• 8. International Dealings Schedule (IDS)

    Mark Konza discussed the uncertainty involving the documentation question in the IDS and how it will comply with the OECD’s country-by-country reporting requirements which come into effect for taxpayers for their first income tax year beginning on or after 1 January 2016:

    • The ATO’s Division 815 Working Group is dealing with this issue. We have made a commitment to review the IDS for country-by-country reporting requirements, however, we do not know at this stage what changes will be required.
    • Treasury is currently reviewing what law changes may be required to meet the OECD guidelines on country-by-country reporting.
    • We will be working with industry on the reporting requirements. We want to avoid creating a compliance burden for large business and duplication of data.
      Last modified: 16 Dec 2015QC 46798