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23 Oct 09 NTLG Finance & Investment Subgroup and TOFA working group - conference call regarding IDS-FS

Matt Osmond FTIA (PwC) and Tony Frost FTIA (Greenwoods & Freehills) represented the Taxation Institute on a conference call with the ATO on 8 October 2009 in relation to the proposed new International Dealings Schedule - Financial Services (IDS-FS). The ATO had circulated a revised draft and accompanying instructions to the IDS-FS to members of the NTLG Finance & Investment Subgroup and TOFA working group for consultation. The proposed new IDS-FS replaces the existing Schedule 25A and Thin Capitalisation Schedules for financial service providers operating in the large business sector and introduces a range of new questions concerning international dealings, TOFA and OBU activities. The latest conference call represented the last stage of the ATO's consultation process, with the IDS-FS to be rolled out in a "Pilot Program" for the 2010 income year. The discussion focused on a number of key issues, including:

  • Concerns surrounding compliance expectations for taxpayers (in particular for early balancers);
  • The likely need for taxpayers to implement systems upgrades to tailor and collate information; and
  • Complexity and drafting issues in the current draft schedule and instructions.

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