This Practice Statement, released on Wed 17.12.2014, provides ATO personnel with guidance on the application of the options under Simplifying Transfer Pricing Record Keeping.
In accordance with the assurance given in the online guidance Simplifying Transfer Pricing Record Keeping, the ATO says if an entity has elected to apply a simplification record keeping option(s), then tax officers are not to review the records that relate to the relevant cross-border conditions between entities of that entity beyond conducting a check to confirm an entity’s eligibility.
The Practice Statement says ATO personnel can ascertain whether an entity has elected to apply one of the simplified record keeping options by checking whether code 7 is shown on the entity’s International Dealings Schedule.
DATE OF EFFECT: This assurance applies for 3 consecutive income years, the first of which commenced on or after 29 June 2013.
[LTN 244, 17/12/14]