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Australia enacts Pillar Two legislation – 7 January 2025

 

On 10 December 2024, the legislation implementing the global and domestic minimum tax in Australia received royal assent and on 23 December 2024, the legislative instrument containing the substantive rules was registered by the Treasurer. This cements substantive enactment, a timely milestone for year-end financial reporting. 

Our latest Tax Insight provides initial observations on the final Pillar Two rules and tips for tax teams.

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