On 7 July 2016, the Australian Taxation Office issued a release on the high level design for the new Local file requirements for significant global entities, which include entities that are part of an MNE group meeting an AUD 1 billion revenue threshold in the previous year. The Local file requirements and content are based on BEPS Action 13 and include standard Local file and a short form version. The standard Local file includes details of the reporting entity and controlled transactions, while the short form includes only details of the reporting entity. The high level design sets out the...