Multinationals

• Thin capitalisation rules for non-ADIs will be amended from 1 July 2023, with tests relating to ratios replaced by earnings-based tests.

• Significant global entities will be denied a tax deduction for payments to related parties in relation to intangibles held in low- or no-tax jurisdictions.

• Significant global entities and public companies will have additional reporting requirements for income years commencing from 1 July 2023.

• Proposed amendments to the debt/equity tax rules mentioned in the 2013–14 MYEFO will not proceed.