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Second Reading Speeches

Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

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Summary

Amends the:

Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
and
Taxation Administration Act 1953
to retrospectively: clarify that the internationally consistent transfer pricing rules contained in Australia’s tax treaties and incorporated into Australian law provide assessment authority to address treaty related transfer pricing; and ensure that the tax treaty transfer pricing rules are applied in a manner consistent with the relevant Organisation for Economic Co-operation and Development guidance material; and
Income Tax Assessment Act 1936
to make consequential amendments.