The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 has now passed all stages without amendment, having been passed by the Senate late on Mon 20.8.2012 and now awaits Royal Assent.
The Bill proposes to make retrospective amendments with effect from 1 July 2004 to confirm that transfer pricing rules contained in Australia’s tax treaties and incorporated into domestic law provide assessment authority in treaty cases.
[LTN 161, 21/8]
Transfer pricing Bill – Senate committee recommends passage
The Senate Economics Legislation Committee tabled its report on Tue 14.8.2012, on the Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012. It recommended that the Bill be passed. Although the Coalition Senators on the Committee issued a dissenting report, it is understood the Coalition has indicted it will not oppose the Bill.
The Bill proposes to make retrospective amendments to confirm that transfer pricing rules contained in Australia’s tax treaties and incorporated into domestic law provide assessment authority in treaty cases. It had previously passed the House of Reps without amendment.
[LTN 157, 15/8]