The Australian Customs and Border Protection Service (Customs) has published Practice Statement B_IND08 “Valuation-Transfer Pricing Policy” and this new practice statement will replace Practice Statement PS 2009/21 on the subject.
The Practice Statement covers legislative requirements for transfer pricing, policies in relation to transfer pricing, procedural guidelines for an applicant when seeking transfer pricing valuation advice and documentary requirements to support a transfer pricing valuation application. It will not apply to excise-equivalent goods and goods subject to duty offset arrangements.
