The Australian Parliament has passed legislation to implement Pillar Two of the OECD/G20 two-pillar solution into domestic law.The legislation implements an Income Inclusion Rule and a domestic minimum tax (DMT) that apply to fiscal years starting on or after 1 January 2024, and an Undertaxed Profits Rule that applies to fiscal years commencing on or after 1 January 2025.In-scope multinational entities will be required to lodge three new returns in an approved form to the Australian Tax Office, including a Global anti-Base Erosion (GloBE) Information Return, an Australian GloBE Tax Return and a DMT return. Amendments to existing tax accounting...