ATO advice and guidance; Government publishes Homes for Australia framework, consults on housing supply regulation; Flight cancellations, scaling back of travel drove down April household spending:...
ATO advice and guidance; Legislation update: CGT, negative gearing, income tax rate adjustments bill introduced; Legislation update: Bill to abolish ‘nuisance tariffs’ introduced to Parliament; APR...
ATO advice and guidance; Draft legislation on hydrogen producer tax incentive grid matching released for consultation; Nearly three-quarters of businesses negatively affected by Strait of Hormuz cl...
Consultation opens on proposed FY2026-27 Financial Institutions Supervisory Levies; Victoria’s revenue office releases rulings related to land transfer duty
KPMG has prepared a submission in response to the Board of Taxation's (BoT) 'Statutory review of Australia's thin capitalisation reforms'.
The new thin capitalisation rules are relevant to a large and diverse segment of the taxpayer community.
As such, this review is essential to independently determining whether the rules operate and produce outcomes in line with their intended policy object...
Inflation has tempered to 4.2 percent year-on-year from 4.6 percent, according to the latest data from the Australian Bureau of Statistics (ABS), but on a monthly basis headline consumer price index (CPI) only rose by 0.4 percent compared to March's monthly inflation lift of 1.1 percent.
What's most concerning is the fact that core inflation remains stubbornly high, ticking up albeit slightly ...
With the capital gains tax changes to be introduced to Parliament shortly, in a series of short articles we set out what we will be looking out for in terms of how Treasury has implemented the principles set out in the Budget night 'Tax Explainers'.
See previous articles in this series:
What to look for when the capital gains tax changes are introduced to Parliament
Capital gains tax chang...
With the capital gains tax changes to be introduced to Parliament shortly, in a series of short articles we set out what we will be looking out for in terms of how Treasury has implemented the principles set out in the Budget night 'Tax Explainers'.
See previous articles in this series:
What to look for when the capital gains tax changes are introduced to Parliament
Capital gains tax chang...
With the capital gains tax changes to be introduced to Parliament shortly, in a series of short articles we set out what we will be looking out for in terms of how Treasury has implemented the principles set out on the Budget night Tax Explainers.
See previous articles in this series:
What to look for when the capital gains tax changes are introduced to Parliament
Capital gains tax changes...
The Tasmanian 2026-2027 Budget was delivered by the Treasurer Eric Abetz on Thursday 21 May 2026.
The Budget contains no new taxes or changes to the state tax regime.
The Government says it remains committed to future proofing the state.
Over 2026-27 forward estimates, state taxation revenue is expected to grow by $339.7 million.
This is primarily due to forecast increases in payroll tax re...
Australia's unemployment has risen to 4.5 percent in April, the highest level since November 2021, according to the latest Labour Force figures released by the Australian Bureau of Statistics (ABS).
According to the ABS, the number of employed people fell by 19,000 in the month with the number of unemployed rising 33,000.
Compared to what it usually sees in April, the ABS says that more peopl...
The Energy and Natural Resources (ENR) sector in Asia Pacific (APAC) faces escalating transfer pricing (TP) controversy due to complex supply chains, geopolitical tensions, and industry shifts toward sustainability and technology.
As a result, tax authorities are intensifying audits and scrutinising the internal prices of commodities, intercompany services, financing, and use of intangibles.
...
The 2026 Federal Budget has brought important changes for individuals, family groups and privately held businesses.
Some measures will take effect quickly; others may reshape planning decisions well beyond 30 June.
Date: Tuesday, 26 May 2026
Time: 1:00pm to 2:00pm AEST
Location: Webinar
Register here
Join us for a focused, practical webinar where KPMG specialists will cut through the ...
The Organisation for Economic Cooperation & Development (OECD) today published documents on three aspects of the global minimum tax (GMT):
Support for central GloBE information return (GIR) filing and exchange (2024 reporting fiscal year)
Updates to the central record for purposes of the GMT
Administrative guidance on the application of the transitional UTPR safe harbour to MNE groups ...
New analysis of Australia Bureau of Statistics (ABS) housing data has revealed that the number of stalled new homes fell in Australia's largest cities over the past year, as the country gets more homes out of the ground to combat the housing affordability crisis.
Nationally, the number of approved homes yet to start construction fell by 7 percent over the year to December 2025, with declines r...
Tax Controversy Compass is a webinar series by KPMG in Singapore for multinational enterprises with cross-border operations, bringing together relevant KPMG experts to deliver jurisdiction‑specific perspectives on emerging tax risks and dispute trends in a fast‑evolving tax controversy landscape.
You are invited to join us for the third episode of our Tax Controversy Compass series, where we e...
The Federal Court (Jackman J), on 11 May 2026, allowed the taxpayer's appeal in Shell Energy Holdings Australia Limited v Commissioner of Taxation [2026] FCA 577.
The case concerned the market value of Shell Australia Limited's (SAL) 34.27 percent shareholding in Woodside Petroleum Limited (WPL) as at 20 January 1997.
The market value was required because the shares were originally pre-CGT as...
KPMG Australia's full 2026 Federal Budget analysis can be found here.
See related podcast: Podcast episode 77: Federal Budget 2026 - From policy announcements to practical impact
What's in the budget?
Amendments to the Pillar Two legislation to implement the side-by-side package agreed by the OECD on 5 January 2026.
Funding for the ATO to continue delivery of the counter‑fraud strategy, strengthen powers to address fraud, and undertake targeted compliance activity.
Time-limited concession within the foreign resident CGT regime for certain renewable energy investmen...
KPMG's Federal Budget executive summary
The Budget forecasts aggregate deficits in the underlying cash balance over the forward estimates period to 2029-30 of $150.5 billion. Federal Government net debt is expected to be $767.8 billion in 2029-30, or 21.9% of GDP.
Encouragingly, unemployment is expected to remain relatively steady at no more than 4.5 percent over the period to 2029-30. Thos...
The Organisation for Economic Cooperation and Development (OECD), on April 30, 2026, released the global minimum tax (GMT) implementation toolkit and the GMT frequently asked questions.
These are the first updates since the publication of the side-by-side package in January 2026.
The toolkit is primarily aimed at tax administrations implementing the GMT but may help businesses in two ways:
...
The Western Australia 2026-2027 Budget was delivered by the Treasurer Rita Saffioti on Thursday 7 May 2026.
While the Budget has been framed in a highly uncertain global economic environment arising from the Middle East conflict, the state's economy continues to perform strongly.
The domestic economy grew by 3.5 percent in 2025 outplacing national growth with further expansion forecast.
A ge...
The Payment Times Reporting (PTR) Regulator has released its inaugural Compliance Update (April 2026), signalling a clear escalation in enforcement activity.
Entities are now facing real consequences for non-compliance with the Payment Times Reporting Scheme.
The Regulator has provided a summary of enforcement actions taken to date:
497 warning letters for late reports;
109 warnings for m...
The Reserve Bank of Australia (RBA) Board has lifted the cash rate by a further 0.25 percent, the Central Bank's third consecutive increase this year, taking the cash rate to 4.35 percent, a level not seen since November 2023.
The latest rise will unfortunately not come as a huge surprise to many economists and the broader Australian public.
RBA officials have spent much of the time since the...
Both Victoria and the Northern Territory delivered their budgets for 2026-27 on Tuesday 5 May 2026.
Both budgets reflect minimal disruption to an already disrupted economy, with few changes to existing taxation and revenue settings.
Welcomed measures for property developers and investors are the further extension of the off-the-plan stamp duty concession in Victoria, and the further extension...
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...
The United States' (US) real GDP improved to 2.0 percent annualised growth in the first quarter from 0.5 percent in the fourth quarter. The outcome was slightly below market expectations of 2.3 percent. The GDP deflator, a measure of inflation, rose 3.6 percent after rising 3.7 percent in the fourth quarter.
Consumer spending contributed half of the strength in economic activity, rising 1.6 pe...
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...
The Iran war and closure of the Strait of Hormuz triggered an energy price spike and renewed uncertainty.
The shock collided with fresh United States (US) trade-policy volatility after the Supreme Court overturned emergency tariffs.
The administration has fast-tracked investigations into new, more durable tariffs by August, while using temporary measures to keep many emergency tariffs in plac...
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...
The latest labour force data shows labour market outcomes consistent with expectations, with the unemployment rate remaining stable at 4.3 percent and net employment growth of nearly 18,000.
Nearly 53,000 full time new jobs were also created over the month, more than covering the fall of around 35,000 part time roles.
The big driver of macroeconomic outcomes in the near term is how the Reserv...
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...
Energy and Natural Resources, and Renewables (ENR) sector is one of the most critical sectors in the rapidly changing global economy.
Organisations 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 scrut...
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...
Global growth is projected to fall to 2.7 percent in 2026 and 3 percent in 2027 from 3.4 percent in 2025. The pace for 2026 would mark the slowest growth rate sincethe pandemic concluded. Inflation is expected to reach 4.8 percent in 2026 before cooling to 3.6 percent in 2027.
That compares to 3.4 percent in 2025. The war has renewed inflation concerns, which rise along with risks of demand de...
