In media release No 2012/006, issued 16 March 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced the release of an exposure draft of proposed amendments that will implement the first stage of reforms to transfer pricing.
These amendments were announced by the then Assistant Treasurer on 1 November 2011.
The proposed amendments confirm that, in relation to treaty cases, the transfer pricing articles contained in Australia's tax treaties are able to be applied and operate independently of Australia's unilateral transfer pricing rules.
"These amendments have been introduced to ensure that effect is given to the intentions of the Parliament, that revenue is not compromised, and that international consistency is maintained with our tax treaty partners. These amendments will apply to income years commencing on or after 1 July 2004, being the income year commencing after the Parliament last demonstrated its intention that the law should operate in this way," Mr Bradbury said.
The closing date for submissions is Friday 13 April 2012.