ATO seeks feedback on the new International Dealings Schedule

Tax Insights ()

The ATO have formed an NTLG consultative working group to obtain feedback on the new International Dealings Schedule (IDS) form, including, 2 representatives from PwC. The IDS form will replace the current schedule 25A and thin cap schedule and will be required to be filed with the tax return for all taxpayers with international related party transactions of greater than $1 million in the 2012 year. The ATO currently estimates that 12,000 tax payers will be affected by the roll-out of the new IDS. The IDS 2012 is largely based on the IDS for Financial Services 2011.