Financial institutions advised to ‘focus on resilience’ as global financial stability risks rise; ASIC consults on registered managed investment scheme responsible entities’ NTA requirement
ATO advice and guidance; Draft regulations on Division 296 implementation released for consultation; Consultation paper on financial adviser qualification standard reform published
Legislation update: Committee recommends amendments to digital assets regulatory framework be passed; APRA to consult on proposed reforms to bank capital, liquidity settings; Final report on strate...
Australia's labour market weakened in February, with the Australian Bureau of Statistics (ABS) recording a higher-than-expected lift in joblessness.
The unemployment rate increased to 4.3 percent on a seasonally adjusted basis, according to the ABS, up from 4.1 percent the prior month and above consensus estimates of 4.1 percent.
That lift was driven by a surge in the number of people looking...
The Tax Ombudsman (Ombudsman) released a report, on 2 March 2026, following a review into the Australian Taxation Office's (ATO's) management of remission of the general interest charge (GIC).
Key takeaways
The Ombudsman's report identified concerns from taxpayers, advisors and industry bodies concerning the communication of GIC remission decisions and taxpayer's review rights, as well as i...
KPMG would like to invite you to attend our Insurance Tax Update event.
We will update you on various direct, indirect and international tax matters impacting the insurance industry.
Date: Thursday, 30 April 2026
Time: 9:00am - 10:00am AEST
Location: Webinar
Register here
The recent decision in Commissioner of Taxation v Hicks (No 2) [2026] FCAFC 14 (Hicks (No 2)) offers clarity on the circumstances in which indemnity costs may be awarded under Rule 25.14 of the Federal Court Rules 2011 (Cth) (Rule 25.14) where a party rejects an offer of compromise.
See related article: City Beach surfs past the application of Part IVA, section 45B in the Full Federal Court
F...
The Commissioner of Taxation's (Commissioner) special leave application to appeal the unanimous Full Federal Court decision of Geocon Land Holdings No. 5 Pty Ltd v Commissioner of Taxation [2025] FCAFC 172 (Geocon) was, on 12 March 2026, refused with costs.
In this article, we examine the implications of the Geocon decision and what it means for refunds of GST overpaid in the context of Divisi...
Key observations
The signing of two trade deals; the EU-India and the EU-Mercosur, may see small economic payoff in the near term, due to limited bilateral trade volumes and lengthy tariff phase in schedules.
Europ's manufacturing sector may finally be turning a corner, with early signs of a fragile recovery emerging from a period of pronounced weakness. Fiscal support in major economies ap...
The New Zealand Government's Taxation (Annual Rates for 2025-26, Compliance Simplification, and Remedial Measures) Bill has been reported back from the Finance and Expenditure Select Committee (FEC).
We summarise below the highlights from the revised Bill and reflect on various submissions as discussed in the Departmental Report to the Committee.
What has changed?
The policy proposals, as s...
On 28 February 2026, the US-Israeli campaign against Iran has triggered a high-risk conflict environment across the Gulf. The situation is still very fluid.
Australian industries are impacted in different ways, and here is a summary of some of the key issues identified by our Geopolitics team.
Energy prices are volatile, but the shock is unlikely to be long-term
Analysts are predicting ele...
This joint KPMG and Thomson Reuters webinar will be hosted by Hayley Lock (Partner, KPMG Workforce Advisory), Sam Gathercole (Senior Manager, KPMG Workforce Advisory), and Amesh De Silva (Product and Proposition Manager, FBT, Thomson Reuters).
Date: Tuesday, 17 March 2026
Time: 12PM AEDT
Location: Webinar
Register here
Designed for tax, finance, HR, and payroll professionals, our speci...
With the Australian Taxation Office and State Revenue Offices intensifying their compliance and enforcement and Payday Super launches in July 2026, managing your employment tax obligations has become increasingly fast-paced and transparent, and therefore more governance-focused.
So, while this webinar will give you all the latest updates, we'll also share our insights on employment tax governa...
United States (US) payroll employment dropped by 92,000 in February after a modest downward revision to 126,000 payroll gains last month.
The three-month moving average on job gains fell to 6,000 in February from 50,000 in January.
The economy shed jobs in the fourth quarter of 2025 when more than 150,000 federal workers rolled off the payrolls on 1 October.
Public sector payrolls shed 6,000...
In Commissioner of Taxation v S.N.A Group Pty Ltd [2026] FCAFC 10, the Full Federal Court set aside the primary judge's conclusions in a decision from July 2025, finding payments between related entities were not deductible.
Background facts
S.N.A Group Pty Ltd (SNA) and ATPR Pty Ltd (ATPR) (together, taxpayers), together with CLAARS Pty Ltd (CLAARS) as trustee for the Henry Trust and PAC R...
Australia's latest gross domestic product (GDP) data contained some welcome news, with the economy growing by 0.8 percent in the December quarter, faster than expected.
This translates to 2.6 percent annual growth for 2025, which is somewhere close to trend.
GDP per capita also increased by 0.4 percent over the quarter to end up 0.9 percent higher for the year.
However, a closer look under t...
While there have been significant Pillar Two developments at the Organisation for Economic Co-operation and Development (OECD) level, there has also been a number of Australian updates.
These include:
finalised rules for exemptions from filing Australian Pillar Two returns;
Australia signing the Pillar Two Multilateral Competent Authority Agreement on the Exchange of GloBE Information (GIR...
Banking taxes sit at the centre of Europe's financial system - driving stability, shaping policy, and directly influencing how banks compete and grow.
With nearly half of European Union (EU) member states introducing new bank taxes since 2022, and wide variation in how those taxes are designed and applied, the tax landscape has become a defining force in how institutions manage risk, deploy ca...
Global forecast
Global growth is projected to hold at 3.4 percent in 2026 before decelerating to 3.2 percent in 2027.
The pace for 2027 would mark the slowest growth rate since the pandemic concluded. Inflation is expected to continue moderating and return to central bank targets.
All considered, the global economy weathered the tariff storm better than many feared, in part due to the initia...
The United States (US) Supreme Court (SCOTUS), on 20 February 2026, held that the US President cannot use the International Emergency Economic Powers Act (IEEPA) to impose tariffs (also referred to as customs "duties").
The Court ruled 6-3 that the statute, which authorises the US President to "…regulate... importation" of property to address an unusual or extraordinary threat, does not...
The Hong Kong Financial Secretary delivered the 2026-2027 budget on 25 February 2026.
While the budget does not propose any changes to profits tax rates for 2026-2027, it does include proposals related to profits tax, salaries tax, and other taxes such as property tax, stamp duty, and hotel accommodation tax.
Profits tax
standard tax rate for corporations remains at 16.5 percent, and for u...
The Federal Government has released the Treasury Laws Amendment (Payday Superannuation) Regulations 2026 (Payday Super Regulations), providing the long-awaited details supporting the transition to Payday Super from 1 July 2026.
The Government has advised that these regulations are designed to ensure operational efficiency, as employers move from quarterly Superannuation Guarantee (SG) payments...
Japan's February election results reflect the intersection of two powerful geopolitical forces: growing economic disenchantment within societies, and intensifying competition and mistrust between states.
Those forces shaped the election outcome, and they now shape Japanese Prime Minister Sanae Takaichi's policy priorities, and in an economy as large and financially integrated as Japan's, those...
The Organisation for Economic Co-operation and Development (OECD), on 20 January 2026, held a public consultation in Paris to gather stakeholder input on the tax challenges arising from global mobility and remote work.
A consistent message emerged: existing tax and social security frameworks are overly complex, poorly aligned across jurisdictions, and no longer fit for modern working patterns....
For Australian customs purposes the value of imported goods is typically calculated by the 'transaction value'.
That is, the price actually paid or payable in the contract of sale for the importation of the goods into Australia, plus price related costs.
Transfer Pricing adjustments
In circumstances where a purchaser and vendor are related parties, the importer may be required to demonstrate...
The United States' (US) trade deficit expanded 32.6 percent in December to $70.3 billion, much more than market expectations for a lateral move.
High-frequency trade data had shown more import activity at the tail end of the year.
The deficit in dollar terms increased US$17.3 billion after a US$24.3 billion expansion in November.
That is the second largest two-month change in the trade defic...
Artificial intelligence (AI) related issues have emerged as the number one challenge facing Australian business leaders for the year ahead and beyond, according to KPMG Australia's annual 'Keeping us up at Night' survey.
For the first time, the survey of 274 C-Suite executives and board members across a range of industries found concerns linked to AI and associated technologies were named as t...
Our Guides to financial statements help you to prepare financial statements in accordance with IFRS Accounting Standards by illustrating one possible format.
Our Guide to annual financial statements – Illustrative disclosures for investment funds is based on a fictitious tax-exempt open-ended single-fund investment company, which is not a first-time adopter of IFRS Accounting Standards.
...
The year opened with its first tax controversy to reach the High Court steps, with the Commissioner of Taxation (Commissioner) filing a special leave application on 2 January 2026 to challenge the Full Federal Court's decision in Commissioner of Taxation v Hicks [2025] FCAFC 171.
Delivered on 3 December 2025, Derrington, Feutrill and Hespe JJ unanimously dismissed the Commissioner's appeal in ...
While unemployment rates provide a high‑level snapshot of labour market conditions, geographical, industry and skills differences are also critical in shaping the overall state of Australia's labour market.
KPMG's analysis examines these industry and regional dynamics to better understand the forces influencing labour demand and supply. Our detailed assessment highlights the underlying factors...
I recently visited the beaches of my youth along the eastern shore of Lake Michigan. A sea of ice stretched to the horizon. Families ventured farther from the shoreline, gaining confidence with each step.
The ice looked thick - solid enough to trust. The danger lies not in what we can see, but in what we cannot. Currents weaken ice from below. Fault lines form with each step.
That image staye...
Join KPMG for our first Payment Times Reporting webinar of the year, where we will explore the latest updates to the Payment Times Reporting Act and share practical insights from completing two successful submissions.
Date: Tuesday, 17 February 2026
Time: 11:00am - 12:00pm AEDT
Location: Webinar
Register here
We will also highlight emerging trends and provide tips and tricks to help yo...
Heightened competition for talent, AI's revolutionary impact, the pressing need to manage costs and compliance, the accelerating pace of change.
Critical, time-sensitive challenges are in sharp focus today as global mobility looks to transform its efficiency and enhance its strategic business role.
Welcome to 'See it differently', a three-part series offering timely insights from KPMG global ...
National house prices rose 8.6 percent and national unit prices rose by 7.3 percent in 2025, exceeding our earlier forecasts.
KPMG expects housing momentum to remain solid through 2026, with national house values rising by 7.7 percent and national units by 7.1 percent.
This outlook is supported by stabilising financial conditions and a degree of tightness in supply.
Furthermore, the affordab...
The United Kingdom (UK) Parliament Public Bill Committee stage for Finance Bill 2025-26 kicked off on 27 January 2026 and, as usual, the Committee met on Tuesdays and Thursdays to scrutinise all parts of the Bill that were not covered by the Committee of the whole House.
On 21 and 23 January, a number of UK Government amendments were tabled on a variety of measures and updated explanatory note...
Job openings declined through 2025 in the United States (US).
There were 6.5 million jobs available at the end of December, according to the latest Job Openings and Labour Turnover Survey (JOLTS).
The November jobs were revised down to 6.9 million from 7.1 million. The rate of job openings declined to 3.9 percent, the lowest rate in more than eight years apart from losses in March and April 2...
KPMG supports the Community Benefit Principles as a proportionate, outcomes focused framework to ensure Future Made in Australia (FMiA) support delivers meaningful, transparent benefits for local and First Nations communities, regional workforces and supply chains.
The Community Benefit Principles are relevant to the Critical Minerals Production Tax Incentive and Hydrogen Production Tax Incent...
These regulations, which have taken effect alongside the VAT Law as of 1 January 2026, provide detailed provisions on tax rates, tax payable, incentives and administrative procedures for implementing the VAT law.
Key areas of change include:
clarification of the circumstances that constitute domestic consumption of services and intangible assets;
explanation of applicable tax rates and col...
Global workforce mobility remains a key issue for multinational groups, both from the perspective of retaining and attracting talent and in responding to the increased flexibility now expected by employees.
These developments have driven a significant transformation in how international workforces are managed. In many regions, remote work – whether temporary or permanent, has increased s...
The Australian Taxation Office (ATO), on 28 January 2026, finalised the Practical Compliance Guideline PCG 2026/1 setting out the administrator's compliance approach for the first year of the new Payday Super legislation which commences on 1 July 2026.
Many matters raised by stakeholders during the consultation period have not been able to be addressed by the ATO as they concerned the operatio...
The Reserve Bank of Australia (RBA) Board has opted for a more aggressive approach to re-taming inflation, lifting the cash rate by 0.25 percent to 3.85 percent in its February meeting.
It was a decision which the markets were hotly anticipating.
it was a tough call for the Reserve Bank to make, especially so early into the new year.
The circumstances of noisy data, transitory cost influence...
The Australian Taxation Office (ATO), on 22 December 2025, finalised the rules relating to the exemptions from filing Australian Pillar Two returns, being the domestic minimum tax (DMT) return and Australian Income Inclusion Rule (IIR)/ Undertaxed Profits Rule (UTPR) returns.
These rules are set out in a legislative instrument, Taxation Administration (Exemptions from Requirement to Lodge Aust...
