On December 23, 2024, Australia issued the Taxation (Multinational—Global and Domestic Minimum Tax) Rules 2024 to provide for the detailed application of the Pillar 2 GloBE rules in Australia.
On December 10, 2024, the Australian GloBE legislation received Royal Assent.
On November 26, 2024, the bills to implement the Pillar 2 GMT in Australia has been passed by the Senate. They now await Royal Assent for enactment.
On July 4, 2024, the Australian Government introduced legislation to implement the Pillar 2 GloBE rules into Parliament. This includes a domestic minimum tax, IIR and UTPR.
On March 21, 2024, the Australian Treasury issued draft GloBE legislation for consultation. The consultation is open until April 16, 2024.
On March 7, 2024, the Australian Taxation Office provided an update on the implementation of Pillar Two.
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