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By: Daniel Kave, Murat Cihanger, Brett Curtis, Yan Wong
25 Mar 20243 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.
Explore how the Federal Budget 2026–27 reshapes M&A in Australia, with CGT changes, trust tax reforms and implications for deal structuring and transaction timing.
On Thursday 4 June 2026, South Australian Treasurer Tom Koutsantonis handed down the 2026-27 state budget, with a continued focus on health and housing.
In this episode of Beyond the Numbers with Grant Thornton, Corporate and International Tax Partner Vince Tropiano unpacks the changes one week on, covering what was announced, key structuring considerations and, most importantly, why a conversation with your adviser to model potential implications is the best place to start.
