The Australian Taxation Office issued a release on 29 July 2020 to announce that Australia's transfer pricing legislation has been updated to refer to the latest OECD transfer pricing guidelines. The update is provided as part of the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 and applies retrospectively from 1 July 2017.
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Transfer pricing legislation update
Australia's transfer pricing legislation has been updated to specify that it is to be interpreted to achieve consist…