An Instalment Activity Statement (IAS) is an ATO form used to report and pay certain tax obligations throughout the year. While it is similar to a Business Activity Statement (BAS), an IAS does not include GST reporting.
Many businesses receive an IAS to report obligations such as:
- PAYG withholding from employee wages
- PAYG instalments towards income tax
- Fringe Benefits Tax (FBT) instalments (where applicable)
Often the BAS and GST reporting is reported every 3 months whereas an IAS is often reported monthly. For example, April and May an IAS will be due whereas June a BAS will be due. If you’re unsure whether you need to lodge an IAS, a qualified tax accountant Melbourne, like Nobel Thomas, can help you understand your obligations.
Who Needs to Lodge an IAS?
You may receive an IAS if you:
- Employ staff and withhold PAYG tax from their wages.
- Are required to pay PAYG income tax instalments.
- Have FBT instalment obligations.
The ATO will issue an IAS if you are required to report these amounts.
When is an IAS Due?
IAS due dates vary depending on your reporting cycle, but they are commonly lodged monthly, 21 days after the end of the month. Lodging late can result in penalties and interest charges, so it’s important to meet your deadlines.
An experienced accountant Melbourne businesses rely on can ensure your IAS is prepared accurately and lodged on time.
Can You Lodge an IAS Yourself?
Yes. You can lodge an IAS through ATO Online Services, compatible accounting software, or via a registered tax agent, like Nobel Thomas.
However, many business owners choose to work with a tax accountant Melbourne, like Nobel Thomas, to ensure payroll figures, PAYG withholding and instalments are reported correctly. This reduces the risk of errors, penalties and unnecessary ATO correspondence.
How Can an Accountant Help?
A professional accountant Melbourne can:
- Prepare and lodge your IAS.
- Review PAYG withholding and payroll records.
- Manage PAYG instalments.
- Help you stay compliant with ATO requirements.
- Reduce the risk of late lodgement penalties.
Final Thoughts
An Instalment Activity Statement (IAS) is an important part of meeting your ongoing tax obligations. Although it is generally simpler than a BAS, lodging it correctly is essential to remain compliant and avoid unnecessary penalties.
If you’re unsure about your IAS requirements or need assistance with lodging, speaking with an experienced tax accountant Melbourne to help ensure everything is completed accurately and on time.
