What we have updated
We have updated the International dealings schedule 2023 by:
- adding the trigger points that will require Attribution CCIV sub-funds to complete the International dealings schedule
- clarifying that thin capitalisation reporting is required by entities that do not incur debt deductions but whose associate entities have debt deductions greater than $2 million for the income year
- removing Code 22: Receipt and payment of dividends and distributions from trusts and partnership from Appendix 4, reflecting instructions on not having to show distributions on ordinary shares or equity interests at Other financial dealings or Other dealings of a revenue nature in Section A.
Trigger points that will require completion of this schedule
If you are a relevant company, partnership, trust or attribution managed investment trust, you must complete an International dealings schedule 2023 if you have written an amount or Y (for yes) at any label in your relevant tax return listed below:
- Company tax return 2023
- Partnership tax return 2023
- Trust tax return 2023
- Attribution managed investment trust (AMIT) tax return 2023
- Attribution CCIV sub-fund tax return 2023
Company tax return 2023
Complete the International dealings schedule 2023 if you have written an amount or Y (for yes) in your company tax return:
- Question 6 Calculation of total profit or loss:
- label J Interest expenses overseas
- label U Royalty expenses overseas.
- Question 7 Reconciliation to taxable income or loss
- label C Section 46FA deductions for flow-on dividends
- label P Offshore banking unit adjustment
- Question 27 International related party dealings/transfer pricing
- label Y Was the aggregate amount of the transactions or dealings with international related parties (including the value of property transferred or the balance outstanding on any loans) greater than $2 million?
- Question 28 Overseas interests
- label Z Did you have overseas branch operations or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?
- Question 29 Thin capitalisation
- label O Did the thin capitalisation provisions affect you?
Partnership tax return 2023
Complete the International dealings schedule 2023 if you have written an amount or Y (for yes) in your partnership tax return:
- Question 22 Attributed foreign income
- label S Did you have overseas branch operations or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?
- Question 29 Overseas transactions
- label W 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?
- label O Did the thin capitalisation provisions affect you?
- label D Interest expenses overseas
- label E Royalty expenses overseas.
Trust tax return 2023
Complete the International dealings schedule 2023 if you have written an amount or Y (for yes) in your trust tax return:
- Question 22 Attributed foreign income
- label S Did you have overseas branch operations or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?
- Question 29 Overseas transactions
- label W 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?
- label O Did the thin capitalisation provisions affect you?
- label D Interest expenses overseas
- label E Royalty expenses overseas
Attribution managed investment trust (AMIT) tax return 2023
If any of the following apply, you must lodge an International dealings schedule 2023.
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.
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).
Attribution CCIV sub-fund tax return 2023
If any of the following apply, you must lodge an International dealings schedule 2023.
At Overseas transactions/thin capitalisation on the Attribution CCIV sub-fund trust 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.
Do not complete the IDS on an aggregated CCIV basis.
Continue to: Instructions to complete the schedule