On 22 November 2012 the Hon David Bradbury MP released an exposure draft of the proposed amendments to Australia's transfer pricing rules. The exposure draft package includes the draft legislation and draft explanatory memorandum.
These reforms were announced by the Hon Bill Shorten MP on 1 November 2011. The proposed amendments are designed to modernise the transfer pricing rules contained in Australia's domestic law, ensuring that they better align with the international standards set out by the Organisation for Economic Co-operation and Development.