Australia is inviting multinational enterprises (MNEs) to share their views on the implementation of the global minimum tax rules.
On 9 May 2023, the Treasurer announced in the 2023–24 Budget that the Australian Government will implement the OECD’s global minimum tax rules. The 15 percent global minimum tax and 15 percent global domestic minimum tax will apply to large multinationals with annual global revenue of EUR750 million (approximately USD 1.2 billion) or more.
Because new legislation will soon be introduced, the tax authority has commenced targeted public consultation with selected taxpayers likely to be in scope of the proposed measures and their advisors with a focus on potential administration issues.
Consultation is being undertaken in a phased approach:
- Phase 1 with industry groups and their members (July-August 2023)
- Phase 2 with mid-tier firms (August-October 2023)
- Phase 3 with large advisory firms (September-November 2023)
The tax authority confirmed that the consultation will not cover matters of policy.