ATO Payment Plans

If you have a large income tax or PAYG installment payable amount and your SMSF does not have enough cash to make the repayment temporarily, we can help you apply for a payment plan tailored to your cash flow requirements with the ATO. This will give you extra time to make contributions or dispose of some SMSF assets to resolve the cash flow issues and fulfill your tax obligations without incurring ATO-imposed penalties.

ATO Payment Plan Arrangement

1. Duration: The payment plan can extend up to 24 months or longer, subject to the ATO’s decision.
2. Upfront Payment: An upfront amount is required to initiate the payment plan.
3. Monthly Payments: Ensure monthly payments are made 3-4 days before the due date to account for processing time using the BPAY method.
4. Default Policy: The payment plan will be canceled if a payment is missed.
5. Interest Charges: The General Interest Charge (GIC) will continue to accrue until the full amount of the payment plan has been paid.. The ATO may consider remitting the GIC upon request, though this is not guaranteed.

Our Costs and Offerings

Our fee for setting up and managing your payment plan is $165 per plan. This fee covers the following services:

1. Applying for the payment plan with the ATO based on your requirements.
2. Notifying you of the payment plan details, payment method, and payment due date once it’s approved.
3. Monitoring the payment plan and notifying you if a default occurs or if a new payment plan needs to be applied.
4. Requesting the remittance of General Interest Charge with the ATO on your behalf.

If you would like to apply for a payment plan, please let us know and our team can handle the process on your behalf. Alternatively, you have the option to contact the ATO directly to arrange the payment plan yourself.