This payment plan is proposed only and therefore:
- It is subject to ATO final approval.
- ATO reserve the right to decline proposed payment plans even if the conditions are satisfied.
- Taxpayer compliance history and credit history might also be considered for payment plan application.
If the payment plan is granted by the ATO, it is important to note that:
- The taxpayer will be posted formal notification of the plan. The notification will detail the debt amount, regular payment amount, payment due dates and payment methods.
- Any future credits or refunds received will go towards paying off the outstanding debt.
- General Interest Charge (GIC) will accrue until the debt is fully paid off.
- Additional voluntary payments can be made at any time, but they do not replace scheduled payments.
- All the instalments under this arrangement need to be paid on or before the agreed date to avoid defaulting the arrangement.
- All future tax returns and activity statements must be lodged on time and paid in full by their due date, otherwise the payment plan is cancelled by the ATO.
- Future debts are not automatically included in the existing payment plan.