TAG Tax

Deadlines Approaching For First GloBE Domestic Minimum Tax Returns

Australia’s first GloBE tax returns due 30 June 2026.
 
The Australian Parliament passed laws in December 2024 to enact Australia’s version of the OECD’s Pillar 2 Global anti-Base Erosion model rules (GloBE rules). Applying to Multinational Enterprise (MNE) groups with a global turnover of more than 750 million Euros, the GloBE rules provide for a minimum effective corporate tax rate of 15% in all countries that a multinational group operates.

Failure to apply tax of at least that rate in a particular country results in top up tax in the country of the MNE parent company, or failing that, a backstop measure allows other participating countries, including Australia to apply a top up tax.

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