PwC breakfast briefing - Upcoming ATO transfer pricing guidance: What does this mean for the industry?
As you may have heard, with the ever increasing ATO focus on multinationals and their international tax arrangements, there have been some recent developments from the ATO in the transfer pricing space (which is a continuation of the strong transfer pricing focus which we had been discussing in early 2017) - Specifically, we are anticipating the public release of a document known as a Practical Compliance Guideline (PCG) from the ATO towards the end of November.
The document is going to be very important in the transfer pricing space as it is going to lay out the ATO's profit expectations for Australian distributors across various industries. Specifically, the ATO will provide these profit markers across three key industries of focus, and as you have probably anticipated, the "life sciences" (combination of pharmaceuticals and medical device industry) is one of these three industries.
In the lead up to the release of the guidance, we have been in discussions with PwC in respect to hosting an event to discuss the key elements of this anticipated guidance and what this may mean for the industry.
Intended audience / who will this impact?
The session will be relevant for any Australian medical device distributors who are part of a multinational group and therefore have related party cross-border transactions and dealings (typically being the purchase of product from related parties for resale in the Aus / NZ market). Importantly, the ATO's guidance within the PCG (and specifically its expectation of the level of profit within the industry) will be relevant for all such companies, regardless of whether you have prepared Australian transfer pricing documentation in the past or have previously reached agreement with the ATO in respect to your transfer pricing affairs.
What will the session cover?
At the session, PwC will discuss the key ATO positions and takeaways from the guidance, which would then follow into a practical discussion around what this may mean for members, what needs to be considered and laying out a strategy for managing the local transfer pricing position in coordination with regional / head office counterparts.
Details of event
Timing: Monday 10 December 2018
Location: PwC, One Parramatta Square, 169 Macquarie Street, Parramatta
Registration opens from 8:00 am
Time: 8:30 am start - 9:45 am
Please contact Fiona Eslick, Executive Assistant, PwC
Direct: 02 8266 7107
Mobile: 0477 228 101