Instalment Activity Statement
Instalment activity statements are used by individuals and businesses. IAS is used to pay different tax liabilities. IAS helps you to pay your tax monthly or quarterly. This is an estimate based on the information from your previous years’ tax return. This is a good way to track your tax and pay this tax over the year. Sole traders that are registered for GST don’t need to lodge IAS but must lodge BAS. That will have a separate column for tax instalment.
Tax planning is essential for high net worth individuals. We can discuss different tax planning scenarios to suit individual needs.