Legislation outlining HPTI grid matching requirements registered; Strait of Hormuz closure causes biggest rise in import prices in nearly half a decade: ABS
ATO advice and guidance; ATO advised to improve processes on countering bias; ATO update: Guidance on changes to LRBA published; ATO update: Meeting Payday Super’s seven business days timeframe tips
ATO advice and guidance; Treasury publishes report on the innovation outcome from competition; TPB publishes guidance on use of AI in tax agent services; ATO update: Advantages of monthly GST repor...
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 High Court has handed down its decision in Commissioner of Taxation v Bendel [2026] HCA 18 (Bendel), rejecting the Commissioner's long-standing attempt to treat unpaid present entitlements (UPEs) as "loans" for the purposes of Division 7A.
That is a significant outcome. But it is not the sweeping reset some early commentary suggests. Rather, what the Court has done is more precise, and in ...
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...
United States' (US) retail sales rose 0.2 percent in June, the weakest pace since January.
May sales were revised higher. Sales excluding autos fell 0.2 percent. Sales are not adjusted for inflation.
Real retail sales increased 0.6 percent as the consumer price index (CPI) recorded its largest monthly drop since April 2020 due to falling oil prices.
Motor vehicle and parts dealers gained 1.9...
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 Australian Accounting Standards Board (AASB) has introduced a new financial reporting framework for not-for-profit (NFP) entities, removing special purpose financial statements (SPFS) for certain organisations and requiring general purpose financial statements (GPFS).
The amendments (set out in AASB 2026-2 Amendments to Australian Accounting Standards – Extending the Application of t...
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...
Consumer credit in the United States (US) edged down less than 0.1 percent in May; the first decline since November 2024.
On an annual basis, consumer credit expanded 2.1 percent, the slowest pace in the last six months.
A decline in revolving credit was nearly offset by an increase in non-revolving debt.
Revolving debt, made up primarily of credit cards, fell 4.7 percent in May after reachi...
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...
KPMG International hosted an online roundtable in February 2026 as part of the Global Responsible Tax Program.
Participants from business, academia, policy and civil society discussed how tax systems might respond to the growing impact of artificial intelligence, robotics and automation on the economy and labour market and what role tax can and should play in meeting social and business goals....
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...
The conflict in Iran has created ripple effects across energy, supply chains, and global markets.
Executives should assess how these second‑ and third‑order effects impact investment timing, supply chain design, capital allocation, and risk posture — not just in theory, but in day‑to‑day operations.
In this webinar, you'll gain insight into:
the global economic and geopolitical shift...
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...
You are invited to attend KPMG Australia's tax update on Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 released on 28 May 2026 containing amendments to the Australian capital gains tax (CGT) regime and negative gearing for residential property rules.
The Bill has been referred to the Senate Economics Legislation Committee for inquiry to report back by 22 June 2026 and may pass in its am...
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 ...
To those who worked with him, Grant was more than a leading voice in tax policy - he was a thinker, a connector of ideas, and someone whose curiosity extended far beyond his profession.
Grant retired from KPMG last year after an extraordinary career spanning nearly 38 years, leaving a lasting mark on the firm and the broader tax and policy landscape in Australia and globally.
His final role a...
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...
The Queensland Court of Appeal, on 29 May 2026, handed down its judgement in Commissioner of State Revenue v Special Situations Investing Group III, Inc [2026] QCA 98.
This case considers the meaning of "group companies" in a Queensland corporate reconstruction context, specifically the correct interpretation of section 407(1)(a)(i) of the Duties Act 2001 (Qld) (the Act).
Background
In Novem...
Remote working increased significantly during the COVID-19 pandemic and has since become a long-term feature of today's working environment.
Global workforce mobility remains a key issue for multinational groups, driven by the need to retain talent and adapt to employees' growing expectations for flexibility.
This evolution has not only reshaped expectations around where and how work can be p...
The conflict in Iran has created ripple effects across energy, supply chains, and global markets.
Executives should assess how these second‑ and third‑order effects impact investment timing, supply chain design, capital allocation, and risk posture — not just in theory, but in day‑to‑day operations.
Date: Thursday 25 June 2026
Time: 3PM AEST
Location: Webinar
Register here
In th...
The changes to the capital gains tax rules, which passed the House of Representatives on 4 June, add significant complexity to the calculation of a taxpayer's net capital gain.
Some of that complexity is required to achieve the stated policy objectives.
However, buried within that complexity is a clear erosion the benefit of the capital gains tax discount rather than merely freezing it at 30 ...
Payrolls in the United States (US) rose by 172,000 in May following an upwardly revised gain of 179,000 jobs for April.
The initial report for April showed only 115,000 job gains. All of the increase came from the private sector.
Government accounted for 52,000 of the gains, largely at the local level.
That reverses what had been a streak of public sector job losses. Federal employment added...
