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Tax transparency in Australia: cutting through the BEPS noise


Given the importance of the OECD’s current Action plan on base erosion and profit shifting (BEPS), it is timely for Australian businesses and their advisers to consider what their own action plan should be. Australia has taken a leading role in legislating against base erosion, profit shifting and multinational tax avoidance. Common themes in reacting to such measures are that systems, processes and policies need to be reviewed in light of the changing tax transparency world, and reputational risk must be part of any tax risk management discussion.

International related party dealings involving Australia are likely to be the subject of ATO and public scrutiny, and senior management and boards of Australian operations must prepare for this increased scrutiny. This article considers various BEPS-related issues, including new global tax disclosure rules, master and local files, and country-by-country reporting. The article concludes with a brief discussion on the management of reputational risk.

Author profiles

Jerome Tse CTA
Photo of author, Jerome TSE Jerome is a Partner at King & Wood Mallesons, specialising in taxation disputes and litigation. Jerome advises corporate taxpayers on all aspects of Australian tax disputes from the audit and independent review stage through to High Court litigation. He also guides clients through alternative dispute resolution processes, advance pricing agreements and mutual agreement procedures. - Current at 25 October 2017
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Catherine Krol
Catherine is a Senior Associate with King & Wood Mallesons. - Current at 01 July 2015


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