The Australian Treasury has published a consultation on draft legislation for BEPS Action 13, transfer pricing documentation, which requires organisations with annual global revenue of A$1bn or more (approx £470m) to file an annual statement with the Commissioner of Taxation.
The Australian Treasury has published a consultation on draft legislation for BEPS Action 13, transfer pricing documentation, which requires organisations with annual global revenue of A$1bn or more (approx £470m) to file an annual statement with the Commissioner of Taxation. Large multinationals operating in Australia will be required to provide this statement, which will provide the Commissioner with relevant and reliable information to carry out transfer pricing risk assessments.
An entity may be required to include in its statement one or more of:
a country-by-country report containing information on the location of the economic activity undertaken by the multinational group;
a master file, which provides a high-level description of the multinational group's business operations; and
a local file, which describes the Australian entity's operations and cross border related party transaction.
The Australian Treasury has published a consultation on draft legislation for BEPS Action 13, transfer pricing documentation, which requires organisations with annual global revenue of A$1bn or more (approx £470m) to file an annual statement with the Commissioner of Taxation.
The Australian Treasury has published a consultation on draft legislation for BEPS Action 13, transfer pricing documentation, which requires organisations with annual global revenue of A$1bn or more (approx £470m) to file an annual statement with the Commissioner of Taxation. Large multinationals operating in Australia will be required to provide this statement, which will provide the Commissioner with relevant and reliable information to carry out transfer pricing risk assessments.
An entity may be required to include in its statement one or more of:
a country-by-country report containing information on the location of the economic activity undertaken by the multinational group;
a master file, which provides a high-level description of the multinational group's business operations; and
a local file, which describes the Australian entity's operations and cross border related party transaction.
