Replacement of Australian schedule 25a form means more compliance
October 19, 2011
Sophie Ashley - TPW
The Australian Taxation Office (ATO) has released proposals, for consultation, for a new international dealings schedule (IDS), to replace the schedule 25a and thin capitalisation forms.
The IDS 2012 form needs to be filed with a tax return for all taxpayers with international related-party transactions of greater than A$1 million ($1 million) in the 2012 year. The ATO estimates that 12,000 taxpayers will be affected by the roll-out of the new IDS. The IDS 2012 is largely based on the IDS for financial services 2011.
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