On 17 July 2023, the OECD released new guidance regarding the OECD/G20 Two Pillar Solution. This coincides with the G20 Finance ministers meeting and the OECD Secretary General’s Tax report. 

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On 22 June 2023, the last sitting day of Parliament before the slated 1 July 2023 start date, the Government introduced a new Bill into Parliament titled : Treasury Laws Amendment (Making Multinationals Pay Their Fair Share— Integrity and Transparency) Bill 2023 (Multinational Tax Bill or Bill). 

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On 17 May 2023, the ATO released draft Practical Compliance Guideline PCG 2023/D2 relating to intangibles arrangements. The new draft PCG sets out the ATO’s compliance approach to international arrangements connected with the development, enhancement, maintenance, protection and exploitation (DEMPE) of intangible assets and/or involving the migration of intangible assets.

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On 7 May 2023, the Treasurer advised of significant changes to the design of the Petroleum Resource Rent Tax (PRRT). The package of proposed changes, which include integrity reforms, is expected to increase tax receipts by $2.4 billion over the forward estimates.

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These submissions provide our comments on the Exposure Draft Treasury Laws Amendment (Measures for Future Bills) Bill 2013: Thin capitalisation interest limitation, as issued on 16 March 2023.

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On 6 April 2023, the Multinational tax transparency Exposure Draft was released, introducing requirements for large global groups that operate in Australia, to make public tax related disclosures for every jurisdiction in which the group operates.

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