23 Jun 11
International dealings schedule – financial services 2011
The ATO has published a draft International dealings schedule - financial services 2011 (IDS-FS 2011). No further changes to the draft IDS-FS 2011 are anticipated. However, it will remain in draft format until it is officially released on 1 July 2011 as part of the annual Tax Time process.
A taxpayer will need to complete the IDS-FS from the 2010-2011 income year onwards if it is required to complete a schedule 25A and/or thin capitalisation schedule and operates any of the following:
- a financial services entity (excluding super funds) with a gross turnover of $250 million or more on the current year’s income tax return
- a general or life insurance entity
- a foreign bank.
A taxpayer which is required to complete the IDS-FS 2011 will not be required to complete the schedule 25A and thin capitalisation schedule for the 2010-2011 income year.
It is expected that an IDS will be mandatory for all taxpayers for the 2011-2012 income year onwards.