ATO advice and guidance; Consultation opens on second tranche of CGT, negative gearing reforms legislation; Consultation opens on second tranche of CGT, negative gearing reforms legislation
ATO advice and guidance; ATO update: Guidance on income tax, GST treatment of renewable energy project compensations; Strait of Hormuz closure drives largest quarterly increase in final demand sinc...
Legislation outlining HPTI grid matching requirements registered; Strait of Hormuz closure causes biggest rise in import prices in nearly half a decade: ABS
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 pe...
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...
National house prices rose 5.5 percent and national unit prices rose by 6.6 percent over the year to the June quarter 2026, falling short of our earlier forecasts and showing a clear slowdown from the strong growth recorded in late 2025.
KPMG now expects weakness to persist through 2026, with national house values falling by 1.1 percent and national units rising by 2.2 percent.
This represent...
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...
This month's payment times reporting (PTR) update explores how organisations can strengthen the robustness and audit readiness of PTR frameworks amid increasing regulatory scrutiny.
The update highlights key areas that may attract regulator attention, including governance, methodology consistency, data traceability, supporting evidence and reporting controls, while introducing a practical matu...
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...
Held under the Chatham House Rule, the discussion brought together policymakers, business representatives and civil society voices.
The article below summarises the personal views expressed and does not necessarily represent the position of any organisation, including KPMG International Limited or any KPMG member firm.
Executive summary
There was broad agreement that, despite imperfections...
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...
Tax Controversy Compass is a webinar series by KPMG for multinational enterprises with cross-border operations, bringing together relevant KPMG specialists from New Zealand, Australia and Singapore to deliver jurisdiction-specific perspectives on emerging tax risks and dispute trends in a fast-evolving tax controversy landscape.
Date: Thursday, 30 July 2026
Time: 12:00pm – 1:00pm (AES...
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...
KPMG Australia (KPMG) welcomes the opportunity to provide a submission in response to the consultation on the Innovative Business CGT Concession (IBCC).
We welcome the introduction of the IBCC as a means of encouraging early investment in innovative activity.
We recommend the key refinements outlined below to ensure the measure provides effective support:
The IBCC should be designed so the...
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 ...
The easing of the Iran conflict through the recent signing of a Memorandum of Understanding between the United States (US) and Iran has reduced, but not eliminated, one of the most significant risks facing the world economy so far in 2026.
The escalation of the Iran conflict earlier in the year drove a sharp spike in global oil prices, with spot prices rising above US$100 per barrel at their p...
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...
Executive summary
As the market moves beyond the recent cycle of volatility, we are seeing clearer divergence across sectors.
Retail has strengthened, industrial remains underpinned by long-term demand drivers, while office continues to adjust to hybrid work and AI-driven change.
The next phase will be defined by how these structural shifts intersect with persistent interest rate and inflati...
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...
The Queensland 2026-2027 Budget was delivered on 23 June 2026 by the Honourable David Janetzki MP, Treasurer, Minister for Energy and Minister for Home Ownership.
The Budget contains no new or increased taxes, with a focus on cost-of-living measures for Queenslanders (e.g. the Energy Roadmap Price Drop, freezing increases to water costs, Back to School Boost, Play On! Sports Vouchers and perma...
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...
This is Part II of our two-part article on permanent establishment (PE) risk in a remote work era.
To better understand how jurisdictions interpret and apply PE concepts in the context of remote working - including in light of the 2025 OECD Model Tax Convention (MTC) Commentary - KPMG's EU Tax Centre conducted a survey in March 2026 of KPMG Member Firms in 63 jurisdictions worldwide, building ...
Australian mortgage holders will be breathing a sigh of relief, after three rate rises in a row.
However, Tuesday's decision by the Reserve Bank of Australia (RBA) Board to pause movement on rates, is likely to be short lived.
Register for an upcoming webinar: Upcoming webinar: Global Economic & Geopolitical Outlook – June 2026
With the Iran conflict seemingly winding down and ...
Key takeaways
China's economy made a strong start to 2026, supported by front-loaded policy easing and resilient external demand. Real GDP grew 5.0 percent year on-year (YoY) in Q1, accelerating by 0.5 percentage points from Q4 2025 and reaching the upper bound of the official '4.5 percent–5.0 percent' growth target range set at the annual "Two Sessions". Two structural developments st...
Australian Capital Territory (ACT) Treasurer Chris Steel delivered the Territory's 2026 Budget on Wednesday 10 June 2026.
The Budget includes a package of revenue measures focused on housing affordability and housing supply, with the key changes being eliminating stamp duty for first home buyers, no further payroll tax changes, and selected changes to rates, motor vehicle duty and levies.
Alt...
The United States' (US) consumer price index (CPI) rose by 0.5 percent in May, after jumping 0.6 percent in April.
The most recent move pushed the overall index up 4.2 from a year ago, its hottest pace since Spring 2023.
The three-month annualized rate, which better tracks momentum, has risen to 8.2 percent in May from 7.3 percent in April.
That is the hottest three-month pace since Septembe...
