Instalment Activity Statements
An Installment Activity Statement or IAS is a form frequently used by the taxpayers who are not lodged for the GST. The IAS is even the form lodged by the entities that are engaged in preparing a quarterly BAS but are needed to forward their PAYG withholding tax every month since they are a medium withholder. The IAS is a molded document issued by the ATO monthly and it outlined the amount of PAYG installments, PAYG withholding, and ABN withholding.
Who uses Instalment Activity Statement?
If you are business or individual that follows PAYG installments, PAYG withholding, and/or FBT Installments and are not lodged for GST you will be required to lodge IAS. It is even possible if you are a trustee. For example you will be required to compile a combination of both business activity statements (BAS) and IAS forms.
HOW CAN I HAVE INSTALLEMET ACTIVITY STATEMENT FORM?
The ATO will dispatch all your documents in advance which provide you sufficient time to complete it and get it lodged before the scheduled date. Also, ensure to fill some of your personal information beforehand. This can save your lot of time
- Ensure to keep your paperwork updated and also look out that it is easily accessible
- You should lodge your Installment Activity Statement timely even if you don’t find anything to report.
- Ensure to maintain the copies of your IAS’s safely
- Ensure that your IAS is signed and dated prior to submitting it.
- Ensure that your IAS is completed before the deadline.
- Ensure that you lodge only a single copy of IAS per reporting period
- If you make any error on your IAS directly contact the ATO and ask them to send you a new form
- If you have not been subjected to delay fees, ensure that it does not get too late with lodgment and/or payments to the ATO.
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