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Australia: Final Guidance on Transfer Pricing Published
3/20/2015
The Australian Taxation Office (‘ATO’) has published final guidance (TR 2014/8) which sets out the Commissioner of Taxation’s view on the transfer pricing documentation an entity should hold to meet the relevant requirements of the Taxation Administration Act.
The new guidance sets out in particular that, where those requirements are not met, any penalties imposed will be levied as if the transfer pricing position of the entity was not adequately supported. Conversely, where the requirements are met, any penalties imposed will be levied as if the transfer pricing position of the entity was adequately supported, even if the actual transfer pricing adopted is ultimately found to be incorrect.
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