Legislation update: Payday super Acts receive Royal Assent; ATO update: Tips for ensuring effective payroll governance; ATO update: Commissioner’s remedial power on merging superannuation funds
ATO consults on draft instrument for NZ wine exporter producer rebate; ATO update: Preparing for Small Business Superannuation Clearing House closure; United States modifies tariff rates, duties on...
ATO advice and guidance; Legislation update: Payday super bills pass Parliament; ASIC releases roadmap for Australia’s private, public markets; Non-discretionary spending drives household spending ...
ATO advice and guidance; ATO update: Draft instructions to complete Public CbC report; Legislation update: Instant asset write-off, beneficial ownership bill referred to Senate Committee; Governmen...
KPMG invites you to our next Banking and Finance Tax update.
These events are specifically designed to keep banking and finance industry professionals up to date with current and emerging tax trends, and to share insights from our recent experience.
Date: Thursday, 27 November 2025
Time: 1:00pm - 2:00pm AEDT
Location: Webinar
Register here
Further details of the topics and speakers wi...
While the first Pillar Two filings are due in Australia in mid-2026, many in-scope multinational groups with offshore operations may be subject to earlier deadlines in some foreign jurisdictions – for Pillar Two registrations, tax payments and tax returns.
Imminent top-up tax payment and filing deadlines
Whilst the vast majority of jurisdictions have a due date for the first Pillar Two ...
As widely anticipated, the Reserve Bank of Australia (RBA) has kept the cash rate unchanged at the marginally restrictive level of 3.60 percent.
The beyond 'material miss' inflation result for the September quarter all but sealed this outcome last week.
KPMG's forecast suggests supply factors still dominate inflation, but demand factors rebounded in the quarter.
High interest rates had previ...
The Australian Taxation Office (ATO) has released draft Instructions for completing the Australian Public Country-by-Country Report.
The release of the draft instructions is an important and highly anticipated step in the implementation road map for Australian Public Country-by-Country (CbC) Reporting.
The guidance provides practical information on the compliance requirements for in-scope gro...
The Organisation for Economic Cooperation and Development (OECD) Forum on Tax Administration (FTA) held its annual tax certainty day on 31 October 2025.
This was the seventh annual event that coincides with the release of the 2024 Mutual Agreement Procedure (MAP) statistics and the 2024 Advance Pricing Agreement (APA) statistics.
The day was based around a series of panels covering:
MAP an...
The Australian Taxation Office (ATO) has completed a significant update to its Advance Pricing Arrangement (APA) framework in PS LA 2015/4, more than two years after publishing findings from a review into the APA program.
A framework due for modernisation
The APA program has long been a foundation of the ATO's cooperative compliance approach, allowing Multinational Enterprises (MNEs) to agree...
The Federal Open Market Committee (FOMC), the policy setting arm of the Federal Reserve, cut short-term interest rates by another quarter point to a target range of 3.75 percent to 4.0 percent and announced an end quantitative tightening (QT), starting 1 December.
Most notable about the decision is that it was contentious. Newly appointed Governor Stephan Miran dissented in favour of a more ag...
Homeowners could miss out of a Melbourne Cup Day interest rate cut, with inflation surging above the Reserve Bank of Australia's (RBA) target range for the first time in more than a year.
The consumer price index (CPI) hit 3.2 percent in the September quarter, marking the worst annual reading since the June quarter of last year, according to the Australian Bureau of Statistics latest data.
Th...
The Full Federal Court (Hespe, Button and Younan JJ), on 21 October 2025, unanimously allowed Oracle's appeal, overturning Perram J's earlier decision to refuse to stay proceedings in favour of MAP with Irish authorities.
With no public interest factors weighing against a stay, the Full Court determined that the Double Tax Agreement ('DTA') and Multilateral Instrument ('MLI') supported pausing ...
European tax policy continues to evolve in response to a changing global policy and economic landscape.
As policymakers continue to focus on simplification and competitiveness, businesses will be watching closely to understand the direction of EU tax reform and how it may impact them.
Date: Thursday 27 November
Time: 2AM AEDT
Location: Webinar
Register here
As the Cypriot presidency p...
The PAYG withholding from interest, dividend and royalty payments paid to non-residents annual report (withholding report) is required to be completed in respect of payments made to foreign residents for:
interest and unfranked dividends (unless these amounts are being reported by an Investment Body on an annual investment income report (AIIR)); and
royalties.
The withholding annual repo...
The United States' consumer price index (CPI) rose 0.3 percent in September from August and 3.0 percent from a year ago.
That is the hottest annual pace since the beginning of this year.
Data in the more recent months was revised up slightly. This could be the last solid data point on inflation for months as the US Government shutdown stopped data collection 1 October.
Staffing shortages alr...
The Supreme Court of New South Wales (NSW), on 17 October 2025, delivered its decision in SKG Cleaning Services Pty Ltd v Chief Commissioner of State Revenue; Ezko Property Services (Aust) Pty Ltd atf The Ezko Unit Trust v Chief Commissioner of State Revenue [2025] NSWSC 1219, upholding payroll tax assessments against commercial cleaning companies SKG and Ezko.
The outcome of the decision impac...
The One Big Beautiful Bill Act (OBBBA) has ushered in sweeping changes to the United States (US) tax landscape, with significant implications for foreign-parented multinationals operating in the US.
This webinar will provide a strategic overview of the inbound-specific provisions of the OBBBA, focusing on how these reforms reshape planning, compliance, and reporting for inbound structures.
Part...
The Australian Securities and Investments Commission (ASIC) has highlighted its focus areas for 30 June 2025 financial reports as part of its integrated financial reporting and audit surveillance program for FY 2025-26.
The integrated program covers both financial reporting and audit quality and for the first time ASIC provided some early signalling in respect of sustainability.
ASIC continue...
The United States (US) Federal Reserve’s dual mandate - to foster price stability and full employment - is rapidly morphing into a duelling mandate.
The Fed’s Beige Book revealed that the labour market remains stuck in its low hire, low fire, stagnate mode, while inflation is accelerating.
It noted stickiness in service sector inflation and incidents of opportunistic pricing.
The...
The High Court of Australia, on 15 October 2025, handed down its judgement in the ongoing dispute on the constitutional validity of foreign surcharge land taxes and the impact of this decision is expected to extend to stamp duty surcharges and the other jurisdictions.
The Court heard the G Global and Stott cases simultaneously due to their similarities[1].
Facts
Proceedings involved two comp...
The partial United States (US) Government shutdown is into its third week with no immediate resolution likely.
Furloughs have begun at the Internal Revenue Service (IRS) - nearly 47 percent of employees -potentially hindering operations.
Most other Congressional action remains on hold with one significant exception: passage by the Senate of a bipartisan National Defence Authorisation bill.
G...
In today's rapidly changing world, distinguishing between minor fluctuations and significant shifts is crucial.
As major global events unfold, KPMG's Global Economic & Geopolitical Outlook webinar provides timely insights to help you lead with confidence.
A critical inflection point is approaching.
Rate decisions coming from central banks along with pivotal geopolitical events, including...
The Ministry of Finance of Malaysia issued the 2026 budget on 10 October 2025, focusing on improving governance and broadening the tax base without introducing new taxes to achieve equitable taxation for high-income earners and foreign entities.
Significant tax proposals include:
review of tax exemption for foreign-sourced income:
extension of tax exemption on foreign-sourced dividend in...
Justice Smith of the Supreme Court of Queensland (Court) has published a lengthy 338-page decision resulting in an order for a stay of criminal prosecution of a medical researcher (defendant) in R v Clarke (a pseudonym) (No 9) [2025] QSCPR 17, in relation to allegations of tax (R&D) fraud.
Key issues
The defendant was charged under the Criminal Code (Cth) (Criminal Code) with attempting t...
The September Quarter 2025 edition of KPMG's Super Tax News covers the latest key superannuation tax updates including:
Economic Reform Roundtable;
Productivity Commission – Interim Report on 'Creating a more dynamic and resilient economy';
public country-by-country reporting;
final revised ATO ruling – TR 2010/1A4;
changes to deductibility of GIC and SIC payable to the ATO; ...
Don McLean's hit "American Pie" was an anthem for the social and economic turbulence of the 1960s and 1970s.
The first time I heard its iconic chorus, it captured the longing for a time when the world felt less divided.
It seemed to encapsulate an unease about the future that my parents expressed at the dinner table. I came of age in the industrial Midwest as layoffs mounted and factories rus...
The Federal Government, on 9 October, introduced Payday Super legislation into parliament, which would take effect on 1 July 2026.
Notwithstanding that the Payday Super legislation is not yet law, employers that have been waiting for the legislation to be introduced into parliament before planning, now have a clearer picture of the specifics of how the legislation will apply.
Importantly the ...
At its September 2025 meeting, the IFRIC approved two new tentative agenda decisions, which are now open for public comment.
These relate to:
classification of a foreign exchange difference from an intragroup monetary item under IFRS 18; and
economic benefits from use of a battery under an offtake arrangement.
The tentative agenda decisions are open for comment until 25 November 2025.
...
The prospect of tax rises in the United Kingdom's (UK) Autumn Budget dampens sentiment for both businesses and households.
While rising inflation coupled with slowing wage growth could see household incomes squeezed, raising the likelihood of muted consumer spending over the coming quarters.
Key takeaways
A strong start to the year is expected to make way for a slower pace of growth for th...
CEOs are increasingly optimistic on the growth prospects of the Australian economy over the next three years, despite a backdrop of global economic uncertainty, according to KPMG International's annual CEO Outlook.
90 percent of Australian CEOs are optimistic on the growth prospects of our economy despite trade uncertainty, compared to 82 percent of CEOs globally who are upbeat about their o...
KPMG International and Jericho hosted a roundtable discussion recently, bringing together global experts to explore the evolving role and effectiveness of fiscal councils around the world — and the lessons they offer for good governance, economic planning and public trust in times of uncertainty
As countries navigate the dual pressures of rising public debt and demands for investment, th...
The number of job United States (US) openings stayed flat in August.
There were 7.2 million jobs available at the end of the month, according to the latest Job Openings and Labour Turnover Survey (JOLTS); that is the same as the month prior.
The monthly data are noisy. On a three-month moving average basis, job openings have fallen to 7.2 million from a range of 7.4 to 7.8 million since June ...
The Australian Taxation Office (ATO), on 1 October 2025, released its finalised guidance on the third party debt test (TPDT), Taxation Ruling TR 2025/2 (the Ruling).
The ATO also released its finalised guidance on restructures in response to the TPDT, included within Schedule 3 of Practical Compliance Guideline PCG 2025/2 (the PCG).
The TPDT forms part of the new thin capitalisation rules whi...
On 28 June 2025, the G7, comprising of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, released a statement which outlines a shared understanding of a "side-by-side" solution to US concerns regarding Pillar Two.
The G7 statement leaves a lot of unanswered questions and provides no certainty on when the changes it proposes to the application of Pillar Two to US...
The European tax landscape is shifting fast and financial services institutions are feeling the impact.
With BEPS Pillar 2 implementation underway, firms are facing new challenges around global minimum taxation, substance requirements, and much more.
At the same time, EU directives are reshaping compliance expectations, while local tax authorities ramp up enforcement.
Add to that the growing fo...
The Federal Government in 2024 initiated a strategic review of Australia's research and development (R&D) system (across all sectors and industries), also known as SERD, to identify issues and make recommendations on how to increase Australia's investment in R&D and ensure better economic outcomes from it.
KPMG has been actively involved in the consultation process, highlighting the po...
Successful trade deals and moderation in trade restrictions have provided much-needed relief for the global economy and have helped temper some of the earlier pessimistic forecasts.
Nevertheless, the global economy continues to face headwinds, and the overall outlook remains subdued.
Australia's economic activity rebounded in the June quarter, growing by 0.6 percent, up from 0.3 percent in th...
The National Assembly on 27 June 2025, passed Resolution 222/2025/QH15, establishing the legal framework for the creation of international financial centres (IFCs) in Ho Chi Minh City and Da Nang.
The framework offers the following incentives for businesses and professionals:
corporate income tax (CIT): 10 percent CIT rate for up to 30 years, CIT exemption for up to four years, and 50 perce...
Calling all transfer pricing enthusiasts - learn how you can unlock the untapped potential of AI in transfer pricing.
This session delves into the future of transfer pricing with AI embedded into the transfer pricing lifecycle.
KPMG professionals discuss the burgeoning role and transformative impact of AI in the tax profession including the opportunities and challenges of relying on AI-genera...
The Australian Taxation Office (ATO) released Practical Compliance Guideline (PCG) 2025/3 "Capital raised for the purpose of funding franked distributions – ATO compliance approach" on 24 September 2025.
The finalised PCG is broadly in line with the draft version (PCG 2024/D4) released in December 2024 and sets out the ATO's risk assessment framework and its compliance approach to consid...
The pandemic and changes to trade policy have accelerated shifts in supply chains, emphasising the need for diversification and agility over merely seeking the lowest cost locale.
Established manufacturing giants are losing market share to emerging competitors.
Industrial policies aimed at reshoring production could potentially undermine the next generation of emerging market manufacturers.
...
Australia is moving towards a transformative shift in financial reporting, with growing momentum behind proposals to mandate digital financial reporting.
Financial reports in Australia are still shared as hard copies or PDFs. ASX-listed companies often have over 150 pages of detailed statements and disclosures which are manually prepared, hard to search through and time consuming to analyse. A...
Tariffs have traditionally been viewed as instruments of trade policy — tools to manage imports, protect domestic industries and influence market dynamics.
But today, they are being used for a broader range of goals, including national security, industrial strategy and geopolitical positioning.
As governments around the world explore how to shape their economies in a more uncertain glob...
