Consultation guide released for review on Australia’s thin cap reform; Legislation update: List of jurisdictions with qualified taxes under GloBE rules amended; Treasury publishes submission on pro...
Financial institutions advised to ‘focus on resilience’ as global financial stability risks rise; ASIC consults on registered managed investment scheme responsible entities’ NTA requirement
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:
...
With the Australian Taxation Office and State Revenue Offices intensifying their compliance and enforcement and Payday Super launches in July 2026, managing your employment tax obligations has become increasingly fast-paced and transparent, and therefore more governance-focused.
So, while this webinar will give you all the latest updates, we'll also share our insights on employment tax governa...
United States (US) payroll employment dropped by 92,000 in February after a modest downward revision to 126,000 payroll gains last month.
The three-month moving average on job gains fell to 6,000 in February from 50,000 in January.
The economy shed jobs in the fourth quarter of 2025 when more than 150,000 federal workers rolled off the payrolls on 1 October.
Public sector payrolls shed 6,000...
The Australian Taxation Office (ATO) has released the finalised Australian Public Country-by-Country (CbC) Report form and instructions, ahead of the first lodgements due by 30 June 2026.
This latest release is the final formal piece of the ATO's implementation of the new Public CbC reporting rules, with multinational groups now having all they need to prepare and submit their first Pub...
Australia's latest gross domestic product (GDP) data contained some welcome news, with the economy growing by 0.8 percent in the December quarter, faster than expected.
This translates to 2.6 percent annual growth for 2025, which is somewhere close to trend.
GDP per capita also increased by 0.4 percent over the quarter to end up 0.9 percent higher for the year.
However, a closer look under t...
While there have been significant Pillar Two developments at the Organisation for Economic Co-operation and Development (OECD) level, there has also been a number of Australian updates.
These include:
finalised rules for exemptions from filing Australian Pillar Two returns;
Australia signing the Pillar Two Multilateral Competent Authority Agreement on the Exchange of GloBE Information (GIR...
Banking taxes sit at the centre of Europe's financial system - driving stability, shaping policy, and directly influencing how banks compete and grow.
With nearly half of European Union (EU) member states introducing new bank taxes since 2022, and wide variation in how those taxes are designed and applied, the tax landscape has become a defining force in how institutions manage risk, deploy ca...
Today's mobility leaders are navigating a dynamic world of rapid change and unprecedented complexity - challenging them as never before to redefine mobility's efficiency, responsiveness and audit-readiness.
Welcome to Part 2 of 'See it differently' a timely three-part series featuring informed insights from KPMG global mobility professionals on the trends, challenges and opportunities that mob...
The United States (US) Supreme Court (SCOTUS), on 20 February 2026, held that the US President cannot use the International Emergency Economic Powers Act (IEEPA) to impose tariffs (also referred to as customs "duties").
The Court ruled 6-3 that the statute, which authorises the US President to "…regulate... importation" of property to address an unusual or extraordinary threat, does not...
The Hong Kong Financial Secretary delivered the 2026-2027 budget on 25 February 2026.
While the budget does not propose any changes to profits tax rates for 2026-2027, it does include proposals related to profits tax, salaries tax, and other taxes such as property tax, stamp duty, and hotel accommodation tax.
Profits tax
standard tax rate for corporations remains at 16.5 percent, and for u...
The Federal Government has released the Treasury Laws Amendment (Payday Superannuation) Regulations 2026 (Payday Super Regulations), providing the long-awaited details supporting the transition to Payday Super from 1 July 2026.
The Government has advised that these regulations are designed to ensure operational efficiency, as employers move from quarterly Superannuation Guarantee (SG) payments...
Headline inflation has remained steady at 3.8 percent in January, unchanged from December.
While core inflation, which is the Reserve Bank of Australia's (RBA) preferred measure, rose to 3.4 percent, up from 3.3 percent in December - and is still well above the RBA's target band.
The largest contributor, housing, up 6.8 percent, followed by food and non-alcoholic beverages, up 3.1 percent, an...
The Organisation for Economic Co-operation and Development (OECD), on 20 January 2026, held a public consultation in Paris to gather stakeholder input on the tax challenges arising from global mobility and remote work.
A consistent message emerged: existing tax and social security frameworks are overly complex, poorly aligned across jurisdictions, and no longer fit for modern working patterns....
For Australian customs purposes the value of imported goods is typically calculated by the 'transaction value'.
That is, the price actually paid or payable in the contract of sale for the importation of the goods into Australia, plus price related costs.
Transfer Pricing adjustments
In circumstances where a purchaser and vendor are related parties, the importer may be required to demonstrate...
The United States' (US) trade deficit expanded 32.6 percent in December to $70.3 billion, much more than market expectations for a lateral move.
High-frequency trade data had shown more import activity at the tail end of the year.
The deficit in dollar terms increased US$17.3 billion after a US$24.3 billion expansion in November.
That is the second largest two-month change in the trade defic...
Singapore's Budget 2026 makes a greater shift from broad-based economic expansion towards purposeful, high-impact growth that strengthens national resilience and deepens technological capabilities.
The key tax measures are outlined below.
Corporate Income Tax (CIT) Rebate for Year of Assessment (YA) 2026
CIT Rebate of 40 percent of tax payable will be granted for YA 2026;
companies that a...
Our Guides to financial statements help you to prepare financial statements in accordance with IFRS Accounting Standards by illustrating one possible format.
Our Guide to annual financial statements – Illustrative disclosures for investment funds is based on a fictitious tax-exempt open-ended single-fund investment company, which is not a first-time adopter of IFRS Accounting Standards.
...
The year opened with its first tax controversy to reach the High Court steps, with the Commissioner of Taxation (Commissioner) filing a special leave application on 2 January 2026 to challenge the Full Federal Court's decision in Commissioner of Taxation v Hicks [2025] FCAFC 171.
Delivered on 3 December 2025, Derrington, Feutrill and Hespe JJ unanimously dismissed the Commissioner's appeal in ...
While unemployment rates provide a high‑level snapshot of labour market conditions, geographical, industry and skills differences are also critical in shaping the overall state of Australia's labour market.
KPMG's analysis examines these industry and regional dynamics to better understand the forces influencing labour demand and supply. Our detailed assessment highlights the underlying factors...
New thin capitalisation rules enacted in 2024 have substantially changed the framework under which non-financial taxpayers can use debt financing in Australia.
The legislation implementing these changes included a late addition by the Senate for an independent review to be conducted of the operation of the thin capitalisation amendments, with the review to commence no later than 1 February 202...
Join KPMG for our first Payment Times Reporting webinar of the year, where we will explore the latest updates to the Payment Times Reporting Act and share practical insights from completing two successful submissions.
Date: Tuesday, 17 February 2026
Time: 11:00am - 12:00pm AEDT
Location: Webinar
Register here
We will also highlight emerging trends and provide tips and tricks to help yo...
Heightened competition for talent, AI's revolutionary impact, the pressing need to manage costs and compliance, the accelerating pace of change.
Critical, time-sensitive challenges are in sharp focus today as global mobility looks to transform its efficiency and enhance its strategic business role.
Welcome to 'See it differently', a three-part series offering timely insights from KPMG global ...
National house prices rose 8.6 percent and national unit prices rose by 7.3 percent in 2025, exceeding our earlier forecasts.
KPMG expects housing momentum to remain solid through 2026, with national house values rising by 7.7 percent and national units by 7.1 percent.
This outlook is supported by stabilising financial conditions and a degree of tightness in supply.
Furthermore, the affordab...
KPMG Australia's Graduate Program is designed to give students the opportunity to begin their careers in a structured and supportive environment.
Graduate applications for the 2027 intake open on 16 February 2026, making now an ideal time to start exploring what a career at KPMG could look like.
A tax career at a firm like KPMG is highly diversified; graduates may find themselves working acro...
Job openings declined through 2025 in the United States (US).
There were 6.5 million jobs available at the end of December, according to the latest Job Openings and Labour Turnover Survey (JOLTS).
The November jobs were revised down to 6.9 million from 7.1 million. The rate of job openings declined to 3.9 percent, the lowest rate in more than eight years apart from losses in March and April 2...
KPMG supports the Community Benefit Principles as a proportionate, outcomes focused framework to ensure Future Made in Australia (FMiA) support delivers meaningful, transparent benefits for local and First Nations communities, regional workforces and supply chains.
The Community Benefit Principles are relevant to the Critical Minerals Production Tax Incentive and Hydrogen Production Tax Incent...
These regulations, which have taken effect alongside the VAT Law as of 1 January 2026, provide detailed provisions on tax rates, tax payable, incentives and administrative procedures for implementing the VAT law.
Key areas of change include:
clarification of the circumstances that constitute domestic consumption of services and intangible assets;
explanation of applicable tax rates and col...
