{"id":2847,"date":"2021-05-24T11:44:30","date_gmt":"2021-05-24T01:44:30","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/?p=2847"},"modified":"2023-05-15T14:20:35","modified_gmt":"2023-05-15T04:20:35","slug":"2021-simplified-transfer-pricing-record-keeping-update","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/2021-simplified-transfer-pricing-record-keeping-update","title":{"rendered":"2021 Simplified Transfer Pricing Record-Keeping update"},"content":{"rendered":"\n<p><strong>By Maggie Chang, Principal, Accru Felsers<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">The ATO recognises that the transfer pricing record-keeping requirements of Subdiv 284-E of Sch&nbsp;1 to the TAA 1953&nbsp;may&nbsp;impose an administrative burden disproportionate to an entity&#8217;s risk of not complying with the transfer pricing rules. It has therefore developed simplified options that have been updated regularly. <\/h4>\n\n\n\n<p>The ATO&#8217;s &#8220;Simplified Transfer Pricing Record-Keeping&#8221; (STPRK) options allow qualifying entities to opt out of Australia&#8217;s full transfer pricing requirements. STPRK benefits businesses by reducing record-keeping requirements and minimising the cost of record-keeping and compliance. So how does a business know it is eligible and where does it start?<\/p>\n\n\n\n<p>The ATO&#8217;s Guide <strong><a rel=\"noreferrer noopener\" href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.ato.gov.au%2Flaw%2Fview%2Fdocument%3FDocID%3DCOG%2FPCG20172%2FNAT%2FATO%2F00001%23LawTimeLine&amp;data=04%7C01%7CVirginia.Ginnane%40thomsonreuters.com%7C28aac8ce52794b25b87808d91c212057%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637571750915397560%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=hJntrRmgukctxzFJI9pY6lydWdS1cswbmxYyxQMPyKY%3D&amp;reserved=0\" target=\"_blank\">PCG 2017\/2<\/a><\/strong>, originally issued in&nbsp;February&nbsp;2017, and most recently updated in&nbsp;December&nbsp;2020, is a great resource for everything related to STPRK. However, determining whether a business is eligible can be complex. Consider the below:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Eligibility criteria are strict.<\/li><li>Documentation is required to prove eligibility.<\/li><li>The ATO guidelines have changed several times in the past few years.<\/li><li>Businesses must consider all relevant ATO criteria and definitions.<\/li><li>Opt-in requires notifying the ATO via the business International Dealings Schedule (IDS) or Country-by-Country (CbC) Local File.<\/li><\/ul>\n\n\n\n<p>The options contained in the Guide reflect the types of transactions or activities the ATO believes are low-risk in the context of international related-party dealings. We have summarised the latest options and eligibility requirements below.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2021 Simplified Transfer Pricing Record-Keeping options<\/h2>\n\n\n\n<p>The ATO outlines 7 transaction types that are options for simplified record-keeping:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>Small taxpayers<\/li><li>Distributors<\/li><li>Materiality<\/li><li>Low value adding intra-group services<\/li><li>Low-level inbound loans<\/li><li>Low-level outbound loans<\/li><li>Technical services<\/li><\/ol>\n\n\n\n<p>These options apply to income years beginning on or after 1&nbsp;July&nbsp;2018 (or substituted accounting period) but taxpayers are still able to apply the options as they existed in the previous version for their first income year commencing on or after 1&nbsp;July&nbsp;2018 (or substituted accounting period).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2021 Eligibility Criteria<\/h2>\n\n\n\n<p>The ATO&#8217;s 2021 Simplified Transfer Pricing Record-Keeping Guide outlines activities identified as low risk for International Related-Party Dealings (IRPDs) and specifies criteria for businesses to self-assess their eligibility. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>The main change this year is to the interest rate limits for inbound and outbound loans.<\/p><cite><em>&#8211; Maggie Chang, Principal, Accru Felsers<\/em><\/cite><\/blockquote>\n\n\n\n<p>Note also that generally, businesses will not be eligible for any options if they have derived sustained losses or undergone a restructure within the year. If COVID-19 has had a significant economic or structural impact on a business, it&nbsp;may&nbsp;not be eligible.<\/p>\n\n\n\n<p>The 2021 eligibility criteria are summarised below.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Small business taxpayers<\/h3>\n\n\n\n<p>Businesses with an annual turnover of up to $50 million are able to opt in if their related-party dealings involving royalties, licence fees or R&amp;D arrangements are not greater than the combined threshold of $500,000, nor have specified service related-party dealings greater than 15% of their turnover. Additionally, they cannot be distributors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Distributors<\/h3>\n\n\n\n<p>Distributors with a turnover of up to $50 million who do not meet the combined threshold of $500,000 in related-party dealings involving royalties, licence fees, or R&amp;D, and who do not have a profit-before-tax to turnover ratio of less than 3%, are eligible to opt in.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Materiality<\/h3>\n\n\n\n<p>Companies with IRPDs of not more than 2.5% of the total turnover of their Australian economic group are eligible for this option if their total turnover is not more than $100 million, nor having related-party dealings involving royalties, licence fees or R&amp;D greater than the combined threshold of $500,000.<\/p>\n\n\n\n<p><em>*NOTE for businesses that are eligible for above options 1, 2 or 3, documentation requirements are not reduced for related-party royalties, licence fees and R&amp;D arrangements, financial transactions and dealings of a capital nature.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Low Value Adding Intra-group services<\/h3>\n\n\n\n<p>Intra-group services up to $2 million are eligible, as are some above $2 million but note that for services a business receives, the total amount charged must be no more than 15% of the total expenses; or, for services it provides, the amount must be no more than 15% of the total revenue. The total expenses on these services cannot be more than 25% of the business pre-intra group services profit. Additionally, the mark-ups on the services need to be at least 5% for those provided or at most 5% for those received. However, this option is not applicable to other IRPDs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Low-level inbound loans<\/h3>\n\n\n\n<p>Those with a loan balance of no more than $50 million throughout the financial year are able to opt in if the annual interest rate for each of their loans is not more than 1.79% in FY2021 (or 2.33% in FY2020) and their funds provided under the loan and their associated expenses are denominated in Australian dollars. This option is only applicable to eligible inbound loans but not other related-party dealings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Low-level outbound loans<\/h3>\n\n\n\n<p>Those with a loan balance of no more than $50 million throughout the financial year are able to opt in if the annual interest rate for each of their loans is not less than 1.79% in FY2021 (or 2.33% in FY2020) and the funds provided under their loans and their associated expenses are denominated in Australian dollars. Similarly, this option is applicable to eligible outbound loans only.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. Technical services<\/h3>\n\n\n\n<p>If the income from and expenditure on technical services is not more than 50% of the total IRPDs of the taxpayer&#8217;s Australian economic group, this option is available providing the mark-up for services received is not more than 10% and the mark-up for services rendered is at least 10%. As for the previous option, it does not reduce the documentation required for other IRPDs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What does it mean if a business applies STPRK?<\/h2>\n\n\n\n<p>While applying an STPRK option does not waive a business&#8217;s compliance obligations under the transfer pricing rules, it does mean the ATO will generally not allocate compliance resources to examine the arrangement specified in that option, other than reviewing&nbsp; its eligibility on applying the STPRK option.<\/p>\n\n\n\n<p>This article was first published in Thomson Reuters\u2019&nbsp;<em><a href=\"https:\/\/store.tax.thomsonreuters.com.au\/en\/store\/online\/weekly-tax-bulletin\/p\/41412999\">Weekly Tax Bulletin<\/a><\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ATO&#8217;s &#8220;Simplified Transfer Pricing Record-Keeping&#8221; options allow qualifying entities to opt out of Australia&#8217;s full transfer pricing requirements.<\/p>\n","protected":false},"author":107,"featured_media":2853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[871,687,659,872,873],"tags":[915,1112,1113,1025],"insight_job_role":[712,714,805,719,807,820],"insight_practice_area":[],"class_list":["entry","author-corpadmin","has-excerpt","post-2847","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ato","category-global-reporting-compliance","category-global-tax-reporting","category-research-and-commentary","category-tax-legislation","tag-ato","tag-record-keeping","tag-taa","tag-transfer-pricing","insight_job_role-chief-information-officer","insight_job_role-chief-operations-officer","insight_job_role-chief-tax-officer","insight_job_role-finance-director","insight_job_role-head-of-international-tax","insight_job_role-knowledge-manager","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2021 Simplified Transfer Pricing Record-Keeping update<\/title>\n<meta name=\"description\" content=\"The ATO&#039;s &quot;Simplified Transfer Pricing Record-Keeping&quot; 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