Do you have dealings with a related overseas entity? If so, you may have been caught up with the dreaded complexity of the Transfer Pricing (TP) rules. This is receiving increased attention by the Tax Office and by a Senate Committee currently examining the question of whether overseas companies are paying their fair share of tax on income earned in Australia. These rules are not limited to the ‘Apples’ and ‘Googles’ of this world but, due to increasing trade globalisation, they increasingly apply to small and medium enterprises. The OECD term for entities which may be caught up in this […]read news read article read question view tips
The Federal Treasurer, Mr Joe Hockey, has issued a Tax Discussion Paper which is titled Re: Think. Mr Hockey said that the Paper begins a dialogue on how to create tax system that supports high economic growth and living standards, improves international competitiveness and adjusts for a changing economy and new opportunities. He noted that the current tax system, having been designed before the 1950s, is not suited to the 2050s. The Discussion Paper is a 203 page document and is available on www.bettertax.gov.au The Government is encouraging consultation and is planning to issue a Green Paper to be published […]read news read article read question view tips
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