The Government of Australia announced the 2015-2016 fiscal budget on May 12, 2015. Australia has included in the budget a country-by-country reporting requirement following the recommendation in the OECD/G20 action plan on base erosion and profit shifting (BEPS). The Budget Papers state that Australia ‘will implement the OECD’s new transfer pricing documentation standards from 1 January 2016’ for corporate groups with global revenue exceeding A$1bn.
The government also released exposure drafts of legislation for a new targeted anti-avoidance rule aimed at multinationals that artificially avoid a taxable presence in Australia, as well as draft legislation that would extend the goods and services tax (GST) to cross-border supplies of digital products and services imported by consumers beginning July 1, 2017.
