The new transfer pricing rules introduced by Australia are effective for years starting on or after 1st July 2013 and will apply to the transactions of all multinational entities operating in Australia.
Before documenting their assessment forms, citizens must choose whether they have consented to the new transfer pricing rules and make adjustments if needed. To comply with the self-assessment obligation taxpayers will have to prepare transfer pricing documentation. Under the new rules, transfer pricing adjustments must be made within seven years of the first assessment.
