Bill
Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) 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
- other — 2024-11-27
- passed — 2024-11-27
- 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 introduce a 15 per cent global minimum tax and an Australian domestic minimum tax on multinational companies.
The package would apply the main tax rules to fiscal years starting on or after 1 January 2024, with a later start of 1 January 2025 for the undertaxed profits rule.
The bill would also allow a legislative instrument to give priority to certain provisions of Australia's bilateral double tax agreements over other tax laws, starting only after the main assessment bill begins.
- The package would create a 15 per cent global minimum tax and an Australian domestic minimum tax.
- The package would apply the undertaxed profits rule from fiscal years starting on or after 1 January 2025.
- This bill would give the government a power to make a legislative instrument that lets a provision in a bilateral double tax agreement override other tax laws.
Multinational companies and entities subject to Australia's tax laws.
Sources
em
em supp
billhome
frl act