Transfer pricing placed in the spotlight
Transfer pricing firms have been called upon to educate foreign tax authorities and the ATO on technical areas, as the topic receives unprecedented attention.
Shannon Smit, director of Transfer Pricing Solutions, winner of the 2014 Australian Accounting Awards Boutique Firm of the Year award, spoke of the emphasis placed upon transfer pricing in the public spotlight.
“After 20 years my parents finally understand what I do,” Ms Smit said.
“That’s probably come down to the amount of focus placed on transfer pricing and the Senate inquiry. Joe Hockey couldn’t stop talking about it, so there’s a lot going on in that space,” she added.
Ms Smit alluded to a need for education regarding transfer pricing as the catalyst for the increased interest.
“We’ve been engaged by the CPA to educate the tax office on some of these technical areas. I teach at Melbourne Law School in this specialised area,” she stated.
As a previous recipient of the Boutique Firm of the Year award, Ms Smit acknowledged the added credibility and recognition the award has granted the firm.
“The award has definitely given us credibility, and has also got our name out to a wider market of people,” she noted.
“Last year I was appointed to the Board of Taxation’s expert panel, and prior awards and things like that probably assisted in my brand value and being asked to go on that expert panel.
“We’ve had some really great success with our technical work and we are well respected so it’s nice to get that recognition out there in the marketplace that we are doing a good job and we are good at what we do,” Ms Smit concluded.
