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

On 22 August 2024, the Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Bill 2024 was passed by the House of Representatives and moved to the Senate. The Bill would impact 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.