Multinational businesses might have a tax issue and not know it

At the recent ‘Australia centric’ TP Minds conference in Sydney, Mark Konza (ATO Deputy Commissioner) noted that the ATO would be looking “very closely at some arrangements”. Specifically, he stated that the ATO would be increasing its focus on the transfer, or effective transfer, of valuable intangible assets offshore. Confirming this emerging area of focus, ATO Deputy Commissioner (Public Group and International), Jeremy Hirschhorn recently told Fairfax media1 that the ATO is focusing on Australian companies either moving their intellectual property offshore or paying a licencing fee for the use of intellectual property.

Our colleagues at Glasshouse Advisory; Claire McDowall and Tracey Murray comment on the ATO’s increasing scrutiny for multinational businesses owning or creating IP. To read more click here.