ATO advice and guidance; Draft legislation on foreign bail-in bonds tax treatment released for consultation; Business turnover records first fall since October: ABS; White House issues executive or...
ASIC consults on remaking financial reporting relief instruments; Productivity Commission finds US trade measures to have small impact on Australian production
The latest KPMG Commercial Property Market Update shows that the downturn in the Australian commercial property market has appeared to have made a U-turn, with two out of three key sectors now recording positive returns.
According to the report, the office sector returns remain negative but has appeared to have bottomed out, as such KPMG maintains a degree of optimism about the long-term deman...
The global tax transparency landscape is undergoing a significant transformation.
The European Union and Australia require large multinational enterprises (MNEs) to publicly disclose key tax and operational data under the public country-by-country (CbC) reporting rules.
Some businesses have already been facing disclosure obligations as early as 2024, covering the previous financial year.
The...
Benchmarking your global mobility functions against those of other global organisations and industry peers can be a powerful tool for reflecting on your current approach and preparing for the future.
Your participation in the survey will allow you to benchmark your organization in relation to other survey participants and provide you with valuable trends and meaningful insights into mobility p...
The Australian Tax Office (ATO), on 3 July 2025, released draft PSLA 2025/D1, providing guidance to 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.
The exemptions are granted in full or partial at the Commissioner's discretion under 'Exceptional Circumstances' only.
...
United States (US) Congress has passed, and the US President Donald Trump signed on 4 July the massive budget reconciliation bill known as the "One Big Beautiful Bill".
The legislation, with a $3.4 trillion net 10-year deficit cost, included a $4.5 trillion tax title.
KPMG detailed analysis of the tax title of the bill can be found on an external dedicated page, KPMG reports: Tax subtitle for...
The European Commission (EC), on 2 July 2025, issued recommendations on tax incentives to support the Clean Industrial Deal.
The recommendations are in line with the recently-published Clean Industrial Deal State Aid Framework (CISAF).
The recommendations set out common guiding principles for Member States to design cost-effective tax measures that stimulate investment in clean technologies a...
It's no secret that it has been a busy time for transfer pricing controversy, as multinational taxpayers continue to grapple with ongoing developments from the courts, the Australian Taxation Office (ATO) and internationally.
KPMG clients and partners gathered late last year in Sydney and then Melbourne for our inaugural Transfer Pricing Controversy (TPC) lunch with our special guests, former ...
The webinar also provides in-depth insights into the impact of Division 296 following Labor's election victory and essential year-end tax planning strategies.
Australians under cost-of-living pressures appear to be turning to online shopping in the hunt for bargains, with online non-food related retail sales surging nearly 11 percent this year following a flat few years.
Tighter household budgets, aggressive marketing by online businesses and changing consumer habits, particularly among younger people more familiar with online shopping, have contrib...
The G7, comprising Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, released a statement which outlines a shared understanding of a "side-by-side" solution to US concerns on Pillar 2.
Factors leading to the Statement
The Statement notes that the G7 discussions were informed by:
proposed changes to the international tax system in the United States based on a...
What you can expect
Hear from KPMG leaders across the world on current topics related to the work environment, including trends and approaches
Share your practices and priorities, across a variety of work environment topics
Preview a dashboard of analytics related to multiple aspects of the work environment, which will be made available to you following the session, to allow for detailed b...
The United States' (US) personal consumption expenditure (PCE) price index rose 0.1 percent, well in line with expectations.
That nudged the year-over-year measure of inflation to 2.3 percent after hitting a low of 2.2 percent in April.
The core PCE index, which excludes the volatile energy and food components, rose 0.2 percent, more than markets expected.
That translates to a 2.7 percent ri...
This report investigates trends in international prices, consumer prices, producer prices and wages.
A significant feature of this report is the construction of the KPMG Inflation Pressure Gauge.
This analytical tool is designed to offer a clearer understanding of the diverse factors contributing to inflation.
Through this gauge, we differentiate the impact of demand-side and supply-side inf...
In today's rapidly changing trade environment, businesses are facing unprecedented challenges.
The implementation of new tariffs and export controls has created a landscape of uncertainty, prompting companies to strategically adjust their operations to stay competitive.
Understanding these changes and their implications is crucial for making informed decisions regarding your tax function
Thi...
The Australian Taxation Office (ATO) has released its annual update to the proforma template for the attribution managed investment trust (AMIT) Member Annual Statement (AMMA statement) for AMITs and standard distribution statements (SDS) for MITs.
As in prior years, the release of the template is intentionally close to year end in order to ensure that the format is current, but this does pres...
Inflation has dipped to 2.1 percent in the year to May, down from 2.4 percent in April, the lowest level since October 2024.
The crucial trimmed mean measure also dropped substantially to 2.4 percent y/y from 2.8 percent in April, with prices for food and non-alcoholic beverages slowing from 3.1 percent in April to 2.9 percent in May, while price growth for fruit and vegetables have slowed eve...
Queensland State Treasurer David Janetzki, on 24 June 2025, delivered the state budget for the newly elected government.
The Budget forecasts a deficit of $8.5 billion for FY26, with no surplus expected in the following four years – driven by a new GST distribution, and declining royalties since the peaks of FY22 and FY23.
Key spending measures include substantial spending in the health...
The global tax transparency landscape is undergoing a significant transformation.
The European Union and Australia require large multinational enterprises (MNEs) to publicly disclose key tax and operational data under the public country-by-country (CbC) reporting rules.
Some businesses have already been facing disclosure obligations as early as 2024, covering the previous financial year.
The...
New South Wales (NSW) State Treasurer Daniel Mookhey, on 24 June 2025, handed down the 2025-2026 Budget.
The Budget contains no new taxes nor any significant changes to taxes.
The Budget does introduce key measures to incentivise investment, including new measures benefitting developers on new housing system and projects, a permanent 50 percent land tax reduction for eligible build-to-rent (B...
The Western Australia 2025-2026 was delivered by the Treasurer Rita Saffioti on Thursday 19 May 2025.
The Budget delivers a healthy $2.4 billion surplus for the next financial year, and contains no new taxes nor any significant changes to taxes.
The three key state revenue measures are summarised below.
Increased Land Tax Relief for Build-to-Rent (BTR) Developments
To support the growth of ...
At a glance
The unemployment rate held steady at 4.1 percent in May 2025 for the fifth consecutive month.
Employment fell by 2,500 people, which was below market expectations of a 25,000 increase.
The slowdown points to a Reserve Bank of Australia (RBA) Board rate cut.
The employment figures, released on 19 June, at a headline level, continue to show a resilience in the labour market.
...
KPMG has provided a submission to the Productivity Commission's Creating a more dynamic and resilient economy inquiry.
Tax systems are traditionally assessed on the basis of three evaluation principles, however KPMG considers an additional five principles to be relevant.
Any reform of Australia's corporate tax framework must have regard to these principles.
These are efficiency, equity, si...
The United States (US) Federal Open Market Committee (FOMC) – the policy setting arm of the Federal Reserve – unanimously voted to keep rates unchanged, with the fed funds target in the 4.25 percent - 4.5 percent range at its June meeting.
The statement following the report was little changed.
The Fed removed the part of the statement that said the risks for both inflation and une...
The Australian Taxation Office (ATO), on 12 June 2025, released further guidance on the Australian Public Country-by-Country (CbC) regime which mandates large multinational enterprises to publicly disclose selected tax information.
The Public CbC regime applies for reporting periods starting on or after 1 July 2024 and reports are due within 12 months of the end of the reporting period.
For add...
2025 is undoubtedly a year of significant change!
In the dynamic world of financial services, the future remains uncertain and exciting.
Tax policy continues to evolve apace and this, combined with the speed of technological change, is transforming what is already a complex landscape.
What does this mean for financial services institutions? How best can they navigate the challenges in the mo...
Prime Minister Anthony Albanese announced, on 10 June 2025, that a productivity summit would be held in August 2025 to help increase investment in Australia.
We submit that the introduction of the long-awaited amendments to the corporate residency rules would help to reduce the administrative burden on corporate groups, who are obligated to invest money and the time of senior management to com...
This webcast explores:
the priorities and opportunities of the EU sustainable supply chain regulation to fight current landscape;
lessons learned from the German Supply Chain Act and the need for a revision of the EU energy taxation framework;
the impact of US tariffs on the cost, efficiency, and sustainability of global supply chains;
the UK government and industry's approach to SSC incl...
The Australian Taxation Office (ATO) continues to work through the administrative aspects of the Australian implementation of the Pillar Two global minimum tax.
This includes continuing to convene the Pillar Two Working Group to discuss and seek feedback.
The ATO has released a summary of the key messages from the March and April 2025 working group meetings.
Working group sessions in 2...
Overview
Europe faces a modest growth outlook in the short term, with GDP growth expected to increase by around 0.9 percent in 2025.
There are growth hotspots. Spain has been a standout performer. And many Central and Eastern European (CEE) economies are expected to continue growing at above-average rates.
Lower energy prices and weaker demand could result in the ECB cutting rates in the s...
In today's rapidly changing trade environment, businesses are facing unprecedented challenges.
The implementation of new tariffs and export controls has created a landscape of uncertainty, prompting companies to strategically adjust their operations to stay competitive.
Understanding these changes and their implications is crucial for making informed decisions regarding your tax function.
Jo...
The South Australia (SA) Budget for 2025-2026 (SA Budget) was delivered by SA Treasurer Stephen Mullighan on 5 June 2025.
No new taxation measures are included in the SA Budget and the Treasurer stated that the state is the lowest taxing state on mainland Australia.
Some of the key focus points of the SA Budget include providing drought relief, promoting housing affordability and lower cost o...
The United States (US) House-passed budget reconciliation bill—the One Big Beautiful Bill—now moves to the Senate, where significant changes are expected and the process is uncertain.
Some Senate Republicans have expressed concern about spending cuts in the House bill, some of the tax changes, and the overall effect on deficits and the debt.
There nevertheless, remains a stated go...
The tepid growth of 0.2 percent in the March quarter – lower than expected - shows that the recovery of the Australian economy remains fragile.
Importantly, gross domestic product (GDP) per capita – effectively living standards - has again gone backwards, falling by 0.2 percent over the March quarter.
Notably, public spending, which has been propping up GDP growth in recent months...
China's real GDP grew by 5.4 per cent year-on-year (YoY) in Q1 2025, matching the growth rate in Q4 2024 and exceeding market expectations.
The robust start of China's economy was fuelled by proactive policies implemented since last September, as well as front-loading exports ahead of United States (US) reciprocal tariffs.
But the growth of major economic indicators including industrial product...
This KPMG Tax Now report allows you to easily skim through the latest news to ensure you and your organisation stays across important changes in legislation, policy and guidance.
Rapid tax recap: A month in review – June 2025
A reminder, you can receive daily or weekly email updates from KPMG Tax Now; simply update your preferences under the ‘profile’ section of this page.
You can als...
Often it seems like the most widely read section of a listed company's Annual Report is not the page that tells us what their profit (or loss) is for the year but rather it's the Remuneration Report that names the key executives and their remuneration.
With shareholders, proxy advisors, institutional investors, the media, and other stakeholders increasing their focus on the remuneration of dir...
Tasmania State Treasurer Guy Barnett, on 29 May 2025, delivered the 2025-26 Tasmanian Budget (Budget).
The Budget contained no new taxes nor any changes to taxes.
The Government says it remains committed to continuing the delivery of the'2030 Strong Plan for Tasmania's Future', with three key budget initiatives - expanding access to health care, easing cost of living pressures and making hous...
At a glance
Retail turnover fell slightly in April 2025, down 0.1 per cent in seasonally adjusted terms
Household spending remains subdued, with weather in April impacting retail trade
Economy is still fragile, justifying RBA's recent rate cut
The 0.1 per cent fall in retail sales in the month of April represents a worse result than was expected and cautious spending by consumers could ...
