ATO seeks leave to appeal foreign resident capital gains tax decision; Productivity Commission publishes final reports on five pillars of productivity inquiries; Government consults on Better Targe...
ATO advice and guidance; Government releases 2025-26 Mid-year Economic and Fiscal Outlook; Bill to ensure correct Help to Buy tax outcomes passes WA Parliament; Victoria SRO publishes updated rulin...
Consultation opens on CSLR professional indemnity insurance; Draft legislation on improving business registers released for consultation; Government opens consultation for electric car discount sta...
With processing times for the Skills in Demand visa now being up to seven months from the date of lodgement, Australian businesses face a lengthy wait to hire offshore talent.
How we got here
Back in September 2022, the Jobs and Skills Summit brought together key stakeholders, including unions, employers and governments, to address their shared economic challenges.
One of the key discussion ...
We strive to contribute to the debate that is shaping the Australian economy and welcome the opportunity to provide a submission in response to the Board of Taxation's Red Tape Reduction Review.
KPMG recognises that an efficient, transparent, and proportionate regulatory framework is critical to maintaining the integrity of the tax system while supporting business productivity and economic gro...
October retail sales came in flat after being revised up to 0.1 percent for September.
The outcome fell short of the consensus forecast for a 0.1 percent gain. Excluding autos, retail sales increased by 0.4 percent for the month, topping market expectations but consistent with estimates from credit card companies. Revisions were to the upside, which leaves us in stronger footing entering the q...
Payday super – the future of superannuation payments
The biggest headline of the year? The Payday Super reforms.
In November, legislation passed requiring employers to contribute superannuation at the same time as wages, rather than quarterly. This change kicks in from 1 July 2026, but planning should have started!
Key changes
Super contributions due within seven business days of pa...
It was confirmed in United Kingdom’s Autumn Budget 2025 that the country’s much heralded Carbon Border Adjustment Mechanism (UK CBAM) will come into force on 1 January 2027.
The idea is that the UK CBAM will impose a carbon price on certain imported goods so that they bear a comparable carbon price to similar goods produced domestically under the UK Emissions Trading System (ETS).
...
The Australian Taxation Office (ATO) has released its proposed updates to Practical Compliance Guideline PCG 2019/1, which provides transfer pricing guidance for inbound distributors.
The proposed changes, outlined in the draft PCG 2019/1DC, are open for comment until 13 February 2026.
Key proposals include reductions in EBIT profit markers for Life Sciences and Information and communication ...
The Australian Taxation Office (ATO) has finalised its guidance for ATO staff which must be considered when applying the Commissioner's discretion for granting an exemption from Australian public country-by-country (CbC) reporting obligations.
Practice Statement Law Administration PS LA 2025/2 (the PS LA) is a finalisation of the draft guidance released earlier this year, PS LA 2025/D1.
For b...
The United States (US) Federal Open Market Committee (FOMC) narrowly voted to cut rates another quarter point, which lowered the target range on the fed funds rate to 3.5 percent - 3.75 percent.
The vote was contentious with dissents in opposite directions for a second meeting in a row.
Governor Stephen Miran, who is on leave from his job at the helm of the Council of Economic Advisers at the...
The Reserve Bank of Australia (RBA) has kept the cash rate on hold, dashing any glimmer of hope of Christmas rate relief.
While it might not be the news mortgage holders were looking for, the RBA was right in holding off on any change to the cash rate, be that up or down.
We believe the RBA should not hike rates early in the new year but instead continue to wait for the next few months to bet...
The Victorian State Revenue Office (SRO) recently published its 2024-25 compliance results and 2025-26 compliance areas of focus. The relevant property and transactions focus areas are summarised below.
Compliance Focus Areas for 2025–26
Land Transfer Duty
Focus on property transactions that have a high risk of misclassification, specifically:
related party transactions; and
exempt...
Highlights
UK GDP growth momentum is expected to slow in 2026, as a weakening labour market is set to keep consumer spending sluggish.
The UK Chancellor avoided significant tax increases on businesses, resulting in a more positive near-term outlook for investment. Private sector investment is expected to be driven by investment in green energy and data centres, while public sector investmen...
This is the question considered in the recent case of XLZH v Commissioner of Taxation [2025] ARTA 2154, where the Administrative Review Tribunal (ART) examined whether pre-capital gains tax (CGT) status can be retained when shares are held through a discretionary trust.
The ART found the answer to this question was 'yes' and held that changes in the trust distribution patterns did not trigger ...
The report points out that in the first three quarters of 2025, China's real GDP grew by 5.2 percent year-on-year (YoY), 0.4 percentage points higher than for the same period last year, indicating solid progress toward the full-year growth target of 'around 5 percent'.
However, on a quarterly basis, economic momentum softened in Q3.
As policy priorities shifted towards addressing involution c...
The Australian Taxation Office (ATO) continues to publish administrative materials ahead of the first due date for Australian Pillar Two filings in just over 6 months' time.
Australian Pillar Two lodgement obligations
To recap, the Australian Pillar Two lodgement obligations comprise the following:
GloBE Information Return (GIR);
GIR foreign notification form – if the GIR is lodged ...
The Organisation for Economic Cooperation and Development (OECD) has released updates to its Model Tax Convention Commentary, clarifying permanent establishment (PE) rules for employees working remotely from their home countries.
Remote work requests have for some time created uncertainty about tax risks for employers when employees work from a different country to where they are primarily emp...
How does your global mobility program compare against industry leaders, and how are others responding to market trends?
KPMG Global Mobility Services professionals have compiled and analysed insights from 456 multinational enterprises across 29 jurisdictions and 12 industries as part of the 2025 KPMG Global Mobility Benchmarking Survey initiative.
See report: 2025 KPMG Global Mobility Benchma...
Tax increases were widely expected in the United Kingdom (UK) Budget, and for business these have mainly come in the form of a reduction in the writing down allowances available for (mainly historical) capital expenditure, changes to gambling duty targeting online betting, and amendments to the VAT rules applicable to private hire vehicle operators.
Tax giveaways are unsurprisingly more limite...
The United Kingdom (UK) Chancellor has confirmed the UK Government will press ahead with granting His Majesty's Revenue and Customs (HMRC) new powers to require certain taxpayers to file an annual International Controlled Transactions Schedule (ICTS).
This will capture standardised information on cross-border related party transactions and will be used for both automated and manual risk assess...
European tax policy continues to evolve in response to a changing global policy and economic landscape.
As policymakers continue to focus on simplification and competitiveness, businesses will be watching closely to understand the direction of EU tax reform and how it may impact them.
As the Cypriot presidency prepares to take office in January 2026, our upcoming EU Tax Perspectives discussio...
Economic and geopolitical uncertainty, evolving regulatory demands, and disruptive new technologies are redefining the global mobility landscape.
Now is the time to rethink how we access and deploy the best talent, wherever it may be, while maintaining control and enhancing compliance.
Forward-focused mobility leaders are seizing the opportunity to transform their roles, using their seat at t...
In tax philosophy (yes, there is such a thing), one of the key principles is certainty.
For many, this is obtained through the operation of the limitation of amendment provisions.
The certainty is that after a defined period, your tax return (or assessment) cannot be re-opened by the Commissioner of Taxation even if it contains errors.
Over time, this period has changed.
About 20 years ago,...
During this session, we will look at the controversies in transfer pricing - whether they concern intangibles, service charges, or overall business models - are deeply rooted in intricate economic scenarios.
Date: Thursday 11 December 2025
Time: 2:00AM AEDT
Location: Webinar
Register here
Throughout this session, we intend to explore the varied approaches taken by tax authorities and d...
United States (US) nonfarm payrolls rose by 119,000 in September while July and August were downwardly revised by 33,000.
We now have two months of the year with negative prints, June and July.
The three-month moving average rose to 62,300, which is double what we saw in August but not enough to hold the unemployment rate in check.
The unemployment rate rose to 4.4 percent from a low of 4.1 ...
Standards on issue outlines all standards issued by the Australian Accounting Standards Board (AASB) and the International Accounting Standards Board (IASB® Board) which will be applicable for the first time or available for early adoption for years ended on or after 31 December 2025 and beyond.
Our summary will assist preparers of financial reports to:
ensure all AASBs that are mandato...
The United States' (US) trade deficit narrowed by 23.8 percent in August to $59.6 billion, reversing a jump in July.
A -5.1 percent drop in imports drove the narrowing, as new trade policy changes came online in August, including the bulk of announced Liberation Day tariffs.
Wholesalers drained inventories to compensate for lower imports.
The headline data masks some of the gross domestic pr...
This update focusses on preparing for interim and annual financial reporting at 31 December 2025.
In our webinar we discuss:
new accounting standards and IFRIC agenda decisions effective for 31 December 2025;
important regulatory updates, including ASIC’s focus areas;
accounting for lease modification;
updates on Australian sustainability reporting; and
forthcoming standards and a...
The United States Congress narrowly passed legislation to fund the Government through 30 January 2026.
Left unresolved, however, were any of the issues behind the opposition of Democrats that were the cause of the government shutdown, raising the potential for further difficulties ahead.
The Internal Revenue Service (IRS) meanwhile, is fully back in operation but still without a Chief Counsel...
KPMG welcomes the release of the Draft Practical Compliance Guideline (PCG) and the opportunity to provide input on the first year Australian Taxation Office (ATO) compliance approach.
KPMG’s expertise in assisting our clients with payroll and superannuation compliance over a number of years has informed us in developing this response.
Our response is also informed by KPMG as an employe...
The Pillar Two joint venture (JV) concept, first set out in the 2021 Model Rules, might be viewed as a narrowed version of the original idea, in the 2020 Pillar Two Blueprint, to subject associates (in which a multinational enterprise (MNE) had a 20 percent and above holding) to Pillar Two tax.
The Pillar Two JV concept is quite particular and can differ from the JV concept under accounting st...
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: Wednesday 3 December 2025Time: 9:00am - 10:00am AEDTLocation: Webinar
Register here
Australia's unemployment rate has dropped to 4.3 percent after rising to 4.5 percent in September, with the number of people employed increasing by 42,200, driven by a surge in full-time employment of 55,300 jobs.
The labour force data from the Australian Bureau of Statistics (ABS) paints a more positive picture than last month.
The figures show that the labour market is proving resilient.
D...
The United States (US), on October 26, announced trade agreements with Cambodia and Malaysia and framework agreements with Thailand and Vietnam.
Although the agreements primarily impact bilateral trade between these countries and the US, and particularly the rate of customs duties imposed, various provisions and statements focus on other tax issues.
Digital Services Taxes
The Cambodian and M...
In case you missed it, there was a relatively big case decided in May this year on the deductibility of work from home expenses.
The Australian Taxation Office (ATO) has lodged an appeal to the Federal Court.
This article provides a quick recap of the case and its relevance to your own individual tax return with a 'watch this space' for the appeal.
Overview
The recent Administrative Review ...
Payday Super has completed its passage through Parliament paving the way for substantive reform to the Superannuation Guarantee landscape.
In our latest webinar we will explore:
a recap of what Payday Super is about, and when it takes effect;
the key changes from the exposure draft to the final Bill;
the short-term safe harbour being offered in the draft version of PCG 2025/D5 Payday Supe...
In the current constantly changing global landscape, businesses worldwide are increasingly seeking to keep on top, understand and develop holistic strategies to help optimise incentives, grants and tax credits and taking into consideration environmental, social and governance initiatives, Pillar Two and changing global tax policies.
To help ensure, businesses do not lose track of such initiati...
President John F. Kennedy first coined the phrase "a rising tide lifts all boats" in a 1963 speech.
The problem is that all boats do not rise with the tide.
Some are not seaworthy, others are anchored in place and too many lack the means to own a boat.
That seemed an apt metaphor for where we are.
The economy is powering forward, aided by a boom in AI, or arms race, as many in Washington se...
KPMG invites you to our next Banking and Finance Tax update.
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.
Date: Thursday, 27 November 2025
Time: 1:00pm - 2:00pm AEDT
Location: Webinar
Register here
Further details of the topics and speakers wi...
While the first Pillar Two filings are due in Australia in mid-2026, many in-scope multinational groups with offshore operations may be subject to earlier deadlines in some foreign jurisdictions – for Pillar Two registrations, tax payments and tax returns.
Imminent top-up tax payment and filing deadlines
Whilst the vast majority of jurisdictions have a due date for the first Pillar Two ...
As widely anticipated, the Reserve Bank of Australia (RBA) has kept the cash rate unchanged at the marginally restrictive level of 3.60 percent.
The beyond 'material miss' inflation result for the September quarter all but sealed this outcome last week.
KPMG's forecast suggests supply factors still dominate inflation, but demand factors rebounded in the quarter.
High interest rates had previ...
