Victoria’s Revenue Office consults on property tax notification default draft revenue ruling; ATO update: Understanding the effects of thin capitalisation rules, DDCR on debt deductions; ATO update...
Treasury releases working paper on Australian M&A transactions database; ASIC outlines enforcement priorities for 2026; Investor confidence sees number, value of new investment loans reach record h...
Australia's unemployment rate has dropped to 4.3 percent after rising to 4.5 percent in September, with the number of people employed increasing by 42,200, driven by a surge in full-time employment of 55,300 jobs.
The labour force data from the Australian Bureau of Statistics (ABS) paints a more positive picture than last month.
The figures show that the labour market is proving resilient.
D...
The rapid expansion of online platforms such as Airbnb have undoubtedly influenced the landscape of the Australian property market.
Approximately 250,000 or 2 percent of the nation's housing stock is currently held for the purposes of operating as short-stay or holiday accommodation.
Many of these properties are negatively geared, providing potentially significant tax breaks to owners and inv...
The United States (US), on October 26, announced trade agreements with Cambodia and Malaysia and framework agreements with Thailand and Vietnam.
Although the agreements primarily impact bilateral trade between these countries and the US, and particularly the rate of customs duties imposed, various provisions and statements focus on other tax issues.
Digital Services Taxes
The Cambodian and M...
In case you missed it, there was a relatively big case decided in May this year on the deductibility of work from home expenses.
The Australian Taxation Office (ATO) has lodged an appeal to the Federal Court.
This article provides a quick recap of the case and its relevance to your own individual tax return with a 'watch this space' for the appeal.
Overview
The recent Administrative Review ...
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.
To help ensure, businesses do not lose track of such initiati...
In two decisions handed down over the last fortnight, the Federal Court has dismissed the Commissioner's very broad view of the meaning of 'real property' under Division 855 of the Income Tax Assessment Act 1997 (Cth) (Division 855).
The Courts have emphatically confirmed that 'real property' must be understood in its technical, legal sense, and expressly rejected the Commissioner's expansive i...
President John F. Kennedy first coined the phrase "a rising tide lifts all boats" in a 1963 speech.
The problem is that all boats do not rise with the tide.
Some are not seaworthy, others are anchored in place and too many lack the means to own a boat.
That seemed an apt metaphor for where we are.
The economy is powering forward, aided by a boom in AI, or arms race, as many in Washington se...
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...
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 Board of Taxation (BoT) has finalised its redesign of the Voluntary Tax Transparency Code (VTTC).
As outlined in our previous article, the VTTC is a set of principles and minimum standards to guide medium and large businesses on public disclosure of tax information.
The BoT, the body which developed and administers the VTTC, undertook to update and simplify the VTTC to better align ...
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 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 European Union (EU) public country-by-country reporting (CbCR) rules are now in effect, with some EU Member States opting for early lodgement deadlines.
As such, Australian-headquartered multinational groups with operations in Europe should ensure they are prepared for any approaching compliance deadlines for this new mandatory reporting measure.
For some Australian-headquartered multinat...
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 ...
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 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...
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 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 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...
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...
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...
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 ...
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.
...
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 ...
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...
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...
