Australia: Pillar Two minimum tax, PCbC reporting, capital gains withholding laws receive royal assent
Australia’s laws related to the Pillar Two minimum tax, Public Country-by-Country (PCbC) reporting requirements, and capital gains withholding received Royal Assent on 10 December 2024. Pillar Two global minimum tax law The Pillar Two global
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Australia: ATO publishes draft guidance on ‘capital raised for the purpose of funding franked distributions’
The Australian Taxation Office (ATO) released PCG 2024/D4 on 4 December 2025, outlining its compliance approach to the issue of "capital raised for the purpose of funding franked distributions." This is related to Schedule 5 of the Treasury Laws
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Australia: Treasury consults tax treaty with Portugal
Australia’s Department of the Treasury, in a release, announced a public consultation regarding the draft legislation introducing a tax treaty with Portugal on 3 December 2024. The proposed legislation aims to eliminate double taxation and
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Australia: Parliament passes law for public CbC reporting
Australia's parliament passed a legislation, on 29 November 2024, that mandates all multinational groups to publicly disclose country-by-country (PCbCR) tax information starting 1 July 2024. The legislation requires multinational Australian and
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Australia: ATO updates CbC Reporting Exemptions, adds additional compliance rules
The Australian Taxation Office (ATO) announced updates to its country-by-country (CbC) reporting exemptions on 29 November 2024. These updates bring changes to previous exemptions for the local file, master file, and CbC report. For example,
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Australia proposes tax breaks for hydrogen, critical minerals production
Australia’s government has presented the “Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024’ to Parliament” , proposing tax incentives on hydrogen and critical minerals production. This follows after the
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Australia passes bill for Pillar Two Global Minimum Tax
The Australian Senate has passed the Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 on 26 November 2024. The House of Representatives endorsed the bill in August 2024. This followed after the Australian Senate
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Australia initiates consultation on crypto reporting framework (CARF) and CRS changes
The Australian Treasury has published a consultation paper in November 2024 outlining Australia's strategy for adopting the OECD-developed guidelines on the Crypto Asset Reporting Framework (CARF) and related modifications to the Common Reporting
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Australia: ATO extends CbC reporting deadlines
The Australian Taxation Office (ATO) announced, on 13 November 2024, an extension for the filing deadline of country-by-country (CbC) reporting entities for the year ending 31 December 2023. The deadline has been extended until 31 January
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Australia: ATO publishes report on business dispute and settlement findings
The Australian Taxation Office (ATO) has announced the publication of Public and Multinational Business Disputes and Settlements Findings on 11 November 2024. This report offers valuable insights and key findings regarding disputes and
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Australia: ATO issues guidance on thin capitalisation rules, related provisions
The Australian Taxation Office (ATO) released guidance on 3 November 2024, outlining how the thin capitalisation rules interact with other provisions. The thin capitalisation rules limit the amount of debt deductions you can claim. Regard must
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Australia and Ukraine negotiating income tax treaty
The delegations from Australia and Ukraine convened for the inaugural round of negotiations on an income tax treaty from 8 October to 11 October 2024. The agreement will eliminate double taxation concerning taxes on income, capital, fringe
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Australia: ATO releases 2022-23 corporate tax transparency report
The Australian Taxation Office (ATO) has published its Corporate Tax Transparency Report for 2022-2023, featuring data on the specified population on 1 November 2024. This year's Corporate tax transparency report analyses aggregated data from the
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Croatia, Australia end income tax treaty talks
In a release on 25 October 2024, Croatia's Ministry of Finance announced that the delegations of Croatia and Australia had completed negotiations for an income tax treaty to eliminate double taxation on income and prevent tax evasion and avoidance
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Australia: ATO releases list of government entities eligible for e-invoicing
The Australian Taxation Office (ATO) released an updated list featuring 132 Australian government entities registered on the Peppol network On 22 October 2024. The Peppol is an extremely secure network used to exchange business-critical
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Australia: Australian Greens propose digital services tax
The Australian Parliament Joint Select Committee on Social Media and Australian Society published its Second interim report on digital platforms and the traditional news media. The report addresses several issues and offers specific
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Australia: Victoria government announces off-the-plan stamp duty discount
Victoria’s government introduced a temporary off-the-plan land transfer stamp duty concession starting 21 October 2024. This duty concession will be valid for 12 months and will allow a 100% deduction of outstanding construction and
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Australia: New South Wales introduces duty, land tax rules for corporate collective investment vehicles
The New South Wales government presented the Revenue Legislation Further Amendment Bill 2024 in the NSW Parliament on 16 October 2024. The Revenue Legislation Further Amendment Bill 2024 will amend various Acts to enhance the integrity of the
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