Please see (attachment) our comments and recommendations submitted to Treasury in response to the recent announcement of Treasury's second phase of the transfer pricing reform process as announced by The Hon David Bradbury, MP, on November 22 2012 - (Exposure Draft – Tax Laws Amendment (Cross –Border Transfer Pricing) Bill 2013: Modernisation of transfer pricing rules).
We also note that we have previously provided detailed submissions in response to the earlier announced reform of Australia's transfer pricing legislation (and now enshrined as Subdivision 815-A of the Income Tax Assessment 1997).
Transfer pricing is viewed by multinational organisations as an area of substantive "risk" in the conduct of their business and an area that creates a substantial administrative burden with which they must deal.
Moore Stephens is acutely aware of the increasing administrative burden taxpayers confront, and The Exposure Draft, coupled with Subdivision 815-A, does little to assist taxpayers address both the "risk" and administrative burden to which we refer.
Attachments
Treasury Submission December 2012.pdf
This publication is issued by Moore Stephens Australia Pty Limited ACN 062 181 846 (Moore Stephens Australia) exclusively for the general information of clients and staff of Moore Stephens Australia and the clients and staff of all affiliated independent accounting firms (and their related service entities) licensed to operate under the name Moore Stephens within Australia (Australian Member). The material contained in this publication is in the nature of general comment and information only and is not advice. The material should not be relied upon. Moore Stephens Australia, any Australian Member, any related entity of those persons, or any of their officers employees or representatives, will not be liable for any loss or damage arising out of or in connection with the material contained in this publication. Copyright © 2011 Moore Stephens Australia Pty Limited. All rights reserved.
