Australia: Updated guide on Pillar Two, with details on GIR exchange, implications of possible adoption of side-by-side package
Updated guidance from Australian Taxation Office (ATO)
The Australian Taxation Office (ATO) updated its guide on the implementation of Pillar Two in Australia, with new details on:
- Global anti-base erosion (GloBE) information return (GIR) exchange, including the agreement to a common understanding to waive penalties and not enforce local GIR filing obligations in certain circumstances
- Implications of possible adoption of OECD side-by-side package into Australian law