The Australian Diverted Profits Tax Bill 2017 passed the Australian Senate on March 27, 2017.

Consequently the Diverted Profits Tax will commence on July 1, 2017 and will only apply to multinationals that have a global income of more than $1 billion and an Australian income of more than $25 million.

 

The bill imposes a diverted profits tax at a rate of 40% on the amount of a significant global entity’s diverted profits.

 

Click here to be forwarded to the text of Bill as passed by both Houses as available on the website of the Parliament of Australia, which will open in a new window.

 

Click here to be forwarded to the Explanatory Memorandum as available on the website of the Parliament of Australia, which will open in a new window.

 


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