This meeting was held via webinar on 5 February 2024 at 1:00 pm AEDT.
Key outcomes
Summary
Below is a summary of key outcomes. Note: The full outcomes and presentation materials are available in Online services for DSPs.
At this meeting, discussion points were:
Overview of budget measure impacts
As the Multinationals Tax Integrity Package - denying deductions for payments relating to intangibles held in low or no-tax jurisdictions measure has not been introduced into Parliament the ATO is not including any changes in the IDS for 2024 Tax Time at this time.
An update on the progress of the Multinationals Tax Integrity Package - amending Australia's interest (thin capitalisation) rules:
- The proposed changes to the International Dealings Schedule (IDS) have been prepared based on the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023 (Bill).
- This Bill is currently being considered by the Senate Economics Legislation Committee and is not yet law.
- Given the stage of the Bill and the nature of the IDS MST revisions, the ATO will continue developing changes for TT2024 for the time being.
- All proposed changes to the IDS will be subject to the Bill becoming law and changes to the Bill prior to becoming law.
- All efforts will be made to ensure stakeholders are advised of any changes to those currently proposed as soon as practicable.
Technical specifications walkthrough of draft MST and delivery timeline
An updated draft Message Structure Table (MST or Schema) was presented to the group, highlighting potential changes that related to the International Dealings Schedule.
Next Steps
Progress of the legislative process for the thin cap measure will be discussed at the next PLS working group on Tuesday 13 February, and depending on the outcome, we will reconvene this working group shortly after to discuss mitigation strategy if law does not pass.
For any questions about the Changes to International Dealings Schedule (IDS) focus group, raise a ticket in Online services for DSPs.
No previous versions available.