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Australia passes legislation to implement global and domestic minimum tax

|Tax Alerts, Information Reporting, Legislation & Policy, National/Federal Taxation, Global, BEPS 2.0|Australia
Australia
  • The Australian Parliament has passed legislation to implement Pillar Two of the OECD/G20 two-pillar solution into domestic law.
  • The legislation implements an Income Inclusion Rule and a domestic minimum tax (DMT) that apply to fiscal years starting on or after 1 January 2024, and an Undertaxed Profits Rule that applies to fiscal years commencing on or after 1 January 2025.
  • In-scope multinational entities will be required to lodge three new returns in an approved form to the Australian Tax Office, …

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