Regulatory Initiatives Grid updated to reduce regulatory burden; Australia signs first tax treaty with Ukraine; Tax Ombudsman releases review into ATO’s service to tax agents; G20 Chair’s report of...
ATO advice and guidance; Federal Government to implement new beneficial ownership register; Amendments to mandatory merger control to be introduced ahead of 2026 commencement; Victorian Government ...
The Public Country-by Country Reporting (CbC) Reporting Directive is a minimum standard, leading to differences in domestic transposition.
As there are no priority rules or guidelines on how the various implementing legislation interact, non-European Union (EU) multinational groups should monitor deviations from the Directive and analyse how these differences need to be addressed.
Differences...
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...
Time is running out to prepare for BEPS Pillar Two.
With rules already in effect across multiple jurisdictions and more launching soon, the window for compliance readiness is closing.
Year-end tax provisioning, financial statements, and corporate tax return lodgement deadlines are all converging - placing immense pressure on tax and finance teams.
If your preparation hasn't begun, the time t...
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...
This update will focus on preparing for interim and annual financial reporting at 31 December 2025 and highlight:
new accounting standards effective and available for early adoption; and
important regulatory developments and ASIC's focus areas.
We will also touch on recent developments in Australian-specific sustainability reporting and provide a refresher on the recurring practical appl...
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...
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...
Boards and Remuneration Committees are being challenged to rethink traditional pay frameworks in an environment where global talent competition is fierce and top executive talent is becoming harder to attract and retain.
The question is no longer just how much to pay, but how far Boards are willing to flex remuneration practices to secure the leadership needed to deliver on strategy.
At the s...
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...
The Australian Taxation Office (ATO), on 25 September, released its second annual research and development (R&D) tax transparency report.
These reports are part of the ATO’s tax transparency initiative and for R&D Tax, are released at least two years after the end of the relevant claim year (i.e. this latest report covers income years ending on or before 30 June 2023).
The data report com...
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...
Join our fireside chat to explore how KPMG is transforming supply chain operations as our speakers share actionable insights.
Date: Thursday 9 October 2025
Time: 5:00AM AEDT
Location: Webinar
Register here
You will:
understand how AI is transforming supply chain strategy, planning, and execution to enhance productivity and responsiveness;
identify best practices for managing supply...
August retail sales in the United States (US) rose 0.6 percent, topping the consensus expectation of 0.2 percent.
July retail sales were revised upward to show a gain of 0.6 percent from the originally reported 0.5 percent.
Excluding autos, retail sales still rose 0.7 percent, which beat the consensus. Annual retail sales growth reached 5.0 percent, the fastest pace since December 2023.
Sale...
In the current constantly changing global landscape, businesses worldwide are increasingly seeking to keep on top, understand and develop holistic strategies to help optimise incentives, grants and tax credits and taking into consideration environmental, social and governance initiatives, Pillar Two and changing global tax policies.
Date: Thursday 6 November
Time: 2AM AEDT
Location: Webina...
H.R. 1 – the budget reconciliation bill known as the 'One Big Beautiful Bill' (the bill or OBBB) – provides sweeping tax law changes, including making many of the income tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) permanent.
It also includes reforms to the United States (US) international tax regime and various revenue-raising measures, such as the phase-out of certai...
The United States (US) Federal Open Market Committee (FOMC) - the policy-setting arm of the Federal Reserve - voted to cut short-term interest rates by a quarter point at its September meeting, lowering the target range to 4.0 percent to 4.25 percent.
This marks the first rate cut since December 2024 and reflects concerns that the labour market is weakening, even as inflation is edging higher....
We welcome the opportunity to provide a subsequent submission in response to the Productivity Commission's (PC) interim report Creating a more dynamic and resilient economy (the report).
See related news: Productivity Commission proposes lowering corporate tax rate, introduce net cashflow tax
In this response, we have focused on the 'Corporate tax reform to spur business investment' policy re...
The European Central Bank (ECB) has kept interest rates unchanged for the second consecutive meeting.
The decision was in line with market expectations which fully priced in a hold ahead of the decision.
Despite the flurry of economic data and the trade agreement with the United States (US) in August, the broad economic picture was largely unchanged from the July meeting, strengthening the ca...
As global trade continues to evolve under the weight of policy uncertainty, geopolitical tensions and technological disruptions, supply chains are once again in the spotlight.
These forces are structurally reshaping supply chain strategy, with implications for inflation, investment and productivity.
Supply chains are increasingly prone to disruption.
Uneven rollout of tariffs disrupts sup...
Determining whether your business and its subsidiaries are subject to reporting under the Payment Times Reporting Amendment Act 2024 (PTRAA) can be challenging, with several factors to consider.
In this report, we revisit the key criteria that determines if your business is a reporting entity, providing clarity on thresholds, timelines, and responsibilities.
Key considerations for entities
...
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...
KPMG International hosted a roundtable discussion in June 2025, as part of the Global Responsible Tax Program, to explore the ethical implications of artificial intelligence (AI) in tax and revenue administration.
As governments around the world integrate AI technologies into their tax systems, it's essential to examine how these tools can be developed and deployed responsibly.
The session so...
The New Zealand Government, earlier in 2025, introduced a new tax incentive called the Investment Boost.
This initiative is designed to encourage businesses to invest in productive assets by allowing them to claim an additional tax deduction of a new asset.
What can the incentive be claimed for?
To claim the incentive, the asset must be new or new to New Zealand, available for the business t...
As the United States (US) settles into a new presidential administration, a focus on trade policy and tariffs remains a critical issue for businesses.
US President Donald Trump's emphasis on increasing tariffs (also referred to as customs "duties") threatens to upend the low-tariff global trade landscape businesses are accustomed to.
The administration can leverage several legal mechanisms to...
United States' payroll employment rose by 22,000 in August, a further cooling from an upwardly revised 79,000 in July.
The two-month revision shaved another 21,000 from overall payrolls this year; June now shows a decline of 14,000.
That is in addition to the 258,000 downward revision we saw last month and marks the first decline since the height of the Delta wave for COVID-19 in December 202...
The past few years has seen significant developments in the implementation of new tax reporting obligations impacting the digital economy sector.
On 13 June 2025, China implemented new tax reporting regulations for both resident and non-resident digital platform operators.
These regulations require operators to provide the Chinese tax authorities (STA) with quarterly reports detailing the ide...
