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Wednesday, 7 February 2001
Page: 24198

Mr Latham asked the Treasurer, upon notice, on 12 October 2000:

Did the Australian Taxation Office conduct a major audit of transfer pricing practices in 1998, if so, what information and conclusions did the audit reveal.

Mr Costello (Treasurer) —The Assistant Treasurer has provided the following answer to the honorable member's question:

The ATO conducted a Transfer Pricing Record Review in 1998 during which the ATO reviewed the transfer pricing processes and documentation of 190 taxpayers.

Information about the ATO's general conclusions and follow up action by the ATO was included in the Annual Report of the Commissioner of Taxation for 1998/1999 at page 40. The Commissioner of Taxation also issued a press release on 5 July 1999 following the review.