How does Tax Pay differ from traditional payment plans with the tax office?
Tax Pay offers a more convenient, straightforward and flexible solution, providing an ‘on-tap’ non-credit-eating, fully revolving facility to address tax bills. Unlike traditional plans, Tax Pay offers flexibility such as holiday payment options, and it doesn’t negatively impact your credit capacity. Tax pay provides a simple seamless application and approval process.
How quickly can I access funds through Tax Pay?
Tax pay provides a simple seamless application and approval process. Once approved you have an everlasting facility which is always available for easy tax payment options. You can drawdown against a tax bill from your facility at any time within our secure online portal. Tax Pay will settle the tax office overnight (subject to banking cut off times).
Does using Tax Pay impact my credit ratings?
Tax Pay does not negatively impact any existing banking facility. Tax Pay does not impact existing credit ratings.
How does Tax Pay compare to other financing options for businesses?
See our comparison information here
What businesses will benefit best from Tax Pay?
Businesses who want more control and choice over their cash flow management and tax debts.
Business who want to maintain focus, momentum, business generation and growth initiatives.
Business who like simple easy tech solutions to optimise operations
What are the eligibility criteria to create a facility?
- For accountants: you need to be an Australian registered tax agent.
- For businesses: you will need to be an Australian registered business with a minimum of three years of operation, two years of profitability and a history of paying company tax.
How secure is the Tax Pay portal?
Our product complies with the global Payment Card Industry Data Security Standard (PCI DSS), providing robust protection for handling cardholder information, including extensive monitoring. Our portal is built using a Software Development Life Cycle (SDLC) approach, ensuring quality and efficiency from initial development through to deployment, with security assessments integrated at every step. Additionally, it undergoes both regular security scans and an annual penetration test to externally validate these high security standards.
What does a payment holiday mean?
Tax Pay offers more flexibility than traditional lending services including payment holidays.
A payment holiday is where you take a break from your repayment schedule for one month which could be for a variety of reasons. The holiday (skipped) repayment creates a new schedule spread over a twelve month term.
There is a maximum of three (3) payment holiday options per twelve-month term.
Are there penalties for early repayments?
No. Tax Pay welcomes early repayment. In the event a loan is repaid early, Tax Pay refunds interest paid from the next full month. For example; if full repayment is June 15th, returned interest would be counted from July 1st.
How does Tax Pay work with the Australian Tax Office?
Tax Pay is independent of the Australian Tax Office, an independent business lending service. Tax Pay makes direct payments to the Australian Tax Office for clients who use it’s service and make drawdowns. Tax Pay does not lend funds into clients bank accounts.