Our People

Liam Delahunty
Partner - Sydney


Liam is a Director of the Tax Services division in Sydney. With over 17 years of experience, principally in a Big 4 environment, he leads the International Tax and Transfer Pricing practice at RSM Australia. Based in Sydney since 2010, he has previously worked in London and New York.

Liam is responsible for providing transfer pricing and international tax compliance and advisory services to clients - from large multinationals to start-ups – to help them navigate the range of existing and emerging tax risks that arise for groups operating cross-border.

Although focussing on Australian tax law, he also is familiar with a range of foreign tax jurisdictions, including the UK, USA, Europe, Singapore, Hong Kong and China. Liam also has a good understanding of a range of accounting and corporate law issues.

Liam Delahunty is a partner of RSM Australia Partners and a Director of RSM Australia.


Liam provides international taxation services in the following areas:

  • Transfer pricing
  • Financing
  • Business restructuringasset_33.png
  • Offshore expansion
  • Intellectual property optimisation
  • OECD BEPS project issues
  • Hybrid mismatch arrangements
  • Diverted profits tax
  • Multi-national anti-avoidance
  • Double tax treaty issues
  • ATO engagement


Having an earlier background in computer programming, Liam has focussed on Technology, Media and Telecommunications clients in particular, but has advised clients in a broad range of industries.

Liam's clients have included Twitter, Uber, Snap, Cargill, BP, Canon, ResMed, Lloyd’s, Fonterra, Boart Longyear, SingTel Optus, Pfizer, Anheuser-Busch InBev, Broadspectrum, APN News & Media, Harvey Norman and a variety of SMEs.


  • Chartered Accountant, Charted Accountants Australia and New Zealand (CAANZ)
  • Legal Practitioner, Law Society of New South Wales


  • Bachelor of Commerce (Accounting)
  • Bachelor of Laws
  • Solicitor of the Supreme Court of New South Wales
  • Solicitor of the High Court (England and Wales)
  • Solicitor of the High Court (New Zealand)

Global tax policy developments continue to be clearer

12 October 2021
On 8 October 2021, the OECD followed up on its 1 July 2021, announcement to reform international taxation and to address the tax challenges arising from the digitalization of the economy. In particular, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (IF) has agreed on a two-pillar solution. The two-pillar package aims to...

Tax Insights | June 2021 edition

30 June 2021
In our June edition of our Tax Insights we look at Taxation Ruling TR 2021/D4, R&D EOFY summary and more.

Taxation Ruling TR 2021/D4 - Income tax: royalties - character of receipts in respect of software

29 June 2021
The ATO has released an initial draft, for comment, of its updated guidance on the classification of royalties in relation to software, in TR 2021/D4. This has been long-awaited given the last version of this guidance is in TR 93/12, which has now been withdrawn effective from 1 July 2021. With the significant development in technology and gl...

Further ATO guidance and proposed risk-rating framework for intangible arrangements

25 May 2021
The Australian Taxation Office (ATO) has released a draft Practical Compliance Guideline on Intangible Arrangements (PCG 2021/D4) in which it details its compliance approach and the risk assessment framework it plans to employ when considering the risk profile of intangible arrangements (IAs) operating between international related parties. PCG ...

Tax alert | Modern Manufacturing Initiative & OECD guidance released

10 March 2021
The Modern Manufacturing Initiative (MMI) is a $1.3bn initiative targeted at all businesses growing Australia’s Manufacturing capacity, building scale and supply chain resilience. The MMI program is the signature program of the Australian Federal Government’s $1.5bn Modern Manufacturing Strategy, which was announced at the October 2020 Federal Budget.

OECD Guidance Released - Transfer pricing in the age of COVID-19

25 February 2021
There are very few aspects of our lives that have not been affected by the COVID-19 pandemic (“the Pandemic”). While the Pandemic is primarily a public health issue, governments’ response to contain the spread of the virus has caused major disruptions to economic activities across the globe. In particular, the restriction around the movement ...

Glencore Transfer Pricing case – taxpayer again prevails

12 November 2020
The Full Federal Court has largely dismissed the ATO's appeal against a September 2019 decision by Davies J in the transfer pricing case involving Glencore Investment Pty Ltd (“Glencore”). The Court agreed that Glencore had done enough to substantiate that its transfer pricing arrangements were within the arm's length range. To review our di...

Hybrid Mismatch Amendments

24 September 2020
Important technical amendments clarifying the operation of Australia’s hybrid mismatch rules received Royal Assent on 3 September 2020. Background In 2015, as part of the OECD/G20 BEPS Project, the OECD released the OECD Action 2 Report which made recommendations to neutralise the effects of hybrid mismatch arrangements. In the 2016-17...

Interest-free loans - New draft ATO guidance released

31 August 2020
The ATO has published much-awaited guidance in relation to outbound interest-free loans - which it has released for comment in Draft Taxation Ruling TR 2017/4 DC2. This adds a proposed Schedule 3 to the existing ATO risk-rating tool for cross-border loans, Practical Compliance Guideline PCG 2017/4. This sets out the most guidance that the ATO ha...

Arm’s length debt test – New ATO position finalised

24 August 2020
The ATO has simultaneously published two documents which now represent the ATO’s views on the application of the arm’s length debt test (“ALDT”) in determining borrowing capacity. TR 2020/4: thin capitalisation – the arm’s length debt test is now the ATO’s authoritative ruling on the ALDT though it focuses on key technical inter...

OECD's Annual Corporate Tax Statistics Publication

17 July 2020
The OECD has released the 2nd edition of its annual Corporate Tax Statistics publication. This is one of the more tangible outputs from the CbC Reporting regime impacting Significant Global Entities, though the report touches on other comparisons including trends in effective tax rates, tax revenues as a proportion of GDP, and corporate tax as a sh...

Australia adopts OECD 2017 Transfer Pricing Guidelines

10 July 2020
Australia’s transfer pricing legislation has now imported the most recent updates to the OECD's Transfer Pricing Guidelines as published on 10 July 2017. This follows Treasury Laws Amendment (2019 Measures No.3) Act 2020 which received Royal Assent on 22 June 2020.  The Act makes the following important changes to Australia’s ...

The broadening of Significant Global Entity definition

26 May 2020
Broadening of Significant Global Entity definition and the potential impact for Australian entities with Private Equity ownership. Following new legislation which received Royal Assent on 25 May 2020, the definition of Significant Global Entity (SGE) has been expanded, and a new definition of Country-by-Country Reporting (CbCR) entity creat...

Transfer pricing issues during COVID-19

11 May 2020
The adverse impact of COVID-19 on a large number of businesses requires no introductory comment, as their focus turns to survival and cash preservation. Transfer pricing may not naturally be seen as an immediate concern for a number of multinational groups dealing with these key imperatives. However, as other recessions have demonstrated, transf...

COVID-19 and transfer pricing issues: Potential JobKeeper Payment Implications

5 May 2020
COVID-19 has had a very adverse impact on the cash flows of many Australian businesses, who will be looking closely at the JobKeeper Payment regime and whether their turnover has declined by the requisite percentage.  Further details are available via the RSM Coronavirus Resource Centre viewed here. Australian businesses that a...

COVID-19 and transfer pricing issues: Financing

5 May 2020
COVID-19 has had a pervasive effect on business and one of the most salient is its impact on a company’s cash flow and funding arrangements. We have separately discussed general transfer pricing issues – here we consider the implications to Australian companies working capital management as well as new and existing long-term funding arrange...

TA 2020/1 - Intangibles: Is your remuneration correct?

28 January 2020
The Australian Taxation Office (ATO) has released its first Taxpayer Alert of the decade in TA 2020/1, which identifies two principal concerns regarding intangibles: arrangements related to the development, enhancement, maintenance, protection and exploitation of intangible assets (known as the DEMPE functions) that have not properly remunera...

Simplified Transfer Pricing Record Keeping (STPRK) options for loan

18 September 2019
On 11 September 2019, the ATO released an update to Practical Compliance Guideline (“PCG”) 2017/2, in respect of Simplified Transfer Pricing Record Keeping (“STPRK”) options for lower-risk transactions. The changes relating to the safe harbour rate on “low-level” inbound and outbound loans, and now provide for 2.33% as the maximum ra...

Glencore prevails over ATO in transfer pricing dispute – appeal likely to follow

10 September 2019
On 3 September 2019, the Federal Court (at first instance) found in favour of Glencore in its transfer pricing dispute with the ATO, regarding the pricing of copper concentrate supplied by Glencore’s Australian group to its Swiss parent. The ATO had argued that the actual agreement between the parties was not consistent with what indepen...

Australia's hybrid mismatch regime

7 May 2019
In response to recommendations by the Organisation for Economic Co-operation and Development (‘OECD’) in Action 2 of it's Base Erosion and Profit Shifting (‘BEPS’) initiative in 2015, Australia has now enacted a new hybrid mismatch regime that generally applies to income years commencing on or after 1 January 2019. The rules apply broa...

International Tax and Transfer Pricing event series

Perth | Brisbane | Melbourne | Sydney
An event series on the international tax and transfer pricing landscape. The last few years have witnessed arguably the most significant changes to the International Tax and Transfer Pricing landscape in global history. Tax authorities are more connected, more sophisticated and more assertive. Never has it been more complex and challenging t...