On 7 July 2016, the Australian Taxation Office issued a release on the high level design for the new Local file requirements for significant global entities, which include entities that are part of an MNE group meeting an AUD 1 billion revenue threshold in the previous year. The Local file requirements and content are based on BEPS Action 13 and include standard Local file and a short form version. The standard Local file includes details of the reporting entity and controlled transactions, w…