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2020 National Transfer Pricing Online

08 September 2020 - 08 October 2020 10.5 CPD hours Online

2020 National Transfer Pricing Online

The 2020 National Transfer Pricing Online Series brings together international and Australian transfer pricing specialists to address all the hot transfer pricing topics as the world tries to adjust to COVID-19.

Program

  • Part 1: The economic and transfer pricing impacts of COVID-19 on corporate Australia

    COVID-19 is having an enormous and lasting impact on the Australian economy.New terms such as 'pre-lockdown', 'lockdown' and 'post-lockdown' have entered our vocabulary.Cross-border dealings within multinational groups are on the front line of tax issues being faced by corporate Australia.In this respect, the ATO has flagged that its transfer pricing compliance activities will place emphasis on understanding individual circumstances and gathering evidence to support any changes to, or impacts on, the business as a result of COVID-19.
    This session will begin by looking at the 'big picture' economic impact of COVID-19 in Australia including its impact on selected Australian industries from an economist's perspective.

    Our panellists will then share their insights on how COVID-19 has been impacting corporate Australia from a transfer pricing perspective and the uncertainty that lies ahead.

  • Speakers
    Jo Masters's profile photo

    Jo Masters
    Ernst & Young

    Patrick O'Sullivan's profile photo

    Patrick O'Sullivan
    MNF Group Limited

    Lorena Sosa Carrillo 's profile photo

    Lorena Sosa Carrillo
    Grant Thornton

    Pete Rhodes's profile photo

    Pete Rhodes ATI
    Aristocrat Leisure Limited

  • Part 2: Transfer pricing aspects of cross-border transfers of intangibles
    Cross-border transactions involving transfers of intangibles are often heavily scrutinised by tax authorities given the potential tax risks associated with them. The valuation of intangibles lies at the heart of the analysis relied on by taxpayers to support these transactions from a tax perspective. But what is required from a taxpayer in order to properly demonstrate that the arm’s length conditions from an Australian transfer pricing have been met?
    Our presenters will explore this question from the perspectives of the valuer, the transfer pricing specialist and the tax authority by considering:

    What is an intangible from a transfer pricing perspective?

    Factors that should be considered to determine arm’s length conditions.

    Is market value equivalent to arm’s length conditions?

    What valuation methodologies are available to determine arm’s length conditions and how to select an appropriate methodology?

    An overview of the ATO’s risk framework to cross-border transfers of intangibles, including the role of the intangibles migration cluster, Taxpayer Alert TA 2020/1 and upcoming guidance.

    What are the risks or red flags the ATO often sees when examining cross-border transfers of intangibles

  • Speakers
    Chris Ferguson 's profile photo

    Chris Ferguson
    Australian Taxation Office

    Tim Heberden's profile photo

    Tim Heberden
    Deloitte

    Jacques Van Rhyn 's profile photo

    Jacques Van Rhyn ATI
    Deloitte

  • Part 3: Cross-border financing arrangements - The release of long-awaited consensus guidance
    The transfer pricing aspects of cross-border financing arrangements continues to be a hot topic for multinationals and tax authorities worldwide. In February this year, the OECD released its long awaited final paper on the transfer pricing aspects of financial transactions, which will become Chapter X of the OECD Guidelines.
    This session will cover the key aspects of the finalised chapter and the implications for multinational groups in their approach to the application of the arm’s length principle to financial transactions, including:

    Key aspects and messages within the OECD paper and how this framework links in with the Australian transfer pricing rules

    Best practice approaches to analysing and pricing intercompany financing arrangements in accordance with the latest guidance

    Key aspects to consider when documenting and evidencing your position in the new world

  • Speakers
    Edwin Baghdasarayan 's profile photo

    Edwin Baghdasarayan ATI
    PwC

Part 4 - Litigation: Glencore case and ATO's appeal 17/09/20 1:00 PM - 2:00 PM 1 CPD hours

  • Part 4: Litigation: Glencore case and ATO's appeal

    After its resounding victory in Chevron, the ATO's resounding loss at first instance in Glencore has re-focussed attention on the legal and practical difficulties of applying Australia's transfer pricing laws. With the ATO's appeal scheduled to be heard in August, this session will remind attendees of the complex facts and issues in the case and critically examine the competing positions of the parties on appeal with reference to the case's potential wider implications.

    Topics will include: reconciling Chevron with Glencore, the concept of comparability, the concept of reconstruction, and the relationship between conditions and commercial and financial relations. These will be discussed with reference to the legislation and the policy underpinning it, as well as what the appeal might mean in practice for transfer pricing practitioners.

  • Speakers
    Jonathan Woodger's profile photo

    Jonathan Woodger ATI
    PwC

  • Part 5: What is the ATO thinking about/doing re: transfer pricing and COVID-19

    COVID-19 impacts every business and industry in some way. Whether that be supply chain, work force, cash or overall profitability, businesses need to respond to the commercial effects of COVID-19 in both the short term and longer term. Businesses may need to respond quickly and with little financial wizardry about what the future may hold; so will these responses withstand the test of time and, importantly, ATO scrutiny from a transfer pricing perspective?

    This session will address what the ATO is thinking and doing in response to the effects of COVID-19 on transfer pricing arrangements and will commence with an outline of their approach to compliance for MNEs in these uncertain times. The ATO will discuss their expectations when reviewing transfer pricing arrangements affected by COVID-19 and will also address the frequently asked questions and concerns raised by corporate Australia.

    Following the ATO presentation, the panel will share practical insights and address a series of short and long term issues and concerns for MNEs, for example, dealing with losses, specific intercompany charges (eg royalties, funding, provision of services and distribution arrangements), analysis and documentation expectations, benchmarking, transfer pricing adjustments, interaction with stimulus measures and other hot topics.

    Participants will have the opportunity to ask questions and enjoy and interactive panel forum.

  • Speakers
    Sophie Lewis's profile photo

    Sophie Lewis
    Australian Taxation Office

    Stean Hainsworth 's profile photo

    Stean Hainsworth ATI
    Duff & Phelps Australia

    Zara Ritchie 's profile photo

    Zara Ritchie CTA
    BDO

  • Part 6: Private Groups – ATO ramps up review activity

    In November 2019, the ATO announced an expansion to its ‘Tax Avoidance Taskforce’, increasing its focus on “supporting and ensuring private groups and high wealth individuals pay the right amount of tax”. This followed the Commonwealth Government's 2019/20 Budget announcement to provide additional funding of $1 billion over four years to extend the Taskforce’s operation until the 2022/23 income year.

    International tax risks including transfer pricing will be a key focus of the taskforce with the ATO engaging with private groups across their programs of work with the aim of helping groups meet their tax compliance obligations in respect of their international dealings.

    This session is designed as a Q&A session and will begin with the ATO providing an overview of the programs of work focused on private groups followed by a Q&A session exploring the following key transfer pricing areas likely to be focused on during the reviews and engagements undertaken:

    The transfer pricing questions contained in the Next 5000 program’s ‘Request for Information’ template;

    Details of the ATO Private Wealth team’s transfer pricing focussed risk clusters on related party financing; intangible migration and other relevant risk clusters;

    Expectations regarding transfer pricing documentation for private groups including the use of Simplified Transfer Pricing Record Keeping Options;

    Understanding changes to the definition of SGE’s and its impact on private groups;

    The ATO’s focus on Private Groups failing to or incorrectly lodging International Dealing Schedules; and

    Expectations regarding transfer pricing disclosures on the Reportable Tax Position schedule currently being rolled out to private groups.

  • Speakers
    Christine Cornish's profile photo

    Christine Cornish
    Pitcher Partners