I am an individual sole trader and am contracted through a business (not owned by me). My situation has not changed in 6 years, and today I received an Instalment Activity Notice for the first time. I'm not sure what it is exactly and why I have received it.
I'm not sure what it is exactly and why I have received it.
Instalment Activity Statement is for paying PAYG Instalments to the ATO. You would have received the IAS due to having had to pay Income Tax when you last lodged your tax return.
The instalments will offset any income tax payable when you lodge your next tax return..
I'm not sure what it is exactly and why I have received it.
Instalment Activity Statement is for paying PAYG Instalments to the ATO. You would have received the IAS due to having had to pay Income Tax when you last lodged your tax return.
The instalments will offset any income tax payable when you lodge your next tax return..
Thank you. Can you tell me- would I not have received them in the past if nothing has changed?
Hey @Sinakank,
Good explanation @KevColl!!
You might also find this link useful in regards to starting PAYG Instalments and the how the automatic entry works.
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