Australian 15% global and domestic minimum taxes draft law released

27 March 2024|Tax Alerts, Information Reporting, Legislation & Policy, National/Federal Taxation, BEPS 2.0|Australia

The Australian Treasury has released draft legislation for consultation to implement global and domestic minimum taxes as an adoption of the OECD Two Pillar solution, which include an Income Inclusion Rule, an Undertaxed Profits Rule and a Domestic Minimum Tax (DMT) with safe harbor rules.
In-scope multinational entities will be required to lodge three new returns in an approved form to the Australian Tax Office, including a GloBE information Return, an Australian GloBE Tax Return and a DMT retur…

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