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28 Oct 11 International Dealings Schedule - update on consultation

Tax Counsel Tamera Lang ATIA joined a teleconference hosted by the ATO about the new International Dealings Schedule (IDS) on 25 October 2011. As reported in previous editions of TaxVine, the IDS will replace the current Schedule 25A and thin capitalisation schedule, and follows the development of an IDS for the financial services industry.

Some members have contacted us with concerns about the threshold of dealings that will trigger an obligation to complete the IDS. The current draft IDS must be completed if taxpayers have an aggregate amount of international related party transactions or dealings of more than $1 million (including the value of property transferred or balance outstanding on loans). This is the same threshold as the existing Schedule 25A. Many have argued that this threshold should be revised upwards, because the current threshold is capturing a lot of data and imposing a high compliance burden (particularly for SME taxpayers). The ATO is consulting with a number of consultative groups, including SME groups, on the appropriate threshold.  We expect the ATO to release its decision on this matter soon.

Thank you to those members who have provided comments to date. If you wish to receive a draft of the IDS and the accompanying instructions, and contribute to the ongoing consultation, please contact us at taxpolicy@taxinstitute.com.au


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