So you have a Tax debt! Although not ideal, this is just a reality of life and business. Once the ATO has issued a notice of assessment you have two options to pay the tax debt by the due date.
- You can pay the tax debt in full by the due date (via credit card or bank transfer etc).
- If you can not pay in full by the due date, you can set up a payment plan and pay off your debt via regular payments. This can be done via your MyGov account.
Important to note: If you do not have a payment plan and the debt remains unpaid the ATO will send your debt to the debt collector and may have it noted on your credit file.
For debts larger than $100k without a payment plan, the ATO can place a notice on your credit file which will be reported to anyone who reviews your credit report. This could include suppliers, customers and lenders. If you have received a credit report notice, the ATO can remove it within 7 days of setting up a payment plan. Please get in touch if you would like assistance with setting up an ATO payment plan or if you need your personalised payment options.