Taxpayers are being reminded they can prepay amounts towards their expected tax bill to help stay on top of their tax and avoid falling into debt.
To make a prepayment to the Tax Office, you must get the correct payment reference number, decide how much to pay and choose a payment method.
Using the correct payment reference number is critical in ensuring the ATO credits the right account.
The payment reference number can be found on a relevant notice or payment slip received from the ATO, or through the ATO portals.
The ATO’s research shows keeping amounts for GST, super and income tax payments separate from other business affairs, i.e., in a separate bank account or by making a prepayment helps to stay on top of payments to the Tax Office.