From www.accountingtimes.com.au: BDO has alerted firms to prepare for changes in ATO transfer pricing regulations, which will be implemented for income years starting January 1, 2024.

These changes eliminate the automatic short form local file (SFLF) exemption for entities without cross-border exemptions, expanding compliance obligations significantly.

The ATO aims to enhance transparency and address profit-shifting behaviour among companies, necessitating detailed disclosures and documentation for restructuring and intangible assets.