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Rapid tax recap: A month in review – December 2021
This report summarises the month's key developments in tax, economics, regulation and compliance – including key articles, ATO updates and rulings, and news you may have missed.
Precision pays in describing goods that are the subject of a Tariff Concession Order application
As highlighted by Leonie Ferretter and Daniel Rae, a recent case demonstrates how critical the wording of a Tariff Concession Order is and the importance of getting it right at the application stage.
The devil in the JobKeeper detail…
As detailed by Hayley Lock, the Federal Court has dismissed an employer appeal, finding they had no rights in relation to JobKeeper payments as of 1 May 2020.
Australia’s economy may not have completely dodged a bullet, but we have avoided a rout
Australia’s gross domestic product (GDP) declined by 1.9 percent in the September quarter, according to the latest data from the Australian Bureau of Statistics (ABS).
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Transfer pricing observations on the ATO Reportable Tax Position Schedule findings report
High risk arrangements appear to have fallen as a proportion of disclosures, but nonetheless maintain a notable presence based on the ATO’s latest statistics released. Could it be time for a refresh to some of the ATO’s Practical Compliance Guidelines?
Airports and car parking benefits - the saga continues
As detailed by Hayley Lock and George Cressey, this is the third fringe benefits tax case centred on airport car parking in the last decade.
Reflation vs Stagflation: The great policy showdown in the United States
This chartbook analyses the persistent impact the pandemic is having on the United States economy.
The change won’t just come from COP26
Regardless of government action or inaction, nothing can change unless we all change, writes Sophie Heading.
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How Australia’s indirect tax system deals with financial services
In this video, Anthony Versace discusses Australia’s indirect taxation system as it relates to the financial services sector.
Compliance View all >
Precision pays in describing goods that are the subject of a Tariff Concession Order application
As highlighted by Leonie Ferretter and Daniel Rae, a recent case demonstrates how critical the wording of a Tariff Concession Order is and the importance of getting it right at the application stage.
EU Public Country-By-Country Reporting - What it means for Australian MNEs
Multinational entities should explore whether current tax reporting systems can be aligned to produce information that complies with all CbC reporting requirements, as outlined by Tony Gorgas, Jenny Wong and Phil Beswick.
ESG and Tax: Current trends on global tax transparency - how does the Australian Tax Transparency Code compare?
Wherever you start on your tax transparency journey, the direction is clear: the scope of tax disclosures is expected to expand in the future, as detailed by Jenny Wong and Phil Beswick.
Airports and car parking benefits - the saga continues
As detailed by Hayley Lock and George Cressey, this is the third fringe benefits tax case centred on airport car parking in the last decade.
Corporate Tax View all >
Upcoming webinar: ASPAC perspectives on BEPS Pillar 1 & Pillar 2 implementation
This webinar, to be held on 15 December, will explore the key features of the OECD/G20 Inclusive Framework anticipated release and unpack the key implementation considerations for multinationals.
Webinar recording: The Impacts of COP26 - Session 1
This webinar, held on Thursday 11 November 2021, discusses what COP26 means for corporate sustainability and impact investing.
Where is the T in ESG?
Tax will become more important in telling the environmental, social, and governance (ESG) story of an organisation, as discussed by Minh Dao, Phil Beswick and Jenny Wong.
Transfer pricing observations on the ATO Reportable Tax Position Schedule findings report
High risk arrangements appear to have fallen as a proportion of disclosures, but nonetheless maintain a notable presence based on the ATO’s latest statistics released. Could it be time for a refresh to some of the ATO’s Practical Compliance Guidelines?
Deal Advisory - Tax View all >
Helping companies restructure by improving schemes of arrangement
KPMG's submission in relation to Treasury’s consultation on improving schemes of arrangements to better support insolvent companies.
Webinar recording: Asset Management and Private Equity Tax - Japan
In the fourth session of the 2021 ASPAC Asset Management and Private Equity Tax series, our KPMG specialists discuss the Japanese market in detail.
Insolvent trading safe harbour review: KPMG Submission
KPMG's submission to Treasury focuses on recommendations to improve take-up and awareness of the insolvent trading ‘Safe Harbour’.
Windfall gains to be taxed under new Victorian legislation
As outlined by Jenny Lee and Mark Latham, a bill before the Victorian Parliament not only introduces a windfall gains tax, but also contains other tax amendments to various state legislation.
Economics & Regulation View all >
Rapid tax recap: A month in review – December 2021
This report summarises the month's key developments in tax, economics, regulation and compliance – including key articles, ATO updates and rulings, and news you may have missed.
The devil in the JobKeeper detail…
As detailed by Hayley Lock, the Federal Court has dismissed an employer appeal, finding they had no rights in relation to JobKeeper payments as of 1 May 2020.
Australia’s economy may not have completely dodged a bullet, but we have avoided a rout
Australia’s gross domestic product (GDP) declined by 1.9 percent in the September quarter, according to the latest data from the Australian Bureau of Statistics (ABS).
Vaccination rate differential poses threat to global economy
The outbreak of the new Omicron variant in Southern Africa has not only seen global stock markets fall and flights suspended from that region into many countries.
Employment View all >
The devil in the JobKeeper detail…
As detailed by Hayley Lock, the Federal Court has dismissed an employer appeal, finding they had no rights in relation to JobKeeper payments as of 1 May 2020.
Airports and car parking benefits - the saga continues
As detailed by Hayley Lock and George Cressey, this is the third fringe benefits tax case centred on airport car parking in the last decade.
Buying out employee incentives - buyer beware
As outlined by Angelina Lagana and Jack Aquilina, taxpayers who have issued employee options and share rights and who are undergoing mergers or acquisitions should seek advice early.
Australia’s unemployment rate increases to 5.2 percent
As discussed by Brendan Rynne, this month’s figures represent a blip to some degree, as payroll data reveals this hike in the unemployment rate will be temporary.
Grants & Incentives View all >
The devil in the JobKeeper detail…
As detailed by Hayley Lock, the Federal Court has dismissed an employer appeal, finding they had no rights in relation to JobKeeper payments as of 1 May 2020.
R&D Tax Incentive - Review of the dual-agency administration model
KPMG's submission on the Board of Taxation’s review of the dual-agency administration model for the Research and Development Tax Incentive.
When is a disposal restriction genuine? ATO clarifies taxing point for employee share schemes
As outlined by Albert Homarwijaya and Brian O'Donovan, having the guidance included in a binding public ruling (once finalised) will provide greater certainty for employers and employees seeking to apply these rules.
Updated - JobKeeper payments reporting for listed entities
Based on a review of existing disclosures by the top ASX100 listed entities that have lodged financial statements for the June 2021 reporting period, 18 percent have disclosed receipt of JobKeeper payments.
Indirect Tax View all >
The cost of light vehicles is getting heavier!
As discussed by David Sofra, Leonie Ferretter and Jason Suwignjo, underutilised vehicles still have employers incurring running costs and paying FBT when there may be a more efficient means of providing the benefit to employees.
Upcoming webinar: ASPAC Digital Economy Indirect Tax update
This webinar, to be held on Friday 3 December, will explore indirect tax developments related to the digital economy in the ASPAC region.
Stapled super fund legislation now applies - are your processes compliant?
As outlined by Hayley Lock, Alston Kam & Nathan Hua, if an employer does not contribute superannuation into a new employee’s stapled fund from 1 November 2021, they may be in breach of the choice of fund legislation.
ATO releases fuel tax credit taxpayer alert
As detailed by Leonie Ferretter and Andy Larmour, the ATO recommends taxpayers consider whether the use of any Fuel Tax Credit (FTC) technology has a product ruling.
International Tax View all >
Upcoming webinar: ASPAC perspectives on BEPS Pillar 1 & Pillar 2 implementation
This webinar, to be held on 15 December, will explore the key features of the OECD/G20 Inclusive Framework anticipated release and unpack the key implementation considerations for multinationals.
EU Public Country-By-Country Reporting - What it means for Australian MNEs
Multinational entities should explore whether current tax reporting systems can be aligned to produce information that complies with all CbC reporting requirements, as outlined by Tony Gorgas, Jenny Wong and Phil Beswick.
Transfer pricing observations on the ATO Reportable Tax Position Schedule findings report
High risk arrangements appear to have fallen as a proportion of disclosures, but nonetheless maintain a notable presence based on the ATO’s latest statistics released. Could it be time for a refresh to some of the ATO’s Practical Compliance Guidelines?
ESG and Tax: Current trends on global tax transparency - how does the Australian Tax Transparency Code compare?
Wherever you start on your tax transparency journey, the direction is clear: the scope of tax disclosures is expected to expand in the future, as detailed by Jenny Wong and Phil Beswick.
Migration View all >
Door reopens to the lifeblood of Australia’s economic prosperity - migration
Migration is fundamentally important for Australia as it improves our dependency ratio, thereby creating sustainability in future income taxes to help pay for the goods and services all Australians need, as discussed by Brendan Rynne & Belinda Wright.
Australian immigration update - November 2021
After a year dominated by lockdowns, COVID-19 cases and vaccinations, Australia prepares to reopen its borders to skilled migrants and visitors.
Backpacker tax decision – not necessarily a Pandora’s box
As detailed by Jackie Shelton, the High Court’s decision puts to rest the question many were asking after the Full Federal Court decision, of whether a person could ever benefit from the non-discrimination article.
An extra weapon in the war for talent - tax effective salary packaging of relocation costs
For individuals relocating for new employment opportunities, Ablean Saoud, Priscilla Tang and Craig Robinson want to let you in on a little secret.
Tax Law & Dispute Resolution View all >
Modernising document execution
KPMG's submission to the Australian Government focuses on recommendations to modernise document execution of statutory declarations and deeds.
Claims of legal professional privilege - a potentially costly exercise for taxpayers
Three judges of the Full Federal Court handed down their decision on Wednesday in CUB Australia Holding Pty Ltd v Commissioner of Taxation [2021] FCAFC 171.
Webinar recording: Unpacking the OECD International Compliance Assurance Program
This webinar, featuring OECD Policy Advisor and ICAP Program Leader Debra Evans, examines how the program operates and what a taxpayer can expect from the process.
ATO releases private wealth Top 500 findings report
The report identifies low levels of tax governance maturity as the main reason why only a small number of groups have obtained ‘Justified Trust’ status.
Technology View all >
Australian fintech: Main trends and opportunities for growth
As discussed by Matteo Musso, the Australian fintech sector has not only a large variety of players, but also the potential for strong growth and the ability to attract global investment.
Modernising document execution
KPMG's submission to the Australian Government focuses on recommendations to modernise document execution of statutory declarations and deeds.
Why is the outcome of COP26 important?
As discussed by Adrian King, accounting frameworks, transparency mechanisms, rules over carbon trading, new finance and alliances were among the many industry and business-led initiatives to come out of COP26.
Podcast episode 24: How business can benefit from collaboration
Alun Needham and Michael Egan from KPMG's Accelerating Business Growth (ABG) group explore how Australian businesses can improve by collaborating.
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