Country

Effective Date of LF adoption, if enacted

Explanation of specific differences between final OECD guidance and local country adoption for LF

The LF is to be prepared in what language?

What are the exemption criteria from LF requirements (if any)?

Due date for FILING LF, if applicable

Explanation of how the LF requirements replace, or modify existing local transfer pricing documentation requirements

Australia

Fiscal years beginning on or after 1 January 2016

The ATO's LF implementation is focused more on data collection rather than TP documentation. There will be two different types of LFs: a full LF and a short-form LF. Both of these forms require data to be reported electronically and will resemble an extended version of the current International Dealings Schedule (a TP information return). The LF will require transaction details to be reported and copies of inter...