Australia: Draft legislation implementing Pillar Two global minimum tax rules introduced in Parliament

Draft legislation was referred to the Senate Economics Legislation Committee

July 9, 2024

Draft legislation implementing a 15% global minimum tax and Australian domestic minimum tax on certain multinational enterprises (MNEs) with annual global revenue of at least € 750 million was introduced in the House of Representatives on July 4, 2024.

The three bills that form the set of draft legislation required to implement the Pillar Two rules in Australia include:

The draft legislation was referred to the Senate Economics Legislation Committee for inquiry, and the committee will report back on August 14, 2024.

Read a July 2024 report prepared by the KPMG member firm in Australia

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