You should complete the International dealings schedule - financial services if you are an entity who meets one of the following criteria:
- foreign bank
- foreign bank branch
- general or life insurance entity
- financial services provider with total income of $250 million or more on their current year's income tax return.
They must also satisfy at least one of the trigger points as set out below.
In the case of a consolidated group for the purposes of Part 3-90 of the Income Tax Assessment Act 1997 (ITAA 1997), the head company is the relevant entity that is to complete the schedule for the consolidated group.
Entities with industry codes as listed in appendix 1 will fall within the financial services industry and will meet our definition of a financial services provider. A financial services provider includes all entities within the financial services industry except for super funds.
When we refer to 'you', 'your business' or 'taxpayer' in these instructions, we are referring either to you as a business entity - for example, a company, trust or partnership - that conducts a financial service business, or to you as the tax agent or public officer responsible for completing the schedule.
This schedule forms part of your entity's the tax return.