Australia Publishes Guidance on Global Minimum Tax Calculation

The Australian government on Wednesday released guidance for companies that apply a simplified calculation method for the 15% global minimum tax.

The Australian Tax Office’s guidance details how a company can qualify for the country-by-country reporting safe harbor, which is meant to ease the burden of compliance associated with the full global minimum tax calculations.

The global minimum tax, also known as Pillar Two of the OECD’s international tax pact, seeks to impose a 15% minimum levy on multinational companies in every country where they operate.

• The temporary safe harbor allows companies to use information they already provide to tax ...