Deborah Nesbitt

1 day ago | news.bloombergtax.com | Caleb Harshberger |Deborah Nesbitt

The Australian tax authority’s decision not to appeal its loss against Alcoa Corp. demonstrates the importance of companies’ ensuring that their transfer pricing positions can stand up to possible court challenges, according to practitioners. The agency confirmed Tuesday that it wouldn’t appeal a recent ruling clearing a subsidiary of the aluminum producer of claims it owed A$214 million ($138 million) in taxes on alumina sales to a government-controlled smelter in Bahrain.

4 days ago | news.bloombergtax.com | Deborah Nesbitt

Australian tax authorities confirmed Tuesday that they won’t appeal a decision clearing a subsidiary of Alcoa Corp. of claims it owed millions in taxes on aluminum sales to a government-controlled smelter in Bahrain. The country’s Administrative Review Tribunal had ruled April 30 that Alcoa of Australia Ltd. didn’t owe A$214 million ($138 million) in taxes because the payments it received for alumina weren’t less than the consideration it would have received on an arm’s-length basis.

4 days ago | news.bloombergtax.com | Deborah Nesbitt

Australian accounting bodies have called for an overhaul of the securities commission’s regulation of auditors to strengthen its powers. The Institute of Public Accountants criticized the Australian Security and Investment Commission’s lack of enforcement abilities and called for it to be merged with the Companies Auditor Disciplinary Board. Currently, if the ASIC finds an auditor’s conduct to be deficient, it can refer the matter to the CADB.

1 week ago | news.bloombergtax.com | Deborah Nesbitt

Australia’s tax authority wants feedback on its plans to tackle the amount of interest payments on debt multinational companies can deduct. It opened a consultation Tuesday on draft guidance to enforce compliance with so-called “thin capitalization rules” approved by the government last year. The rules aim to curb tax avoidance and ensures that debt interest deductions are linked to an entity’s taxable income in Australia.

2 weeks ago | news.bloombergtax.com | Deborah Nesbitt

Pricewaterhouse Coopers Australia has largely met promised reforms to its governance and culture following a tax scandal, an independent review which ended well-ahead of schedule found. The independent report by law firm Webb Henderson published Wednesday found that of 47 promised actions, 46 had been implemented or were well progressed. One partly completed action was to appoint independent non-executive directors to its governance board, the report said.