Draft Australian Pillar Two legislation released

Australia's Global Anti-Base Erosion Model Rules (GloBE) rules are to be implemented as a new stand-alone tax law that imposes and assesses GloBE and domestic minimum top-up tax.

The Australian Government, on 21 March 2024, released a draft legislative package implementing the Pillar Two Global Anti-Base Erosion (GloBE) rules in Australia.  The Australian GloBE rules include the following: an Income Inclusion Rule (IIR) which will apply for income years starting on or after 1 January 2024; a domestic minimum top-up tax (DMT) which will apply for income years starting on or after 1 January 2024; and an Undertaxed Profits Rule (UTPR) which will apply for inc...

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Authors: Alia Lum, Peter Oliver,

Published Date: 22 March 2024