ATO advice and guidance; Legislative instrument registered specifying jurisdictions with qualifying GloBE taxes; More Australian businesses, less partnerships – ABS reveals seven Australian busines...
Australian R&D spending on AI more than doubled over 2023-24: ABS; Farm lending rose in 2023-24 as average interest coverage ratio rise to decade high; ATO warns Next 5,000 private groups with over...
Calling all transfer pricing enthusiasts - learn how you can unlock the untapped potential of AI in transfer pricing.
Join for a session that delves into the future of transfer pricing with AI embedded into the transfer pricing lifecycle.
KPMG professionals will discuss the burgeoning role and transformative impact of AI in the tax profession including the opportunities and challenges of rely...
The German Ministry of Finance, on August 8, 2025, published draft amendments to the Minimum Tax Act which would implement new OECD Administrative Guidance items from 15 December 2023, 24 May 2024, and 13 January 2025.
The draft legislation would also simplify individual anti-profit shifting regulations to avoid bureaucracy.
The following measures should be emphasised.
Minimum Tax Act
Flow...
The latest inflation data shows the jolt from the cessation and timing of cost-of-living support measures, specifically those associated with electricity rebates, has hit home – literally – in the month of July.
Headline consumer price index (CPI) jumped around 0.8 percent between the months of June and July 2025, largely off the back of a 13.1 percent increase in electricity costs...
Merchandise importers into the United States (US) may owe significantly increased duties when the US Customs and Border Protection (CBP) determines that customs values include not only the value of the goods, but also related royalty and license fees.
When it comes to US import duties, most importers recognise that tariffs are generally assessed against the imported merchandise’s dutiabl...
Every year, we slip into what are known as the “dog days of summer,” or the hottest and most uncomfortable days of July and August.
The name derives from ancient Greek and Roman astronomy.
It refers to the period when Sirius, the brightest star in the constellation Canis Major (the “Greater Dog”), rises before the sun.
The Romans referred to the star’s emergence...
The Q3 edition of the 2025 China Economic Monitor points out that in H1 2025, China’s GDP grew by 5.3 percent, exceeding the government’s 2025 growth target of ‘around 5 percent.’
Real GDP growth in Q2 reached 5.2 percent year-on-year, down 0.2 percentage points from Q1.
On a seasonally adjusted quarter-on-quarter basis, GDP grew by 1.1 percent, above the historical ...
The High Court of Australia, on 13 August 2025, handed down its judgment in respect of the Commissioner of Taxation’s (Commissioner) appeals of the Full Federal Court decision of PepsiCo, Inc v Commissioner of Taxation [2024] FCAFC 86.
In this highly anticipated decision, PepsiCo, Inc (PepsiCo) and Stokely-Van Camp, Inc (SVC) were narrowly successful in a 4:3 split decision.
The majority of the...
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: Tuesday, 9 September 2025
Time: 4:00pm - 5:00pm AEST
Location: Webinar
Register here
July retail sales rose 0.5 percent in the United States, a touch below the consensus expectation of up 0.6 percent.
June retail sales were revised upward to show a gain of 0.9 percent from the originally reported 0.6 percent.
Excluding autos, retail sales rose 0.3 percent, which was in line with the consensus.
Sales at motor vehicles and parts dealers rose 1.6 percent after rising 1.4 percen...
The Australian Taxation Office (ATO), on 20 August 2025, released its (almost) finalised guidance on restructures and the thin capitalisation and debt deduction creation rules (DDCR), Practical Compliance Guideline PCG 2025/2 (the PCG).
See related article:Third-party debt test and restructures in response to the thin capitalisation changes
The PCG outlines the ATO’s compliance guidance on the ...
The global competition for talent; evolving employee expectations; shifting regulatory demands; the rise of artificial intelligence; geopolitical uncertainty; economic volatility – what if yesterday's mobility playbook becomes today's competitive liability?
Leading organizations are reimagining global mobility not just as a logistical function, but as a strategic advantage in the race fo...
The United States (US) consumer price index (CPI) rose 0.2 percent in July, well in line with financial market expectations.
That translates to a 2.7 percent gain from a year ago, the same as the already elevated pace of June.
Food prices moved sideways, while food away from home increased by 0.3 percent.
Egg prices continued their descent, falling 3.9 percent during the month alone, but are...
The Taxable Payments Annual Report (TPAR) is a key reporting obligation for many Australian businesses, designed to help the Australian Taxation Office (ATO) track payments made to contractors.
If your business makes payments to contractors for services, you may need to lodge a TPAR each year. Industries to report include:
building and construction;
cleaning services;
courier services;
r...
KPMG welcomes the Federal Government's priority areas of improving productivity, building economic resilience, and strengthening budget sustainability, with tax reform as a consideration across all three areas.
We consider that the advancement of Artificial Intelligence (AI) and creating a secure and trustworthy framework for its use is fundamental to realising the full potential of AI across ...
This webinar will equip businesses with updates, practical insights, actionable strategies and effective tools to help successfully navigate the complexities of today's challenging landscape.
Topics include:
Understanding the current tariff environment: Gain clarity on the international tariffs landscape, an overview of recent trade deals and reciprocal tariff rates.
Market reactions and t...
The Australian Taxation Office (ATO), on 6 August 2025, released a draft practical compliance guideline on low-risk payments relating to software arrangements, Draft Practical Compliance Guideline PCG 2025/D4 (PCG 2025/D4 or the PCG).
The stated purpose of PCG 2025/D4 is to provide "certainty about when the ATO will not review software arrangements to determine whether any part of a cross-bord...
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...
With Pillar Two compliance deadlines approaching fast, business leaders can turn a new legal obligation into a competitive advantage by reimagining their approach to tax governance and refining or redesigning their target operating model.
To meet Pillar Two requirements, companies must generate, gather and manage more data than ever before.
The ability to leverage these expanded data sets can...
In today's geopolitical and economic environment, tax leaders are under increasing pressure to deliver more while navigating complexity, driving transformation, and maintaining compliance.
Join us for the next instalment of KPMG ASPAC Tax Reimagined webcast series where we explore how leading tax functions are responding to these challenges with innovation, agility, and strategic foresight.
...
The global tax landscape continues to evolve rapidly. In June, the G7 reached an agreement that could lead to profound changes to Pillar Two.
In July, United States (US) President Trump signed into law the One Big Beautiful Bill Act, making significant changes to the US corporate tax system.
Businesses are continuing to grapple with how to respond to EU and Australian requirements to publish ...
Australian retail sales rose 1.2 percent in June, following a rise of just 0.5 percent in May, according to figures released by the Australian Bureau of Statistics (ABS).
The higher than anticipated increase in retail spending was largely due to end of financial year sale events, more purchases of winter clothing and the release of new products, like the highly anticipated launch of the Ninten...
The event will also share insights from our recent experience.
Date:Thursday, 21 August 2025
Time:12:30pm - 2:00pm AEST
Location: Webinar
Register here
Yesterday's June quarter CPI data shows core inflation is now trending annually at 2.7 percent, down from 2.9 percent in the March quarter, effectively giving the green light for the Reserve Bank of Australia (RBA) board to drop the cash rate at its next meeting in August.
The fall in headline inflation from 2.4 to 2.1 percent should give further comfort to the RBA that inflation is on track t...
With each new episode, KPMG Talking Tax will delve into a specific topic of interest for tax leaders, breaking down complex concepts into insights you can use, all in under five minutes.
See recent episodes
Talking Tax: Inclusive Framework plenary meeting
Talking Tax: Important developments in relation to the United Nations
Talking Tax: Artificial Intelligence
Talking Tax: Taxation and...
The United States (US) Federal Open Market Committee (FOMC) – the policy making arm of the Federal Reserve – is widely expected to hold rates unchanged at its meeting on 29-30 July.
Inflation has picked up slightly, especially in some of the most tariff-sensitive sectors, while unemployment remains historically low.
A flurry of economic data is due out this week, including the fir...
2025 is undoubtedly a year of significant change!
In the dynamic world of financial services, the future remains uncertain and exciting.
Tax policy continues to evolve apace and this, combined with the speed of technological change, is transforming what is already a complex landscape.
What does this mean for financial services institutions?
How best can they navigate the challenges in the m...
The June Quarter 2025 edition of KPMG's Super Tax News covers the latest key superannuation tax updates including:
positions in relation to shares or interests in shares;
Division 296 tax changes;
removal of proposed section 899 from the 'One Big Beautiful Bill' (OBBB);
fees for personal advice;
updated withholding tax schedules applicable from 1 July 2025 – superannuation benefits...
The United States' June retail sales rose 0.6 percent, a surprise to the upside as market expectations were for a 0.1 percent rise.
That reflects a rebound from the 0.9 percent drop in May.
A relaxation in consumer worries and improvement in sentiment prompted households to open their wallets.
The strength in the June report was broad-based with many categories posting gains.
Sales of motor...
In today's evolving world where technological advancements are reshaping every aspect of our lives, the landscape of indirect taxes is no exception.
From the rise of artificial intelligence (AI) to the proliferation of electronic invoicing (e-invoicing), these innovations are not only transforming how businesses operate but also how governments collect and manage taxes.
As we look towards 203...
This global webcast features KPMG tax and private client leaders from the United Kingdom, Switzerland and the United States, sharing insights into the outcome of the One Big Beautiful Bill and its potential impact on those private clients outside of the US.
Suggested audience: Heads of Tax, Tax Directors, Private Bankers, Family Office executives, those in financial services institutions and o...
The Australian Taxation Office (ATO) has released draft guidance which outlines the ATO's transitional approach and expectations in relation to the new Australian Pillar Two lodgement obligations as PCG 2025/D3.
The Australian lodgement obligations comprise the following:
GloBE Information Return (GIR);
GIR foreign notification form (FNF) – if the GIR is lodged overseas;
Income Incl...
Newly released Australian Bureau of Statistics (ABS) data paints a mixed picture of the housing market, with both challenges and promising signs for the future of housing supply and affordability.
According to the latest figures, the number of homes completed in the last quarter fell to 43,517, down from 45,521 (in seasonally adjusted terms) in the previous quarter, highlighting ongoing supply...
The United States' (US) consumer price index (CPI) rose 0.3 percent in June, more than triple the pace of May, and the strongest monthly gain since January.
That translates to a 2.7 percent gain from a year ago, up from 2.4 percent last month and the hottest annual rate since February.
Food prices at and away from home rose 0.3 percent. Food at home moved up 0.3 percent with gains in three of...
Taxpayers will be digesting for some time the US$4.5 trillion tax title of the 940-page so-called 'One Big Beautiful Bill' (OBBB), signed by the United States (US) President on 4 July 2025.
The bill left the corporate rate untouched, but it repealed or phased out the IRA energy credits, reformed somewhat the international tax system, and renewed and extended various business tax preferences, s...
Please join us for a global webcast to hear KPMG tax and private client leaders from the United Kingdom, Switzerland and the United States, share insights into the outcome of the One Big Beautiful Bill and its potential impact on those private clients outside of the US.
Date: Tuesday 15 July 2025
Time: 11:00PM AEST
Location: Webinar
Register here
Speakers will include:
Greg Limb, Gl...
The latest KPMG Commercial Property Market Update shows that the downturn in the Australian commercial property market has appeared to have made a U-turn, with two out of three key sectors now recording positive returns.
According to the report, the office sector returns remain negative but has appeared to have bottomed out, as such KPMG maintains a degree of optimism about the long-term deman...
The global tax transparency landscape is undergoing a significant transformation.
The European Union and Australia require large multinational enterprises (MNEs) to publicly disclose key tax and operational data under the public country-by-country (CbC) reporting rules.
Some businesses have already been facing disclosure obligations as early as 2024, covering the previous financial year.
The...
