On 6 August 2015, the Australian government issued exposure drafts of legislation to implement tougher anti-avoidance penalties for large companies and new transfer pricing documentation requirements based on guidelines developed as part of Action 13 of the OECD BEPS Project. The measures were introduced in the 2015 Budget ({News-2015-05-13/P/2- previous coverage}).
Tougher Anti-Avoidance Penalties
The anti-avoidance amendments include a doubling of the penalties imposed for large compani…