• Compliance assurance

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Consistent with our intent to concentrate our efforts on international related-party dealings that pose the highest risk of not complying with the transfer pricing rules, we also understand that many of you who undertake these dealings want to comply and want to best evidence how you have complied by preparing and maintaining the right level of records to best explain your transfer pricing treatment.

    We accept that you take your self-assessment obligations to prepare and retain adequate records seriously. Simplifying transfer pricing record keeping by providing options for you to apply to your relevant dealings where eligible does not limit or waive the operation of the law, but acknowledges that your choice to apply and disclose a simplified option demonstrates your willingness to comply and thereby mitigates your costs of compliance. The selection of an option confirms that you have assessed your compliance with the transfer pricing rules.

    Should you self-assess as eligible for one or more of the simplification record-keeping options, we will not allocate compliance resources or take other compliance action to examine your transfer pricing records relevant to the option selected.

    This assurance applies for three consecutive income years, as follows:

    • on or after 29 June 2013 for small taxpayers, distributors, intra-group services, and low level loans inbound options
    • on or after 1 July 2015 for materiality, management and administration services, and technical services options.
      Last modified: 07 Jan 2016QC 43562