On 14 May 2024, as part of the 2024–25 Budget, the Government announced from 1 July 2026 it will introduce a new penalty for taxpayers with more than $1 billion in global turnover annually, who have mischaracterised or undervalued royalty payments to which withholding tax would normally apply. This measure is not yet law.
The government also announced it will no longer proceed with the 2022–23 October Budget measure Multinational Tax Integrity Package – denying deductions for payments relating to intangibles held in low - or no-tax jurisdictions.
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