Australian Tax Office Shutters Diverted Profits Review Team

The Australian Taxation Office has closed a specialist team dedicated to handling diverted profits tax cases.

Updated guidance released Thursday indicates the ATO has closed its Diverted Profits Tax specialist team, with references to the team removed in two paragraphs of its guidance.

Australia’s DPT is a 40% penalty tax that applies to multinationals whose profits are judged to have been artificially diverted from Australia to low-tax jurisdictions.

• The closure of the dedicated team removes an avenue for taxpayers to engage with the ATO.
• The remaining avenues for engagement are either through seeking entry to the advance pricing arrangement ...