Tax Laws Amendment (Cross-Border Transfer Pricing) Act (No. 1) 2012 (Cth)

Tax Laws Amendment (Cross‑Border Transfer Pricing) Act (No. 1) 2012

No. 115, 2012

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendments Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Taxation Administration Act 1953

Tax Laws Amendment (Cross-Border Transfer Pricing) Act (No. 1) 2012 No. 115, 2012

An Act to amend the law relating to taxation, and for related purposes

[Assented to 8 September 2012]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Tax Laws Amendment (Cross‑Border Transfer Pricing) Act (No. 1) 2012.

2 Commencement This Act commences on the day this Act receives the Royal Assent.

3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendments

Income Tax Assessment Act 1936

1 At the end of subsection 136AB(1) Add: Note: This Division is subject to Subdivision 815‑A of the Income Tax Assessment Act 1997 (about cross‑border transfer pricing): see section 815‑40 of that Act.

2 Subsection 170(9B) Omit "or a relevant provision", substitute ", a relevant provision, or Subdivision 815‑A of the Income Tax Assessment Act 1997".

3 At the end of subsection 170(9B) Add: Note: Subdivision 815‑A of the Income Tax Assessment Act 1997 is about cross‑border transfer pricing.

4 Paragraph 170(9C)(b) Omit "or the relevant provision", substitute ", the relevant provision, or Subdivision 815‑A of the Income Tax Assessment Act 1997".

Income Tax Assessment Act 1997

5 Section 10‑5 (table item headed "profits") Before: profit‑making undertaking or plan.......... 15‑15