The legislation now awaits Royal Assent.
The Australian Parliament on November 27, 2024, passed legislation to implement a global and domestic minimum tax, which now awaits Royal Assent.
The House of Representatives agreed to amendments made in the Senate to two of the implementing bills: the Taxation (Multinational-Global and Domestic Minimum Tax) Bill 2024 and the Treasury Laws Amendment (Multinational-Global and Domestic Minimum Tax) (Consequential) Bill 2024. These amendments ensure that references to a group entity do not include Global Anti-Base Erosion Model (GloBE) Securitisation Entities for the purposes of applying the Pillar Two top-up tax joint and several liability provisions.
Additionally, the Taxation (Multinational-Global and Domestic Minimum Tax) Imposition Bill 2024 passed parliament on November 26, 2024, and also awaits Royal Assent.