Frequently asked questions
Are there any dollar threshold limits which would exclude me from completing the IDS?
The IDS 2012 has a threshold limit of more than $2 million for reporting some international related party dealings contained in Section A. Therefore, if you have international related party dealings of less than $2 million you don't need to complete questions 3 to 16 of the IDS on international related party dealings. However, you may need to complete other sections of the IDS. We provide guidance on this in the IDS 2012 form and the IDS instructions.
How can I obtain a copy of the IDS?
The IDS is available in both electronic and paper form.
For the paper and Portable Document Format (PDF) versions of the IDS 2012, refer to International dealings schedule 2012.
The electronic version of the schedule is accessible through our electronic lodgment service.
Why is this schedule longer than the Schedule 25A?
The IDS incorporates two previous schedules - the Schedule 25A and the Thin capitalisation schedule - into one schedule.
Some questions from the Schedule 25A have been extended in the IDS and some new questions developed. These:
- inform our international risk assessment and mitigation strategies
- allow for more targeted assistance
- support compliance activities
- help reduce compliance costs.
I'm a trustee of a trust or partner in a partnership - do I have to complete the IDS 2012 on behalf of the trust or partnership and in my capacity as trustee or partner?
If you are a trust or a partnership with certain international dealings which require the completion of the IDS 2012, an IDS will need to be completed. If you are the trustee for a trust or a partner in a partnership and you have international dealings which require the completion of the IDS 2012 in your own right, you will need to complete an IDS to cover your own international dealings.
What if I don't have all the information available to complete the schedule accurately?
We understand that for some taxpayers there may not have been enough time to change their accounting systems to allow for the collection of all the information needed to complete this schedule for the first year. If this is the case, we ask that you complete as much of the schedule as possible using your current systems and make a best effort to estimate figures if you do not have records of the actual data. If this applies to you, include in a covering letter with your IDS:
- what you needed to estimate and for which questions
- what data you used to make this estimate.
We will accept IDS for 2012 on a 'best efforts' basis, that is, you have tried to complete the schedule to the best of your ability based on the records available.