International dealings schedule
You must complete an International dealings schedule 2016 (NAT 73345) and attach it to the trust’s tax return, if you:
- answered Yes at S item 22 Attributed foreign income
- answered Yes at W or O, or
- completed D or E item 29 Overseas transactions/thin capitalisation.
For more information, see International dealings schedule instructions 2016.
You do not need to complete an International dealings schedule 2016 if the trust was a subsidiary member of a consolidated group or MEC group for the entire income year.
Where the trust is a member of a consolidated group or MEC group for the whole income year and the thin capitalisation rules apply, the responsibility for preparing the schedule will rest on the head company of the group.
Where a return is required because the trust has a period in the income year when it was not a member of a consolidated group or MEC group (a non-membership period), and the thin capitalisation rules apply to the trust during the non-membership period, the trust must complete an International dealings schedule 2016. For information about reporting multiple non-membership periods during the year, see the Consolidation reference manual, sheet C9-5-110.
For more information about the thin capitalisation rules see Appendix 3.
Last modified: 31 Aug 2016QC 48243