- Obtaining a Business Skills Visa
- Quick Tips to Pay Off Your Mortgage Sooner
- FBT on Christmas Gifts and Tax Deductibility of Christmas Parties
- Changes to the Assets Test for Centrelink Aged Pensions from January 1st 2017
- Why You Should Consider Co-Sourcing for your Business
- Is It Worth Fixing Your Loan?
- Co- Sourcing
- Shareholder's Agreements
- FAMILY TRUST DEED VARIATION
- ENCOURAGING NEWS FOR Permanent residency (pr) APPLICANTS
- TSS has replaced 457 Visa Program – What is TSS?
- Introducing YML Migration
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.