• 1. Welcome, minutes and action items

    The Chair welcomed all standing members to the meeting. He also welcomed Andrew Mihno who attended as alternate for Karl Wood (Property Council of Australia).

    Apologies were received from: Bruce Quigley (Second Commissioner, Compliance), Rob Heferen (Executive Director, Revenue Group, The Treasury), Frank Drenth (Corporate Tax Association) and Karl Wood (Property Council of Australia).

    The Chair informed members that this will be last meeting Darren Day (Woolworths) will attend as he steps down after this meeting. He thanked Darren for his contribution to LBAG in the four and a half years he has been a member.

    The Chair approved the draft minutes from the 18 April 2013 LBAG meeting.

    There were four action items from the previous meeting. The status of these is as follows:

    01-180413

    Provide LBAG members with copies of the one page presentation.

    Status:

    Completed

    Copies of this presentation were sent to members on 8 May 2013.

    02-180413

    Schedule a follow-up discussion with LBAG members on the Independent Review Function.

    Status:

    Completed

    A follow-up discussion was held with LBAG members on 10 May 2013 to provide feedback on the Independent Review Function.

    03-180413

    Provide feedback from LBAG meeting discussions on transfer pricing to the Treasury (Rob Heferen).

    Status:

    In progress

    Copies of this presentation were sent to members on 8 May 2013.

    04-180413

    Consider publishing a practice statement on transfer pricing.

    Status:

    In progress

    Part of implementing Division 815 ITAA 1997 is a project under the International Steering Committee to review existing advice and prepare some new advice. The new advice being prepared is a combination of Public Rulings and Practice Statements. The project brief also includes training staff and a communications strategy, both internal and external.

      Last modified: 29 Nov 2013QC 37942