Instructions to complete the aggregate amount of transactions or dealings with international related parties.
International dealings schedule for overseas transactions or thin capitalisation
You must complete this section (and, if required, 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 this section (and, if required, 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 about the application of the tax laws to elective multi-class AMITs. Trustees or advisers of elective multi-class AMITs may contact the ATO for guidance on the application of these laws to their particular circumstances.
You must complete an International dealings schedule 2023 if either:
- you had interest expenses overseas
- you had royalty expenses overseas
- you answer Yes to the following 2 questions
International related parties' aggregate amount
Was the aggregate amount of your transactions or dealings with international related parties (including the value of any property or service transferred or the balance of any loans) greater than $2 million?
For elective multi-class AMITs, answer this question on an aggregated basis for the trust as a whole.
Indicate yes or no in the space provided, as appropriate to your circumstances.
If you answer Yes, you must complete an International dealings schedule 2023.
Did the thin capitalisation provisions affect you?
Indicate yes or no in the space provided, as appropriate to your circumstances. For elective multi-class AMITs, answer this question on an aggregated basis for the trust as a whole.
If you answer Yes, you must complete an International dealings schedule 2023.
Find out more about, Thin capitalisation.
Interest expenses overseas
Enter the amount of interest expenses the trust paid to non-residents.
You must generally withhold an amount of tax (withholding tax) from:
- interest paid or payable to non-residents
- interest derived by a resident through an overseas branch.
You must remit these withheld amounts to us. You cannot claim a deduction for the interest expenses unless you have remitted relevant withholding tax to the Commissioner.
Do not include amounts of actual or deemed payments to members that are AMIT dividend, interest and royalty (DIR) payments.
For elective multi-class AMITs, answer this question on an aggregated basis for the trust as a whole.
Royalty expenses overseas
Enter the amount of royalty expenses paid to non-residents.
You must generally withhold an amount of tax (withholding tax) from:
- royalties paid or payable to non-residents
- royalties derived by a resident through an overseas branch.
You must remit this amount to us. You cannot claim a deduction for the royalty expenses unless you have remitted any relevant withholding tax to the Commissioner.
Do not include amounts of actual or deemed payments to members that are AMIT DIR payments.
For elective multi-class AMITs, answer this question on an aggregated basis for the trust as a whole.
Record keeping
Keep a record of:
- names and addresses of recipients
- amounts paid
- the nature of the benefit derived, for example, a copy of the royalty agreement
- details of tax withheld where applicable, and the date it was remitted to us.
Find out about requirements for Record keeping for overseas transactions.
Continue to: Transactions with specified countries