ATO advice and guidance; Consultation opens on reforms to regulatory data standards development; Senate Committee recommends amendments to exclude tobacco, gambling from R&D Tax Incentive pass; OEC...
Consultation on News Bargaining Incentive draft legislation opens; APRA warns governance practices in regulated industries not keeping pace with AI adoption
Commissioner’s appeal allowed in Toowoomba Regional Council tax dispute; Senate committee releases report on inquiry into new auditing standard-setting body bill; Federal Government responds to com...
Headline inflation has jumped to 4.6 percent in March, up from 3.7 percent in February.
Despite the fact the war in Iran shows no signs of ending anytime soon, the result will give some comfort to the Reserve Bank of Australia (RBA) that Australia's inflation response to the Middle East conflict has been more muted than anticipated.
But core inflation still remains well above the RBA's target...
The Australian Taxation Office (ATO) has finalised the updates to Practical Compliance Guideline PCG 2019/1 Transfer pricing issues related to inbound distribution arrangements (PCG 2019/1) which outlines its compliance approach to 'inbound' Australian distributors.
The final PCG 2019/1 implemented all the changes that were proposed in PCG 2019/1DC and applies to income years ending after 22 A...
Without reform, and amid the world conflict and rising fuel costs, close to half (47 percent) of mid-market business leaders forecast no real growth for their organisations for the remainder of 2026.
This year's KPMG Mid-Market Pre-Budget Pulse Check surveyed over 150 mid-market businesses and found only 6 percent of respondents were optimistic about their growth prospects, predicting more tha...
We are supportive of the Federal Government's aim to improve the certainty of, and address inconsistent outcomes in, the foreign resident capital gains tax (CGT) rules. We acknowledge the need to clarify the foreign resident CGT rules on a prospective basis, consistent with previous Government announcements and consultations.
In considering reforms that affect foreign investment, it is critica...
Building on the momentum of last year's highly attended event, our focus is on helping you understand what matters now, what to plan for, what to monitor and how to act decisively as details evolve.
Date: Wednesday, 13 May 2026
Time: 9:00am - 10:00am AEST
Location: Webinar
Register here
Event highlights
Timely Budget analysis delivered the morning after the announcement.
Clear impa...
The world has been plunged into another economic crisis with the escalation of conflict in the Middle East that has shut the Strait of Hormuz, effectively reducing global oil supply by about 20 percent.
Fundamentally, the challenge with this current crisis relates to how long will the conflict with Iran last, and how quickly will oil markets return to "normal".
The oil futures market has been...
KPMG's Deals Tax and Tax Controversy practice will host a webinar to address the proposed non-resident CGT reforms.
See related article: Changes to Australian capital gains tax rules for foreign residents – draft legislation released
The proposed amendments significantly expand Australia's capital gains tax (CGT) base and go well beyond what had previously been announced.
Date: Frida...
The United Kingdom’s HM Revenue and Customs (HMRC), on 9 April 2026, published draft regulations on the Carbon Border Adjustment Mechanism (CBAM).
This is HMRC's second UK CBAM consultation of 2026.
The first sought views on draft legislation setting out the administrative requirements of this new indirect tax, along with provisions outlining the CBAM rate and carbon price relief (which...
China's economy reached total output of RMB 140 trillion in 2025, with real GDP growth meeting the official 5.0 percent target.
Yet, the headline numbers only tell part of the story.
KPMG's latest China Economic Monitor unpacks the underlying dynamics.
Overview
Exports grew 5.5 percent year-on-year and the trade surplus hit a record USD 1.2 trillion. Growth was increasingly driven by hig...
AI is no longer a future concept for tax functions.
It is already being used—sometimes well, sometimes not so well - and its impact is accelerating. The conversation is shifting from "what can AI do?" to "how do we use it safely, consistently, and at scale?"
Tax leaders are now facing a clear challenge: how to move from experimentation to real, defensible value, while meeting regulatory...
The United States' (US) consumer price index (CPI) jumped 0.9 percent in March, the fastest monthly increase since nearing the peak of the pandemic in June 2022.
The index jumped 3.3 percent from a year ago, its hottest annual pace since May 2024.
The three-month annualised pace, which better tracks momentum, rose 5.6 percent from 3.2 percent in February.
Every measure is in the wrong direct...
On 10 April 2026, draft legislation in relation to the Australian Government's proposed strengthening of the Australian capital gains tax (CGT) rules for foreign residents was released.
While the prior announcements proposed clarification and expansion of the foreign resident CGT rules on a prospective basis, the draft legislation now includes retrospective application of up to 20 years to pri...
The March Quarter 2026 edition of KPMG's Super Tax News covers the latest key superannuation tax updates including:
Division 296 Bills – passage through the Senate without amendments;
Division 296 – Release of draft regulations for public consultation;
Low Income Superannuation Tax Offset (LISTO) Changes;
Senate Committee's Report on the Operation of the Capital Gains Tax Disc...
With Europe's tax landscape evolving at speed, asset managers, banks and insurers are facing a level of change and scrutiny that is reshaping how they operate across the region.
Designed for Heads of Tax, Tax Directors, senior Finance leaders and other financial services decision makers, join our KPMG specialists as they share fresh insights on the tax initiatives poised to have the greatest i...
What is new?
New thin capitalisation rules applicable to infrastructure investments in New Zealand have been announced with the release this week of an Amendment Paper to the Taxation (Annual Rates for 2025-26, Compliance Simplification, and Remedial Measures) Bill, currently before Parliament.
As well as the thin capitalisation changes, the Amendment Paper includes several other remedial mea...
In a world where geopolitical tensions and economic shifts are unfolding rapidly, there's little time for business leaders to react - they are expected to anticipate disruption and act early.
This webinar features commentary from KPMG firm regional chief economists, KPMG's global geopolitics lead, and other senior advisors.
Speakers
Brendan Rynne, Asia Pacific Regional Chief Economist, KPM...
Last week, the Federal Government announced significant changes to both the fuel excise rate and the road user charge, in response to the rise in global fuel prices.
These changes effect a 32 cent per litre (or 61 percent) reduction to the fuel excise rate during the period from 1 April 2026 to 30 June 2026.
Whilst this delivers immediate cash flow relief at the bowser for both business...
KPMG invites you to our next Banking and Finance Tax Update on Thursday 23 April 2026.
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 ...
United States (US) February retail sales increased 0.6 percent, slightly above expectations for a 0.5 percent rise.
Excluding autos, retail sales advanced by a solid 0.5 percent, surpassing the consensus estimate of 0.3 percent.
Early tax refunds and a return to more seasonable weather encouraged shoppers to open their wallets.
Sales at motor vehicles...
With the release of the Australian Taxation Office's (ATO) draft Law Companion Rulings (LCRs) LCR 2026/D1–D4, employers now have a full view of the regulatory framework that will underpin Payday Super from 1 July 2026.
The draft rulings are comprehensive but, at a high level, they tell a clear story: Payday Super represents a structural shift toward real-time superannuation compliance, w...
Energy and Natural Resources, and Renewables (ENR) sector is one of the most critical sectors in the rapidly changing global economy. Organizations face new challenges from evolving market conditions, shifting industry practices, and complex global value chains.
As a spotlight on this sector continues to grow, transfer pricing is one of the key tax areas that is starting to get increase scruti...
Australia and the European Union (EU) have finalised a landmark Free Trade Agreement, slashing tariffs and opening significant new opportunities for exporters, importers and investors.
Highlights
Australia has secured a landmark Free Trade Agreement (FTA) with the European Union (EU), marking the successful conclusion of 8 years of negotiations.
Announced on 24 March 2026, the Australia-EU...
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 has increased substantially in recent years, both in sc...
In Tabcorp Maxgaming Holdings Limited v Commissioner of Taxation [2026] FCAFC 30 the Full Court has confirmed the decision of the Federal Court that Tabcorp was not entitled a deduction under the TOFA rules as a result of the circumstances in which its gaming license expired in 2012.
The background to the case is set out in our earlier article on the Federal Court Decision.
See related articl...
The United States (US) Supreme Court, on 20 February 2026, held that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were not legally authorised.
Consequently, US Customs and Border Protection (CBP) is developing new functionality in its Automated Commercial Environment (ACE) system to automate the process to refund these tariffs.
Executive summary
IEEPA tarif...
The monthly Consumer Price Index (CPI) data, released this week, reveals the economy had started to bounce back slightly in February from the recent resurgence in inflation, but the recovery is expected to be short lived.
The figures might seem like a glimmer of good news, but unfortunately bears little significance.
The oil crisis shock ricocheting through the economy right now is expected t...
Tax Controversy Compass is a webinar series by KPMG for multinational enterprises with cross-border operations in the Asia Pacific region, bringing together relevant KPMG experts from various jurisdictions in the region to provide perspectives on emerging tax risks and dispute trends in a fast-evolving tax controversy landscape.
Date: Thursday, 26 Mar 2026
Time: 1PM AEDT
Location: Webinar
...
The 31 December 2025 reporting cycle represents the first wave of mandatory AASB S2 reporting in Australia.
Early reporters highlight a focus on robust practices and compliance, particularly in governance and the integration of climate in risk management, signalling first-year efforts on establishing a base report ahead of deeper strategic and quantitative maturity.
All assurance opinions to ...
As employers prepare for the transition to Payday Super from 1 July 2026, a key consideration will be the effect on employees paid under Total Remuneration Package (TRP) arrangements, where superannuation is included in the total package value.
Under TRP arrangements, employer Superannuation Guarantee (SG) obligations are met from the TRP.
Because of the requirement under Payday Super that SG...
The US Federal Open Market Committee (FOMC) – the policy setting arm of the Federal Reserve – decided to pause on rate cuts for its second consecutive meeting.
The fed funds target held steady in the 3.5 percent to 3.75 percent range. The decision was accompanied by only one dissent.
Governor Stephen Miran dissented for the fifth consecutive meeting in favour more cuts.
The firs...
The Australian Taxation Office (ATO) has published its decision impact statement (DIS) on the landmark High Court case of Commissioner of Taxation v PepsiCo Inc & Anor [2025] HCA 30 (PepsiCo).
In PepsiCo, the taxpayers were narrowly successful in a 4:3 split decision, with the majority of the High Court dismissing the Commissioner's appeals, finding there to be no royalty withholding tax (...
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...
As widely expected, the Reserve Bank of Australia (RBA) lifted the cash rate to 4.1 percent, on Tuesday 17 March, for the only time in the last decade - outside of June 2023 and April 2025.
After a decade of low interest rates, pushing the cash rate into this territory will hit mortgage holders hard.
We know the last tightening cycle put considerable pressure on households and the impact will...
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...
Today's ESG landscape is shaped by differing national approaches.
Some jurisdictions are intensifying enforcement, while others are opting for simplification or even deregulation.
With so much global variation, how can organisations stay on top of the latest trends? How can you avoid misleading stakeholders – and running afoul of greenwashing rules?
This webinar aims to provide you:
...
