International dealings schedule - financial services 2011
We have published the International dealings schedule - financial services 2011 (IDS-FS 2011) to help you plan for the 2010-11 income year.
The IDS-FS 2011 takes into account the feedback we have received to date from the IDS-FS 2010 pilot. Any further feedback we receive from the pilot participants will be taken into account for the IDS-FS 2012.
You will need to complete the IDS-FS from the 2010-11 income year onwards if you are required to complete a schedule 25A and/or thin capitalisation schedule and operate any of the following:
- a financial services entity (excluding super funds) with a gross turnover of $250 million or more on your current year's income tax return (total income)
- a general or life insurance entity
- a foreign bank.
Where you are required to complete the IDS-FS 2011, you are not required to complete the schedule 25A and thin capitalisation schedule for the 2010-11 income year.
We expect that an IDS will be mandatory for all taxpayers for the 2011-12 income year onwards.
We have received feedback about difficulties in completing question 3 as it currently stands.
Because international dealings in particular countries pose a significant compliance risk, we must manage that risk by collecting the international risk data provided at this question, which is not available from AUSTRAC.
When providing us with feedback about your experience in completing the IDS-FS 2011, include any suggestions you may have about redesigning this question to help minimise compliance costs.
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What to read/do next
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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For help with completing the schedule, refer to the International dealings schedule - financial services instructions 2011.
For information about the changes between the IDS-FS 2010 and the IDS-FS 2011 (and the associated instructions), refer to Overview of the key changes to the International dealings schedule - financial services 2011.
For more information, email the IDS-FS project team at IDS-FSproject@ato.gov.auLast modified: 14 Jul 2011QC 22589