6 tips for managing ATO payment plans for overdue BAS statements
If you’re in a pickle with overdue BAS shelter, don’t put your head in the sand as the problem will only get worse (and more expensive). An ATO payment plan can help you face the music and get back on track for financial success. The ATO actually wants the success of Australian Small Business. They realize that Small Business and Medium Business (SMB) are an important source of employment and solutions for the rest of the community. By helping to manage the debts of ATO payment plans, they keep you working, which helps everyone. These tips will get you out of debt and get back on the road to success!
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How do I set up a payment plan with the ATO?
Tear off the patch slowly or quickly. It is your choice
I have worked as a professional accountant for more than 20 years. And I’ve seen many different types of situations. And I know from experience that the best way to deal with it is … Have it sorted out ASAP.
It’s more painful to ‘tear the patch off’ and it’s certainly not pleasant if you do it SLOWLY. So be brave! Rip it off quickly and in one go! And it will be over and you will never have to think about it again.
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Worried about how you’re going to pay your debt?
The ATO is quite supportive for those figuring things out before investigating. And they are happy to offer repayment plans. But keep in mind that they are strict on late payments. The ATO is willing to assist small business owners who are serious and willful about dealing with their ATO payment plan debt. We can all make mistakes, and if you’re sincere in solving them, help is on the way!
6 tips to manage your ATO payment plan without default:
Here are my 6 top tips for managing your BAS debt and staying ‘off the hook’ with the ATO:
Make sure your first payment is paid by the due date of the first installment
Schedule monthly recurring payments from Net Bank (so you don’t forget)
Schedule the payment a few days before the due date (so it has time to clear)
Your next BAS shelter is not covered by the existing payment plan. So once you put down your next BAS, you have to pay for it in full. If you need to add a new BAS to the plan, you must submit it a few days before the due date (and then call the ATO as soon as possible to add the new BAS to the existing payment plan)
If you cannot pay a installment on time, let us know and we can call to request an extension (or if we are not your BAS agent, yes, you can call them yourself on 13 72 26.
If you default more than three times, a process is initiated whereby the ATO asks for more information about your financial situation and your future payment options. Once this point is reached it can also affect your creditworthiness and in some situations the ATO can seize your bank account (access money from your account without asking your permission).
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