Bill
Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024
passed, as at 2024-12-10. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2024-07-04
- second reading — 2024-07-04
- second reading — 2024-08-13
- other — 2024-08-20
- second reading — 2024-08-20
- second reading — 2024-08-21
- second reading — 2024-08-21
- other — 2024-08-22
- third reading — 2024-08-22
- introduced — 2024-08-22
- second reading — 2024-08-22
- second reading — 2024-09-10
- second reading — 2024-11-26
- second reading — 2024-11-26
- committee — 2024-11-26
- third reading — 2024-11-26
- passed — 2024-11-26
- royal assent — 2024-12-10
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2024-07-04.
This bill is part of a package that would impose a 15% global minimum tax and an Australian domestic minimum tax on multinationals.
The package would apply the tax to fiscal years starting on or after 1 January 2024, with the Undertaxed Profits Rule applying from 1 January 2025.
The bill would commence the day after Royal Assent, but only if the Assessment Bill also commences.
- Imposes a 15% global minimum tax and Australian domestic minimum tax on multinationals.
- Applies the tax to fiscal years starting on or after 1 January 2024, with the Undertaxed Profits Rule applying from 1 January 2025.
- Commences the day after Royal Assent, contingent on the Assessment Bill commencing.
Multinational enterprises subject to the global and domestic minimum tax rules.
Sources
em
billhome
frl act