Australia releases draft guidance on transfer pricing documentation, penalties, and reconstruction powers

The Australian Taxation Office, on April 17, released four documents providing guidance on the transfer pricing laws.

Draft taxation ruling TR 2014/D4 and a draft practice statement PS LA 3673 address transfer pricing documentation;  draft practice statement, PS LA 3672 explains how the ATO will administer transfer pricing scheme penalties; and taxation ruling TR 2014/D3 provides guidance on the effect of actual commercial and financial relations in determining arms-length conditions.

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