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Australian Budget Confirms 2024 GloBE Implementation

In todays’ Budget speech, the Government confirmed it will introduce :

 – A 15 per cent global minimum tax for large multinational enterprises with the Income Inclusion Rule applying to income years starting on or after 1 January 2024 and the Undertaxed Profits Rule applying to income years starting on or after 1 January 2025.
–  A 15 per cent domestic minimum tax applying to income years starting on or after 1 January 2024.

This further consolidates the different implementation approaches in the APAC region. 

The table below illustrates the current status of implementation across the APAC region

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Picture of Lee Hadnum

Lee Hadnum

Lee is a qualified Chartered Accountant and Chartered Tax Adviser. A former Senior Tax Analyst at Bloomberg Tax, Lee began his career in Ernst & Young's Entrepreneurial Services department and has 20 years of international tax planning experience. Lee's books have been recommended by The Times, The Guardian and The Telegraph.

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