January 20, 2016

Have you heard about the changes to tax pre-payments?

Helen Bunford, Office Manager

Did you know that you can now pre-pay your activity statement debt before the due date to the ATO. You can make a pre-payment at a time that suits you, using any payment method.

In the past, the ATO would automatically refund credits from early payment. Now, a pre-payment made towards your tax liability before it is due will remain on your account unless a refund request is made through the Tax or BAS agent portal.

Some tax liabilities qualify for early payment interest if you make a payment 14 days before the due date. You can estimate the interest you would receive using the credit for interest on early payments calculator.

The ATO have made this change following feedback from the public on how the ATO can help businesses manage their tax by providing a way to pay in advance.

Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.

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