On 21 July 2015, the Australian Taxation Office (ATO) updated its advance pricing arrangements overview and replaced the 2011 APA Practice Statement. The APA practice statement was replaced to reflect:
- A principle-based approach;
- A Streamlined process and practices to improve timeliness; and
- A Reduction of red tape
According to the overview, the ATO has also established a new APA/MAP program management unit and appointed new Competent Authorities to strengthen the existing network. The management unit will be responsible for managing enquiries regarding the program, triaging and allocating applications, monitoring and administration of the program and continually developing procedures and processes.
Click the following links for the Advance pricing arrangements –overview and the Practice Statement Law Administration PS LA 2015/4 - Advance Pricing Arrangements