Australia takes final step in implementing Pillar Two rules

15 January 2025|Tax Alerts, Information Reporting, Legislation & Policy, National/Federal Taxation, Global, BEPS 2.0|Australia

Australia has implemented the Pillar Two global and domestic minimum tax rules into domestic law.
The Australian Pillar Two rules apply to MNE Groups with consolidated annual revenue of €750m or more in at least two of the four fiscal years immediately preceding the test year, in line with the OECD Model Rules.
The Pillar Two rules have retrospective application to fiscal years starting on or after 1 January 2024.
In-scope groups need to prepare for the financial reporting and compliance obligation…

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