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  • International dealings schedule (IDS)



    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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    If at Overseas transactions/thin capitalisation on the AMIT tax return, you:

    • answered Yes at either of the questions about overseas transactions or thin capitalisation, or
    • included an amount for overseas interest or royalty expenses

    you must lodge an International dealings schedule 2016

    See also:

    Lodging the IDS for separate AMIT classes

    Lodge only one International dealings schedule for the AMIT, including where you have made an election to treat classes as separate AMITs ('elective multi-class AMITs').

    You must complete the International dealings schedule on an aggregated basis for the trust as a whole, including where you have elected to treat each class of the trust as a separate AMIT ('elective multi-class AMITs').

    The information requested in the International dealings schedule is for information gathering purposes only. The information you provide is not indicative of any interpretive position of the trustee or the Commissioner regarding the application of the tax laws to elective multi-class AMITs. Trustees or advisers of elective multi-class AMITs are able to contact the ATO to discuss the application of these laws in their particular circumstances.

    Rental property schedule

    If you have an interest in a rental property in Australia you need to fill out a rental property schedule. You need to complete a separate schedule for each rental property you own or have an interest in, unless you have multiple rental properties on one title – for example, a number of flats in an apartment complex that is not under strata title. In such instances, show the details of all those properties on one schedule.

    Lodging the rental property schedule for separate AMIT classes

    Multi-class AMITs electing for classes to be treated as separate AMITs must lodge a separate rental property schedule, if applicable, for each class of interest. Do not lodge a schedule for the multi-class AMIT as a whole.

    Trust assets in a multi-class trust

    Where possible, you treat each class as having separately identified assets to other classes within the AMIT. You identify the assessable income, deductions and other trust attributes relating to that class by the assets supporting that class.

    For tax purposes, you recognise transactions and events involving those assets as though the class was a separate AMIT. This ensures that the tax attributes attributable to one class of interest will not be mixed with those of other classes.

    For classes within the AMIT that have separately identified assets, any movement or transfer of assets between classes may have CGT implications due to each class being treated as a separate AMIT.

    Where the assets of the AMIT are pooled, each class's share of the pooled assets should be determined on a reasonable basis. The assessable income and allowable deductions of the trusts must be allocated across the classes according to each class's appropriate share of the trust's pooled assets and the AMIT's constituent documents.

    Selectively directing tax attributes from pooled assets to different classes that have shared those assets could be considered 'streaming' and not an allocation on a fair and reasonable basis. You must also allocate tax losses, net capital losses and expenditure that does not relate solely to a particular class, between each class on a fair and reasonable basis.

    See also:

    Non-individual PAYG payment summary schedule

    Pay as you go (PAYG) withholding applies to several payments including:

    • payments for a supply where no Australian Business Number (ABN) is quoted and no exemptions for quoting applied to the supplier
    • payments arising from investments where no TFN or ABN is quoted, and
    • certain payments to foreign residents prescribed in the Regulations.

    If the payer withheld an amount from a payment to the AMIT because the AMIT did not quote an ABN, the payer should have sent a PAYG payment summary – withholding where ABN not quoted to the trust.

    A payer may issue a receipt, remittance advice or similar document in place of the PAYG payment summary – withholding where ABN not quoted. If the AMIT did not receive or has lost its copy of a payment summary, contact the payer responsible and request a signed photocopy of the payer’s copy.

    Where income subject to foreign resident withholding was included in a distribution received from other trusts or partnerships, a Non-individual PAYG payment summary schedule 2016 is not required for these distributions because they do not have an associated payment summary.

    Enter the AMIT’s TFN and name in the appropriate boxes at the top of the schedule.

    From each PAYG payment summary – withholding where ABN not quoted issued to the AMIT from a payer, record on the schedule the:

    • payer’s ABN (or withholding payer number)
    • total tax withheld
    • gross payment
    • payer’s name.

    Once you have completed the information, lodge the schedule with the AMIT tax return.

    You do not need to send us copies of any payment summary. Instead, ensure you keep a record of any payment summary you have been provided with the AMIT’s tax records.

      Last modified: 25 Mar 2021QC 49555