ATO taking a tough stance on payment plans & GIC remissions (May 2024 Tax Update)

Relevant For:

Small business owners concerned with navigating ATO payment plans and GIC remissions.

Key Points:

• ATO’s debt book stands at $52 billion; small businesses constitute 90%.
• Stricter criteria for payment plans; only for taxpayers lacking timely payment capacity.
• Increased scrutiny on general interest charge (GIC) remissions to ensure fairness.
• Eligibility for payment plans and GIC remissions requires up-to-date tax and BAS lodgements.

Full Article: