Taxation (Multinational - Global and Domestic Minimum Tax) Amendment (2026 Measures No. 1) Rules 2026 (F2026L00371)

Schedule 1   Amendments

Taxation (Multinational - Global and Domestic Minimum Tax) Rules 2024

2   At the end of section 1-25

Add:

Foreign currency translation of Top-up Tax amounts

(6) If an amount of IIR Top-up Tax Amount, Domestic Top-up Tax Amount or UTPR Top-up Tax Amount for a Fiscal Year is denominated in a currency other than Australian currency (the foreign currency ), convert the amount from the foreign currency to Australian currency using any of the following:

(a) the daily rate of exchange as quoted by the Reserve Bank of Australia in respect of the 2 currencies on the last day of the Fiscal Year;

(b) the daily rate of exchange as quoted by the central bank for the foreign currency in respect of the 2 currencies on the last day of the Fiscal Year;

(c) a publicly and commercially available market exchange rate in respect of the 2 currencies on the last day of the Fiscal Year.