ATO Debt

Overdue Tax Returns
July 8, 2016
Tax Planning Tips
July 8, 2016

As a tax agent Lyndhurst every so often we encounter clientele with cashflow difficulties and they are experiencing difficulty paying their tax obligations by the due date. We are able to assist businesses, sole traders etc with paying their outstanding tax owed for GST, PAYG, Income Tax etc by organizing the repayment plan of outstanding tax debts or remission of general interest charge (GIC), with the ATO.

If your ATO debt is under $25,000 you can easily call the ATO and proceed through an automatic phone process to organize a payment plan. Usually your request is going to be approved given the entire debt is paid off within 12 months.

Don’t disregard the mail from the ATO; it may be debt statements, winding up notices, Director’s penalty notices etc. If that happens you need to communicate with the tax office, sometimes communication and negotiation may help the situation.

Whatever is necessary, we will assist you to sort out a plan, therefore we give you support throughout the entire process.

Make a repayment. It does not need to be the entire sum – simply make a contribution to demonstrate that you s are conscious of the debt and dedicated to paying back the funds. Frequent repayments (regular weekly or monthly) usually prevent the debt collection notice for quite a while.

Even if you have an outstanding debt with the ATO, make sure you do all your lodgements on time as it affects your compliance with the ATO and if you are compliant, it makes the negotiation process lot easier.

Contact us today on 1300 300 106 if you are facing issues paying the tax debt and we will help you sort it out.