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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.
In this edition of our Australian International Tax Update, we summarise recent significant Australian tax developments, examine their practical impact, and outline actions that multinational groups, foreign investors, private equity funds and international advisers should consider.
Following the release of Exposure Draft legislation on 10 April 2026, on 2 July 2026 the Government introduced the Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and Other Measures) Bill 2026 into Parliament.
FY26 was a defining year for Australia's Research and Development Tax Incentive (RDTI), and for the wider conversation about how Australia funds innovation.
