Strict Standards: Declaration of thesis_comment::start_lvl() should be compatible with Walker::start_lvl(&$output, $depth = 0, $args = Array) in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/comments.php on line 0

Strict Standards: Declaration of thesis_comment::end_lvl() should be compatible with Walker::end_lvl(&$output, $depth = 0, $args = Array) in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/comments.php on line 0

Strict Standards: Declaration of thesis_comment::start_el() should be compatible with Walker::start_el(&$output, $object, $depth = 0, $args = Array, $current_object_id = 0) in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/comments.php on line 0

Strict Standards: Declaration of thesis_comment::end_el() should be compatible with Walker::end_el(&$output, $object, $depth = 0, $args = Array) in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/comments.php on line 0

Strict Standards: Redefining already defined constructor for class thesis_favicon in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/favicon.php on line 12

Strict Standards: Redefining already defined constructor for class thesis_loop in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/loop.php on line 15

Strict Standards: Redefining already defined constructor for class thesis_custom_loop in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/loop.php on line 236

Deprecated: register_sidebar_widget is deprecated since version 2.8.0! Use wp_register_sidebar_widget() instead. in /home/leenane/public_html/wp-includes/functions.php on line 4862

Deprecated: register_widget_control is deprecated since version 2.8.0! Use wp_register_widget_control() instead. in /home/leenane/public_html/wp-includes/functions.php on line 4862

Deprecated: register_sidebar_widget is deprecated since version 2.8.0! Use wp_register_sidebar_widget() instead. in /home/leenane/public_html/wp-includes/functions.php on line 4862

Deprecated: register_widget_control is deprecated since version 2.8.0! Use wp_register_widget_control() instead. in /home/leenane/public_html/wp-includes/functions.php on line 4862

Deprecated: register_sidebar_widget is deprecated since version 2.8.0! Use wp_register_sidebar_widget() instead. in /home/leenane/public_html/wp-includes/functions.php on line 4862

Deprecated: register_widget_control is deprecated since version 2.8.0! Use wp_register_widget_control() instead. in /home/leenane/public_html/wp-includes/functions.php on line 4862

Notice: Undefined index: activated in /home/leenane/public_html/wp-content/themes/thesis_18/lib/functions/launch.php on line 21

Strict Standards: Non-static method thesis_head::build() should not be called statically in /home/leenane/public_html/wp-content/themes/thesis_18/lib/html/frameworks.php on line 10

Notice: Undefined index: template in /home/leenane/public_html/wp-content/themes/thesis_18/lib/functions/multimedia_box.php on line 6

Notice: Undefined variable: conditional_styles in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/head.php on line 192
Tax debts and payment plans

Notice: Undefined variable: page_template in /home/leenane/public_html/wp-content/themes/thesis_18/lib/html/content_box.php on line 12

Notice: Undefined variable: page_template in /home/leenane/public_html/wp-content/themes/thesis_18/lib/html/content_box.php on line 18

Notice: Undefined variable: page_template in /home/leenane/public_html/wp-content/themes/thesis_18/lib/html/content_box.php on line 20

Notice: Undefined index: url in /home/leenane/public_html/wp-content/themes/thesis_18/lib/functions/post_images.php on line 32

Tax debts and payment plans

August 27, 2015
Notice: Undefined variable: show_comments in /home/leenane/public_html/wp-content/themes/thesis_18/lib/functions/content.php on line 117

Tax debts and payment plans

Tax Debts and the ATOMaking a request to the ATO for a repayment arrangement does not necessarily guarantee that one will be granted.

While a repayment arrangement is an efficient and cost-effective way to obtain a release from tax liabilities, the ATO should not be considered a credit provider and expects taxpayers to pay in full and on time.

Where taxpayers are having difficulty paying, the ATO will assess certain factors that help to determine the tax payer’s ability to meet their obligations (pay their debts). These factors include, but are not limited to:

  • Availability of access to alternate funding
  • Gross margin
  • Ability to change fixed assets to cash
  • Cash flow

The tax office will also consider whether the taxpayer was compliant with other tax debts and obligations to gauge whether a repayment arrangement is sustainable. They will not approve a payment arrangement where tax lodgements are not up-to-date.

Included within the assessment will be the tax payer’s ability to make their repayments outlined in the proposal, as well as their willingness to enter into a direct debit arrangement and any other conditions the ATO may impose.

The determination substantially draws from whether a taxpayer is genuinely suffering from serious hardship and has exhausted all other options.

A carefully prepared submission is crucial for the approval of a payment arrangement. Taxpayers need to ensure they provide the ATO within the agreed timeframe:

  • Details on how the debt arose
  • Steps take to alleviate the debt
  • Recent bank statements and annual financial statements
  • A proposal to repay all debts within a short timeframe

Taxpayers must be aware that the ATO will take immediate debt recovery action if they miss a payment on their plan. Default can also cause problems with the application of future payment plans.

 

Need help with your tax or the ATO – Call Leenane Templeton today and see how we can help.  Call 02 4926 2300.

 

 

 

 

 


Deprecated: link_pages is deprecated since version 2.1.0! Use wp_link_pages() instead. in /home/leenane/public_html/wp-includes/functions.php on line 4862

Notice: Undefined variable: user_ID in /home/leenane/public_html/wp-content/themes/thesis_18/comments.php on line 16

Notice: Undefined property: thesis_comments::$comments in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/comments.php on line 30

Notice: Undefined property: thesis_comments::$linkbacks in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/comments.php on line 46

Previous post:

Next post:


Strict Standards: Non-static method thesis_javascript::output_scripts() should not be called statically in /home/leenane/public_html/wp-content/themes/thesis_18/lib/html/frameworks.php on line 22

Notice: Undefined variable: output in /home/leenane/public_html/wp-content/themes/thesis_18/lib/classes/javascript.php on line 79