Source: Taxation In Australia Journal Article
Published Date: 1 Mar 2014
One of the few areas of income tax law in which taxpayers may be subjected to taxation on the basis of a hypothetical alternative to the actual transaction undertaken is the new profit-shifting regime contained in Subdiv 815-B of the Income Tax Assessment Act 1997 (Cth). Determining arm’s length prices can be challenging enough, particularly for complex or unusual transactions, but when the related party transaction itself is open to reconstruction, the task can be even more difficult.
This article describes some of the nuances and potential ambiguity associated with the new Subdiv 815-B in the context of the requirement to reconstruct transactions. The authors provide an overview of Subdiv 815-B and contrast these provisions with the former transfer pricing law (contained in Div 13 of the Income Tax Assessment Act 1936 (Cth)), before undertaking a closer examination of the reconstruction provisions contained in the new laws.
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