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By: Daniel Kave, Murat Cihanger, Brett Curtis, Yan Wong
25 Mar 2024 3 min read
International taxation – global and domestic minimum tax – primary legislation
International taxation – global and domestic minimum tax – subordinate legislation
Global and domestic minimum taxes: interactions with other Australian tax laws – Consultation Paper
Broadly, this package implements a 15 per cent global minimum tax and domestic minimum tax on Multinational Enterprises with annual turnover of at least EUR750 million.
The domestic and Global Base Erosion (GloBE) alternative minimum taxes are intended to commence for ‘Fiscal years’ starting on or after 1 January 2024.
The Undertaxed Profits Rules are intended to commence for ‘Fiscal years’ starting on or after 1 January 2025.
Submissions to Treasury on the ‘primary’ materials are due by 16 April 2024.
Submissions to Treasury on the ‘subordinate’ materials are due by 16 May 2024.
Grant Thornton will be releasing various commentary on this package in the coming weeks.
Multinationals, especially those headquartered in Australia, should now undertake more specific analysis on this package of draft measures.
In the interim, please contact your Grant Thornton representative or the persons below if you wish to discuss this matter further.
New Payday Super legislation addresses concessional contributions cap issues for 2026/27, but salary sacrifice and early payments remain key concerns.
The Government has introduced legislation for a minimum 30% tax on discretionary trusts from 1 July 2028. While some stakeholder feedback has been adopted, significant concerns remain around flexibility, complexity and the impact on private groups and SMEs.
Learn about the Federal Court decision around car parking fringe benefits for employers outside the CBD areas. Discover our recommendations in light of this decision. Stay informed to ensure accurate FBT returns in 2027.
