ATO’s Transfer Pricing Overhaul Increases Tax Risk for Multinationals
Multinational companies operating in or connected to Australia face heightened tax scrutiny as the Australian Taxation Office (ATO) enforces sweeping changes to transfer pricing rules.
According to insights shared during a recent webinar hosted by Wolters Kluwer and BDO Australia, the regulatory shake-up includes new data requirements, stricter documentation expectations, and a shift in compliance deadlines putting pressure on finance, HR and tax teams to collaborate more closely than ever.
The overhaul features the introduction of the XML-based Short Form Local File (SFLF) format, expanded reporting obligations for business restructures, and increased focus on intangibles and intra-group financing.
Tech companies with offshore structures and bundled IP transactions are particularly exposed.
Penalties for non-compliance are steep, with fines of up to $825,000. Experts advise companies to act swiftly and ensure their systems, data and processes are fully integrated to meet the ATO’s demands.
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