off the hook bookkeepingtaxi fareoff the hook bookkeeping

How to Manage your ATO Payment Plan or ATO Debt for Overdue BAS Statement Lodgements

6 Tips for Managing ATO Payment Plans for Overdue BAS Statements

If you're in a pickle with overdue BAS lodgements, don't bury your head in the sand because the problem will only get bigger (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 Australian Small Business success. They realise Small Business and Medium Business (SME) are an important source of employment and solutions for the rest of the community. By helping manage ATO payment plan debt, they are keeping you running, which helps everyone. With these tips, you'll get out of debt and start heading towards success again!
Sound interesting? Read on!

How to set up payment plan with the ATO?


Rip off the bandaid slowly, or quickly. It's your choice

I've worked as a professional bookkeeper for over 20 years. And I've seen many different kinds of situations. And I know from experience that the best way to deal with it is…..Get it sorted out ASAP.
It's more painful avoiding ‘ripping off the bandaid' and it's definitely not pleasant if you do it SLOWLY. So be brave! Rip it off quickly and in one go! And it will be over and done with, and you'll never have to think about it again.

Worried about how you're going to afford your debt?

The ATO are pretty supportive to those who sort things out before they get investigated. And they're happy to offer repayment plans. But keep in mind they're strict on payment defaults. The ATO are willing to help small business owners who are serious and intentional about addressing their ATO payment plan debt. We can all make mistakes, and if you are genuine about fixing them, help is on the way!

6 Tips to Manage your ATO Payment Plan without Defaulting:

Here's my top 6 Tips on Managing your BAS Debt and staying ‘off the hook' with the ATO:
  1. Make sure your first payment is paid by the First instalment due date
  2. Schedule monthly recurring payments from Net Bank (so you don't forget)
  3. Schedule payment a few days before the due date (so it has time to clear)
  4. Your next BAS lodgement is not covered by the existing payment plan. So once you lodge your next BAS, you'll need to pay it in full. If you need to add a new BAS to the plan you'll need to lodge it a few days before the due date (and then call the ATO ASAP to add the new BAS to the existing Payment Plan)
  5. If you can't pay any instalment on time let us know, and we can call to request an extension (or if we're not your BAS Agent yes, you can call them yourself on 13 72 26.
  6. If you default more than three times it will trigger a process where the ATO will request more information on your financial situation, and your future ability to pay. Once it reaches this point it may also affect your credit rating, and in some situations the ATO may ‘garnishee' your bank account (access  funds from your account without needing to ask your permission).
Hope that helps. Get in touch if you have any questions.
Amy Hooke
Director @ Off The Hook Bookkeeping

Book A Free Initial Consult

Book in a Free Initial Consult, and we can work out your priorities, give you a quote and get started within just 24 hours! ~ please click here to get in contact.
Amy is also the founder of The Savvy Bookkeeper ~ so if you are a Bookkeeper who needs help with Sales, Marketing, Website, Google Ads, Facebook Ads, Business Logo and more, please get in touch.
If you are interested in engaging with our Bookkeeping services ~ please click here to get in contact.

Facebook reviews

Off The Hook Bookkeeping
Based on 1 reviews
powered by Facebook
Pankaj Singodiya
Pankaj Singodiya
I sincerely thank God for directing me to such a legitimate expert trader for me, called Nicolle Johnson For her ... perfect trading techniques, i invested with the little I was having, which was $500 and $6500 profit in 7 working days. I highly recommend her for any person who truly want to trade for a better life, she guided me through my registration and trade for me too I never paid any withdrawal. And my profits was paid-out successfully. You can contact her via Email: Whatsapp: +12147028217 Instagram: nicolletrader01read more
Kira Trow
Kira Trow
Thank you so much Amy and team!!! thank you so much for the tireless effort and extra things you didn't have to do! You... have taken all the worry away and allowed me to focus on the operations of my business instead of pulling my hair out with trying to figure out how to do my books and get the Job keeper payment for my business during this time. i can't thank you enough!!! 🙌🙌🙌read more
Hayley Tapper
Hayley Tapper
Amy and her team are fab! Couldn’t run my business without them!! Highly recommend 💕
Nenad Mitrovic
Nenad Mitrovic

Recent Comments