Yes! You or your business can indeed enter into a payment arrangement with the ATO to pay after the due date and/or pay by instalments over a period of time. During this period you will be charged interest though if you stick to your payment plan you have a good chance to get all the interest you paid refunded to you or your business.
The ATO’s acceptance of the payment plan you offer them will depend on your history with them to some extent.
The ATO’s objective is to collect taxes and to maximise this they want taxpayers engaged in the system for the long term, paying their tax one way or another.