ATO advice and guidance; Legislation update: Bill to protect asset holders’ grandfathered discount in negative gearing, CGT reforms introduced to Senate; Senate committee publishes report on loss c...
Labour market conditions in Australia held firm in June at historically strong levels, though declining vacancies and higher unemployment point to a gradual easing in labour market conditions in Australia.
Labour market conditions remained steady in the June quarter 2026, with the unemployment rate easing to 4.4 percent from a recent peak of 4.5 percent in April 2026, although it remained 0.1p...
The Federal Government, on 4 August 2026, released draft legislation which proposes to amend Treasury Laws Amendment (Tax Reform No. 1) Act 2026 (the Act), the recently enacted legislation which makes changes to the capital gains tax (CGT) and negative gearing rules from 1 July 2027.
The draft legislation represents the first set of amendments to the enacted legislation, and includes the follo...
The Reserve Bank Board has left the cash rate unchanged at 4.35 percent for a second straight meeting.
The decision was no surprise, but we still believe the RBA has left the door open to another rate increase later this year.
The Board remains concerned that the economy is operating above its sustainable capacity, which means inflationary pressures are likely to persist.
One of the key chal...
The Federal Court's decision in Lewis v Commissioner of Taxation (Amendment Application) [2026] FCA 1111 is, on its face, a procedural decision concerning whether taxpayers could amend their notice of appeal from the Administrative Review Tribunal (ART).
However, the case serves as a timely reminder of one of the most difficult hurdles facing taxpayers in tax disputes, the burden of proving no...
Tax functions today are required to operate in an environment defined by continuous complexity.
Global tax policy is undergoing seismic shifts, regulatory requirements are expanding and organisations expect tax leaders to contribute more directly to enterprise strategy, risk management and transformation decisions.
As these demands intensify, a widening divide is emerging between tax function...
Demand and supply of workers are falling in tandem in the United States (US), a toxic mix for the Fed.
Payroll employment fell by 23,000 in July, after downward revisions to June. Private payrolls rose, but not enough to offset a 53,000 drop-in public-sector employment.
The losses in the public sector were concentrated in local education. Enrolments are falling, with 2026 marking the peak yea...
Tax governance has moved well beyond policy documentation. Tax administrators are no longer assessing tax outcomes alone; they are testing how those outcomes are produced, including where AI and automation are involved.
In this three-part article, we have firstly canvassed some of the perspectives of tax administrators in the use of AI, with our second article exploring practical consideration...
Household spending growth continued to slow in the June quarter, lifting by 0.7 per cent, down on the 0.8 per cent lift in the March quarter.
The data shows a slight pullback in demand during the June quarter, which will be well received by the Reserve Bank of Australia in their August board meeting next week.
However, the challenge with interpreting this quarter's data is how the reduction i...
Join us for a special transfer pricing webcast where we will highlight key insights in a round robin format, covering the impact of AI on value chain, practical approaches to implementing and monitoring transfer pricing, methods for managing controversies in an increasingly digitalised and data-driven audit environment, transfer pricing considerations in corporate restructurings.
There will al...
The Organisation for Economic Cooperation and Development (OECD), on 15 July 2026, published the 2026 Economic Impact Assessment of the Global Minimum Tax (GMT) , providing new estimates of the expected effects of the Global Minimum Tax (GMT) and presenting preliminary evidence from its first year of implementation.
Compared to the initial economic impact assessment from 2024 the 2026 estimate...
In this webinar, our Pillar Two specialists across the globe share observations from the first wave of GIR filings, including emerging themes, trends and pain points we are seeing across groups and jurisdictions.
The webinar also explored selected technical issues that are coming to the fore in practice, and how these interact with recent and expected OECD guidance.
Suggested audience: Heads ...
Australia's Consumer Price Index rose 3.8 percent in the 12 months to June.
That's down from 4 percent the previous month and below forecasts.
However, core inflation was steady at 3.6 percent, which is well above the RBA's target band.
The good news is that inflation has eased, the not-so-good news is that it remains stubbornly high.
This inflation print supports Governor Bullock's observa...
The High Court has handed down its decision in Commissioner of Taxation v Bendel [2026] HCA 18 (Bendel), rejecting the Commissioner's long-standing attempt to treat unpaid present entitlements (UPEs) as "loans" for the purposes of Division 7A.That is a significant outcome. But it is not the sweeping reset some early commentary suggests. Rather, what the Court has done is more precise, and in ma...
The United Kingdom (UK) Government, on 13 July 2026, released draft legislation which would both implement the Organisation for Economic Cooperation and Development (OECD) Pillar Two 'Side-by-Side' package and update other aspects of the UK's multinational and domestic top-up taxes legislation (which implements Pillar Two generally in the UK).
The Side-by-Side package's safe harbours
The draf...
Australia's labour market has continued to demonstrate remarkable resilience, with strong job creation and rising workforce participation signalling ongoing demand for workers despite soft economic growth and continued cost-of-living pressures.
According to the latest Australian Bureau of Statistics data, the economy added 76,300 jobs in June, while the unemployment rate remained steady at 4.4...
United States' (US) retail sales rose 0.2 percent in June, the weakest pace since January.
May sales were revised higher. Sales excluding autos fell 0.2 percent. Sales are not adjusted for inflation.
Real retail sales increased 0.6 percent as the consumer price index (CPI) recorded its largest monthly drop since April 2020 due to falling oil prices.
Motor vehicle and parts dealers gained 1.9...
An uptick in the number of owner-occupiers across Western Australia, Queensland and Victoria has shown that the dream of homeownership remained alive even in tough housing market.
Since 2021, nearly 600,000 Australian households have become owner-occupiers, according to new analysis by KPMG Australia.
That number was sharply higher than the previous four-year period, when the number of new ow...
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.
We will be offering both an in-person and online experience, and for those who can make it, we look forward to hosting you at our Sydney, Barangaroo offices for a buffet lunch.
Date: Thursday, 20 August 2...
Australian employers relying on overseas talent are facing a more expensive and complex immigration environment, with significant increases to visa costs taking effect from 1 July 2026 alongside extended processing times and heightened compliance scrutiny.
Visa application costs jump
The most immediate impact for many businesses is the sharp increase in government visa application charges.
W...
The Australian Accounting Standards Board (AASB) has introduced a new financial reporting framework for not-for-profit (NFP) entities, removing special purpose financial statements (SPFS) for certain organisations and requiring general purpose financial statements (GPFS).
The amendments (set out in AASB 2026-2 Amendments to Australian Accounting Standards – Extending the Application of t...
The United States (US) consumer price index (CPI) fell 0.4 percent from May, aided by a 9.7 percent drop in prices at the gas pump.
Energy prices were weak across the board with the exception of natural gas prices.
A temporary détente which opened the Strait of Hormuz helped fuel those declines, which have since reversed course on renewed tensions between the two foes.
Food prices edg...
The June Quarter 2026 edition of KPMG's Super Tax News covers the latest key superannuation tax updates including:
2026-27 Australian Federal Budget – CGT reform and changes to negative gearing;
Division 296 – Final amended regulations now registered;
Changes announced as a result of transition to Payday Super;
Changes to superannuation rates and thresholds – 1 July 2026...
Join us for a mid-year stocktake on Pillar Two, where we will unpack the 2024 GloBE Information Return (GIR) filing experience and explore what comes next from both an operational and technical readiness perspective in the months ahead.
Date: Tuesday 21 July 2026
Time: 11:00PM AEST
Location: Webinar
Our Pillar Two specialists will share observations from the first wave of GIR filings, i...
Consumer credit in the United States (US) edged down less than 0.1 percent in May; the first decline since November 2024.
On an annual basis, consumer credit expanded 2.1 percent, the slowest pace in the last six months.
A decline in revolving credit was nearly offset by an increase in non-revolving debt.
Revolving debt, made up primarily of credit cards, fell 4.7 percent in May after reachi...
The 2026–27 state and territory budget cycle is now complete.
This year the budgets generally reflect a cautious revenue environment, with most jurisdictions avoiding broad-based tax increases and instead focusing on measures specifically targeted at housing, cost-of-living and revenue compliance.
A clear theme across the budgets is the use of state tax settings to support housing suppl...
As trade policy changes continue to evolve, accelerate, pause and more, businesses worldwide have been experiencing disruption to supply chains and financial uncertainty over the past six months.
Does this now mark the beginning of a new period of stability, enabling more longer-term planning, or merely a new stage in this evolution of global trade.
Staying ahead of these changes is critical ...
KPMG's financial reporting webinar focuses on new accounting standards effective and available for early adoption, ASIC's focus areas and important regulatory updates that impact interim and annual financial reports at 30 June 2026.
We also share our experience and learnings from helping our clients with their preparation of December 2025 sustainability reports.
We provide a refresher on two ...
KPMG International hosted an online roundtable in February 2026 as part of the Global Responsible Tax Program.
Participants from business, academia, policy and civil society discussed how tax systems might respond to the growing impact of artificial intelligence, robotics and automation on the economy and labour market and what role tax can and should play in meeting social and business goals....
At a time when the economy is experiencing labour shortages, increasing labour force participation amongst experienced older workers could boost GDP by $29 billion.
The opportunity to better utilise experienced older workers comes as Australia slips from 17th to 24th globally in workforce participation among 55–64-year-olds.
According to OECD data, Australia's labour force participation...
Global growth is expected to moderate to 3.0 percent in 2026 before rising to 3.3 percent in 2027 from 3.4 percent in 2025 on a purchasing power parity basis. The forecast has been upgraded since May on expectations of lower peak oil prices and resilience in the largest economies.
Global inflation is expected to rise more sharply than in our previous forecast, reaching 4.8 percent in 2026 and ...
>The Federal Government, on 2 July 2026, introduced legislation (the Bill) which amends Australia's capital gains tax (CGT) rules for foreign residents, including transitional relief for renewable energy assets.
The introduction of the Bill follows the release of exposure draft legislation for consultation in April 2026.
Whilst the core architecture and intention of the draft legislation have...
The conflict in Iran has created ripple effects across energy, supply chains, and global markets.Executives should assess how these second‑ and third‑order effects impact investment timing, supply chain design, capital allocation, and risk posture — not just in theory, but in day‑to‑day operations.In this webinar, you'll gain insight into:the global economic and geopolitical shifts most likely ...
From tightening data expectations to the spread of real time digital reporting, indirect tax is moving rapidly up the corporate agenda.
Value Added Tax (VAT) and Goods and Services Tax (GST) are no longer seen only as compliance costs; they are now recognised as strategic issues that affect cash flow, risk, and the quality of financial data across the business.
The 2026 Indirect Tax Benchmark...
After months of tension, the United States (US) and Iran have reached a 14-point agreement aimed at de-escalating the conflict that has disrupted the Middle East and global markets since February.
US President Donald Trump signed the memorandum of understanding (MoU) at the G7 Summit in France, signalling a potential turning point in the conflict.
The deal opens the door to reopening the Stra...
The Consumer Price Index (CPI) has risen to 4.0 percent, down from 4.2 percent in the 12 months to April, while core inflation has risen to 3.6 percent from 3.4 percent.
According to the Australian Bureau of Statistics (ABS), the largest contributor to annual inflation in May was Housing, which rose by 6.5 percent, followed by the Food and non-alcoholic beverages and Transport categories, both...
You are invited to attend KPMG Australia's tax update on Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 released on 28 May 2026 containing amendments to the Australian capital gains tax (CGT) regime and negative gearing for residential property rules.
The Bill has been referred to the Senate Economics Legislation Committee for inquiry to report back by 22 June 2026 and may pass in its am...
On 18 June 2026, the Government announced its proposal in relation to the much anticipated carve-out for start-up businesses from its recent capital gains tax (CGT) reforms.
Background
The announcement and accompanying consultation paper follows the introduction of the first tranche of legislation in late May in respect of the CGT reform originally announced in the 2026-27 Federal Budget.
Th...
The 2026–27 New South Wales (NSW) Budget announces the removal of the 9 percent foreign purchaser surcharge duty for qualifying large-scale build-to-rent (BTR) developments and retirement village projects.
The exemption is intended to apply from 1 July 2026 and is directed at developments comprising more than 50 dwellings.
The NSW Government has framed the reform as a housing-supply mea...
The United States (US) Federal Open Market Committee (FOMC) – the policy setting arm of the Federal Reserve – voted unanimously to hold rates unchanged at the June meeting.
The statement that followed the decision was shorter and removed the bias to ease.
The new Fed Chairman Kevin Warsh took a victory lap with a shorter statement, which dropped all forward guidance. Those are two...
