Australia: Introduced Treasury Laws Amendment (Multinational-Global and Domestic Minimum Tax) (Consequential) Bill 2024

On 4 July 2024, the Australian Federal Government introduced the Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Bill 2024, which impacts entities subject to Australian Income Inclusion Rule tax (IIR)/Undertaxed Profits Rule tax (UTPR) and Australian Domestic Minimum Tax (DMT). These taxes would be established by the Taxation (Multinational—Global and Domestic Minimum Tax) Bill 2024. The Bill integrates these taxes into the existing administrative framework of the Taxation Administration Act, setting out obligations for tax returns, assessments, and collections overseen by the Commissioner of Taxation. The Bill introduces mechanisms for the administration of these taxes, including penalties, interest charges, and provisions for record-keeping.