EYEY

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 …

Continue Reading