HFW Briefing: Transfer pricing changes announced in the Australian budget.

Transfer pricing changes announced in the Australian budget

In his speech to the Australian federal parliament on 12 May 2015 in support of the Bill for the 2015 Budget, Treasurer Hockey announced that, with effect from 1 January 2016, OECD transfer pricing documentation standards will apply to multinational corporations with global annual income of AUS$1 billion or more.

In order to implement the initiative the Australian Taxation Office will receive the following information on large companies that operate in Australia:

• A Country-by-Country Report showing information on the global activities of the multinational, including the location of its income and taxes paid.
• A master file containing an overview of the multinational’s global business, its organisational structure and its transfer pricing policies.
• A local file that provides detailed information about the local taxpayer’s intercompany transactions.

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