Guidance from the Australian Taxation Office (ATO) outlines the tax authorities’ views on the application of transfer pricing recordkeeping provisions.
The ATO guidance was finalized in December 2014 and generally is aligned with the perception of increased transfer pricing expectations that multinational companies are facing globally.
Taxpayers that rely on global documents that are prepared in accordance to the Organisation for Economic Co-operation and Development (OECD) standard need to consider whether their Australian documentation requirements are fully addressed. Taxpayers will also want to continue to monitor their transfer pricing arrangements and ongoing eligibility for the documentation concession each year.
Read a February 2015 report prepared by the KPMG member firm in Australia: Transfer Pricing: ATO’s views on record keeping