Australian Pillar Two legislation introduced to Parliament

Australia has introduced the first part of its BEPS Pillar Two global minimum tax legislation into Parliament. In this article we set out the key changes from the draft legislation previously issued.

Overview The legislation includes: an Assessment bill which implements the framework for imposition of top-up tax under the Australian GloBE rules; an Imposition bill which imposes the top-up tax payable under the Australian GloBE rules; and a Consequential amendments bill which makes consequential and miscellaneous amendments to the Australian tax laws. To recap, the Australian GloBE rules include the following: an Income Inclusion Rule (IIR) which will apply for income ye...

Sign in below or register now to read the full article

Authors: Alia Lum, Peter Oliver,

Published Date: 05 July 2024