The Australian Taxation Office (ATO) has updated its guidance on Hybrid mismatch rules, explaining how the rules work and when they apply. The main updates concern Australia's implementation of the Pillar 2 GloBE rules through the Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Act 2024. As explained in the update, the Act further amended the meaning of 'subject to foreign income tax' for the purpose of applying the hybrid mismatch rules, clarifying t…