Australia to adopt the 15% Global Minimum Tax (Pillar Two) measures

11 May 2023|Tax Alerts, Information Reporting, Legislation & Policy, National/Federal Taxation, BEPS 2.0|Australia

The OECD's 15% Minimum Tax rules will apply in Australia for tax years commencing on or after 1 January 2024.
An Income Inclusion Rule (IIR), Under Taxed Profits Rule (UTPR) and Domestic Minimum Tax (DMT) will be introduced (UTPR deferred until 1 January 2025).
A EUR750-million threshold will apply.
Top-up tax collected under the IIR (or UTPR) will not give rise to franking credits.
Draft legislation has yet to be released.

Executive summary

The Australian Government has announced, as part of the Fede…

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