It’s the 21st – Your Instalment Activity Statement (IAS) is Due, Are you required to prepare one?
What is Instalment Activity Statement?
Many employers have to pay PAYG Withholding liabilities to the ATO every month, even if they lodge the BAS quarterly. Your monthly installment activity statement (IAS) payment will be due on the 21st every month regardless if you lodge on your own or use our lodgment service. Some employers dread the 21st of each month mainly because they their IAS is incomplete or needs adjustments.
We can help you prepare Instalment Activity statements (IAS) in a fool-proof. Here’s everything you need to know to avoid unnecessary delays and complications by not preparing payroll information at the right time.
What you need to review before finalising the (Instalment Activity Statements – IAS):
Have you checked whether you have allocated all the payroll-related bank transactions to the right accounts?
Have you checked the accuracy of your payroll detail reports more closely?
Have you checked if you have classified the various payroll items such as bonuses, allowances, and director’s fee accurately.
Have you checked if you have added all the relevant categories or payroll items at W1 reporting field?
Have you checked if you need to add other amounts such as no ABN withholding.
Have you checked if there are any special pay runs, for instance, termination payments, that need to be lodged after manual tax calculation.
It is very important to keep the cross-checking your Instalment Activity statements (IAS). So your IAS figures every month are accurate and doesn’t need adjustments at the end of the financial year. This will make the entire process of annual payment summaries and preparing for the ATO STP process a straightforward and convenient process.
What We Offer with IAS?
If you are finding it difficult to prepare your monthly Instalment Activity statements (IAS)IAS or your business accounting systems are out-dated, we are here to assist you. We can help in categorising and reporting pay items accurately and review your accounting systems to make them prompt and efficient. Contact us for more information on preparing your IAS without any inaccuracies and errors.