Transfer pricing amendments receive Royal Assent, become law

The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012, that implements new transfer pricing rules, received Royal Assent and became law on 8 September 2012. The new rules apply to transfer pricing arrangements that are within a scope of the Business Profits or Associated Enterprises articles of one of the Australia's tax treaties and will apply from 1 July 2004. In particular, the new rules specifically allow the use profit-based methods and, more generally, the use of…