"Beyond BEPS" Australia's implementation of the OECD BEPS minimum standards

Australia’s implementation of the Organisation for Economic Co-operation and Development (OECD) base erosion and profit shifting (BEPS) reforms has been somewhat of a mixed bag. While some elements of the BEPS Action Plan have already been acted upon, others have fallen by the wayside. In addition to this, the Australian Government has demonstrated a willingness to act unilaterally on other BEPS issues which some argue has served to undermine the BEPS reforms. Australia has, however, introduced several substantive measures to give effect to the BEPS Action Plan, in particular the minimum standards, in respect of which, Australia has demonstrated a degree of initiative. This article will discuss Australia’s implementation of the minimum standards, as well as several other measures taken in light of the OECD BEPS Project, and what effect these changes might have on the development of Australian taxation law.