New interest limitation rules from 1 July 2023 – Updated 5 December 2023

The Government’s legislative process to introduce its new interest limitation laws, to be effective from 1 July 2023, has hit a significant roadblock. In the evening of 5 December 2023, the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023 with extensive government amendments was referred to the Senate Economics Legislation Committee for further consideration.  Parliament is scheduled to return on 6 February 2024, being the day after the Committee is due to report. The Bill is not expected to move any further pending the report from the Committee.