Recently completed your tax return and received the news you have a tax bill? Stressed you can’t pay the full amount by the due date?
Don’t let this get the best of you and cause unnecessary worry. There are plenty of payment options and arrangements offered by the Australian Taxation Office (ATO) that can help.
How to pay your tax bill
The quickest and easiest way to pay is with BPAY or a credit/debit card.
Make sure you provide the correct unique payment reference number (PRN) in the reference field every time you make a payment. This guarantees your money goes to the right account without delay.
2. Credit or Debit Card
To make a payment using your credit or debit card you will need to have your payment reference number. Payments can be made using a Visa, MasterCard or American Express. Note card payment fees will apply.
Payments can be made through a myGov account that is linked to the ATO. Alternatively, you can visit governmenteasypay.gov.au/payato to make your payment. This is where you will also find the various card charges.
Pay over the phone
Phone the Government EasyPay service on 1300 898 089
3. Other options
If the two above options are not suitable for you, there are other ways you can make your payment:
- Electronic transfer
- Direct debit
- In person at Australia Post
- Transfer from an overseas bank account
Payment arrangement options
We realise that tax debts are often unexpected expenses and can be difficult to pay before the due date. As long as you acknowledge your obligations and attempt to meet them, there is help available.
The ATO urge you to lodge your activity statements and returns on time, even if you’re worried they will result in a tax bill.
If you can’t pay by the due date, you may be able to set up a payment plan to pay in instalments. You need to consider what you can pay to ensure you can meet each ongoing payment amount, and future obligations.
If you’re trying to do the right thing, the ATO committed to understanding your situation and helping you where possible.
It’s important to know that even if you’ve made a payment plan to pay late or by instalments, interest will accrue on the unpaid debt.
If you need help paying a tax bill, or to find out if you’re eligible for a payment plan, reach out and we can help. Our accountants, in both Bendigo and Melbourne are here to help with tax planning and wealth management.
Contact us and let our accountants help, click here or call
Bendigo 03 5445 4777
Melbourne 03 8621 8100