Australia: Updated guidance on Pillar Two minimum tax rules
Including overview of mechanics for calculating top-up tax
The Australian Taxation Office (ATO) released updated guidance regarding the Pillar Two minimum tax rules, including:
- Guidance about how the ATO will administer potential amendments to Australian law to address inconsistencies
- Overview of the mechanics for calculating top-up tax
- Additional information on how the rules apply, including in respect of specific entities
- Additional information and examples about filing, payment, and record-keeping obligations
- How Pillar Two interacts with other provisions