18 Dec 14 3 Practice Statements issued
On 17 December 2014, the ATO issued the following 3 Practice Statements:
- PS LA 2014/2 Administration of transfer pricing penalties for income years commencing on or after 29 June 2013. This practice statement explains: when an entity will be liable for a transfer pricing penalty, how the entity's transfer pricing penalty is assessed, and how the Commissioner's discretion in relation to remission should be exercised
- PS LA 2014/3 Simplifying transfer pricing record keeping. The purpose of the practice statement is to provide ATO personnel with guidance on the application of the options under Simplifying Transfer Pricing Record Keeping
- PS LA 2014/4 Administration of the penalty imposed under subsection 284 75(3) of Schedule 1 to the Taxation Administration Act 1953. This practice statement explains: the circumstances in which an entity becomes liable to a subsection 284 75(3) penalty, and how the penalty is assessed, including remission.