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

|Tax Alerts, Information Reporting, Legis ...|Australia
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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