Most Popular Articles
Podcast episode 22: Importance of mobility in career progression
"We're always talking to visa applicants about visa and education requiremen...
Sourcing of income: Is your employee’s income considered Australian sourced?
The Australian Taxation Office (ATO) says the source of employment income for...
Recession avoided as GDP takes a surprise upswing, but next quarter looks bleak
The Australian economy continues to surprise on the upside, with GDP growth i...
Prolonged employee displacement: Has your employee become an Australian tax resident?
The Australian Taxation Office (ATO) has recently updated its guidance on the...
News View all >
News in brief… 23 September 2021
OECD publishes interim global economic outlook report.
News in brief… 22 September 2021
ATO advice and guidance.
News in brief… 21 September 2021
Charities, not-for-profits draft regulations to ‘reduce red tape, increase transparency’; RBA releases minutes from Board’s September meeting.
News in brief… 20 September 2021
ATO advice and guidance; NSW Government updates comparison period requirements under JobSaver; ATO update: Re-contribution of COVID-19 early release super amounts.
Latest Content
Webinar recording: Tax Briefing for Funds Management and Superannuation Industry
KPMG's Asset and Wealth Management tax team held a quarterly briefing on key issues and developments in tax relevant to the funds management and superannuation industry. Topics in the discussion covered a range of recent direct and indirect tax developments. We have provided a recording of the briefing below. The slides of the presentation can be found here.
Global Minimum Tax: What leaders need to know
Melissa Geiger, Global Head of Strategic Corporates for Tax & Legal Services, and Manal Corwin, Principal-in-charge for KPMG’s Washington National Tax Practice with KPMG in the United States (US), discuss what leaders need to know in relation to one of the most ground-breaking developments in the global tax landscape in recent years – the emerging agreement around the establishment of a Glo...
Upcoming webinar: Work from Anywhere - Insights from a research and government perspective
Date: Tuesday 28 September 2021 Time: 9:00PM - 10:30PM AEST Location: Webcast Register here We are pleased to invite you to an upcoming webcast, Work from Anywhere: Insights from a research and government perspective, on Tuesday 28 September 2021. Our panel of distinguished guests will discuss how you can best position your organization in view of a changing working world. Our panel of...
The impact of Pillar Two on tax incentives
Across the ASPAC region, many countries offer a range of tax incentives to attract foreign investment and to drive the development of local infrastructure.  However, the introduction of a global minimum tax raises questions as to the future of such incentives. On 1 July 2021, the OECD Inclusive Framework (IF) announced that it had reached majority agreement on the building blocks for a n...
JobKeeper payments reporting for listed entities
The Treasury Laws Amendment (2021 Measures No.2) Bill 2021 was enacted on 13 September 2021 and requires that listed entities disclose the amount of JobKeeper payments they (and their subisidiaries) received and then (if any) how much they returned for each financial year. The information is disclosed in a notice to the market operator (ASX) and is due for lodgement within 60 days from the Bil...
US tax proposals for budget reconciliation legislation approved by Ways and Means Committee
The United States (US) House Ways and Means Committee recently released, marked up, and approved legislative tax proposals as part of its consideration of recommendations for budget reconciliation legislation. These proposals are part of a larger legislative effort by the Ways and Means Committee to contribute to the Build Back Better Act moving through the House. The Ways and Means Committee...
Fall in employment accelerates as lockdowns continue
The unemployment rate continues to fall, now sitting at 4.5 percent seasonally adjusted, the lowest since November 2008. But this headline disguises the true story, which is a fall in employment of 146,000 people. The problem is that people are exiting the labour market – 170,000 of them during August in the Australian Bureau of Statistics (ABS) labour force figures released this week. That ...
Upcoming webinar: Asset Management and Private Equity Tax - Hong Kong & Singapore
Date: Tuesday, 5 October 2021 Time: 2:00pm - 3:00pm AEST Location: WebEx webinar Register here In our 2021 ASPAC Asset Management and Private Equity Tax series, we will bring a team of KPMG and industry tax experts from across the region to discuss some of the key trends in the AM sector in key ASPAC markets. The asset management industry in Asia continues to drive much of the global gr...
Webinar recording: Private enterprise tax update
On a regular basis, we will share key insights and updates from our work in advising private clients. To kick off this series, this webinar covers the below topics. ATO’s Top 500 and Next 5000 programs - Dealing with SARs We have had direct feedback from the Australian Taxation Office (ATO) on their initial findings from their Top 500 program. We share some interesting insights into taxpaye...
Proposal to introduce a Patent Box regime: KPMG’s submission
As a leading professional services firm, KPMG Australia (KPMG) is committed to meeting the requirements of all our stakeholders – not only the organisations we audit and advise, but also employees, governments, regulators and the wider community. We welcome the opportunity to provide a submission to the Patent Box Discussion Paper (the Paper) released by Treasury. KPMG supports the Government...
Webinar recording: Regional perspectives on Pillar 1 and Pillar 2 developments
As the Organisation for Economic Co-operation and Development’s (OECD) Inclusive Framework continues to gain traction around the world in terms of Pillar 1 and 2 implementation, there is much for multinational tax and other business leaders to unpack in terms of the implications for their organizations. During this webinar, we hear regional views from the Asia Pacific, Africa and Latin America...
Legislation list – September 2021
Below is a list of tax and economics-related bills passed and before the Parliament with an outline of their measures and their current status. Legislation passed in recent sittings Treasury Laws Amendment (2021 Measures No. 2) Act 2021 Treasury Laws Amendment (2021 Measures No. 6) Act 2021 Paid Parental Leave Amendment (COVID-19 Work Test) Act 2021 Bills before the House of Representat...
Podcast episode 22: Importance of mobility in career progression
"We're always talking to visa applicants about visa and education requirements but rarely go into licensing and registration requirements in particular countries… Even though you might have the support of your employer, your employment agreement sorted, and you understand your tax and social security, it doesn't necessarily mean you can perform that role,” Belinda Wright said.
NZ Government introduces legislation with proposed changes to GST and income tax
The New Zealand (NZ) Government has tabled the Taxation (Annual Rates for 2021-22, GST and Remedial Matters) Bill which contains more than 100 policy and remedial amendments. Below is a summary of some of the key changes. As always with draft tax legislation, the devil is inevitably in the detail. And at over 100 pages it will take some time to work through. And there is likely more to come ...
QLD Infrastructure Strategy focus on liveable, inclusive and accessible communities
The Queensland Draft State Infrastructure Strategy 2021 (SIS) was released this week. The SIS acknowledges the important role infrastructure plays across the state as Queensland’s population and economic growth outstrips the national average. This includes ensuring our communities remain attractive, liveable, prosperous and equitable places to live and work. Doing so will require equitable pro...
Western Australia Budget analysis 2021-22
The 2021-22 Western Australia Budget has a focus on health, social housing and climate as the state looks towards a sustainable future.  A projected 2021-22 surplus of $2.8 billion shows that WA is in a relatively healthy financial position compared to many jurisdictions at this time. The 2021-22 WA Budget presents a robust financial picture, with a predicted net operating surplus of $2.8...
Retirement Income Covenant Position Paper: KPMG submission
KPMG welcomes the release of the Retirement Income Covenant Position Paper (Position Paper) as it will help retirees gain the confidence to use their superannuation to provide higher retirement incomes that will improve their living standards in retirement. As a leading professional services firm, KPMG Australia (KPMG) is committed to meeting the requirements of all our stakeholders – not only...
First Payment Times Reporting Scheme deadline is fast approaching – are you ready to report?
As a key part of the Federal Government’s commitment to improving cash flow and liquidity for small businesses, the Payment Times Reporting Scheme (PTRS) aims to increase transparency over how large businesses are dealing with small business suppliers and managing payments to them. Who must report? A ‘constitutionally covered entity’ becomes a reporting entity at the start of its income tax y...
ESG, corporate purpose, cyber, top list of CEO priorities, KPMG outlook shows
The KPMG 2021 CEO Outlook, a study of 1,300 CEOs across 12 countries, finds that corporate purpose is increasingly used as the guiding framework for key business decisions in the COVID-19 era, particularly in Australia. Ninety-four percent of CEOs in this country and 86 percent of their global counterparts said that following through with corporate purpose commitments will shape their capital ...
Australian minerals sector navigates geopolitical complexity and risk
As an integral part of our mining industry, Australia’s minerals sector is a major contributor to our economy. However, major shifts in geopolitics are shaping how Australian mineral companies operate. A new report from KPMG explores how minerals companies can build resilience and navigate geopolitical complexity to manage risk and capture market opportunities. As the world’s largest exporte...
Pillar Two and Australian Infrastructure
As multinational enterprises await the details of the Organisation for Economic Cooperation and Development (OECD)’s Pillar Two framework, the application of the Pillar Two ‘global minimum tax rate’ to the infrastructure sector is still being considered by policy makers and investors around the world.  The large capital outlay required for infrastructure projects, the prevalence of owners...
A report on listed companies’ JobKeeper receipts soon to be publicly available
Schedule 3 of the Bill amends the Corporations Act 2001 and would require a listed entity to give a notice to the market operator (for example the Australian Securities Exchange) where the listed entity (or one of its subsidiaries) has received a JobKeeper payment for a financial year. The listed entity would have to give the notice to the market operator within 60 days of lodging its rep...
Sourcing of income: Is your employee’s income considered Australian sourced?
The Australian Taxation Office (ATO) says the source of employment income for displaced employees physically working in Australia for a foreign employer should be carefully examined, as in most instances, the income will be considered Australian sourced. The ATO has indicated that it would consider salary to have an Australian source if: the employee has chosen to stay in Australia, despite...
Webinar: Regional perspectives on Pillar 1 and Pillar 2 developments
Date: 14 September 2021 Time: 10:00PM AEST / 2:00PM London Location: Webex Register here As the Organisation for Economic Co-operation and Development’s Inclusive Framework continue to gain traction around the world in terms of Pillar 1 and 2 implementation, there is much for multinational tax and other business leaders to unpack in terms of the implications for their organizations. Dur...
Recession avoided as GDP takes a surprise upswing, but next quarter looks bleak
The Australian economy continues to surprise on the upside, with GDP growth in the June quarter recording 0.7 percent – marginally higher than both KPMG estimates and market expectations. A technical recession has been avoided, although the next quarter looks bleak, and the anticipated December quarter recovery is very dependent on the speed of lockdowns ending. Household consumption (+$3.0 b...
Prolonged employee displacement: Has your employee become an Australian tax resident?
The Australian Taxation Office (ATO) has recently updated its guidance on the Australian tax implications for individuals that have been displaced in Australia due to the COVID-19 pandemic. Where an individual who previously resided overseas returned to Australia due to COVID-19 and has remained in Australia during the 2021 tax year and beyond, the circumstances under which they may continue t...
UK Government releases notification of uncertain tax treatments draft guidance
Her Majesty's Revenue and Customs (HMRC) in the United Kingdom (UK) has now published draft guidance in relation to a new requirement for large businesses (broadly companies and partnerships with UK turnover greater than £200 million (AUD406 million) per annum or a UK balance sheet total over £2 billion (AUD4 billion)) to notify HMRC where they have adopted an uncertain tax treatment (UTT) in c...
New Zealand Government releases program of tax policy work
The New Zealand Government’s one page 2021-22 Tax Policy Work Program signals its immediate and longer term priorities for the tax system. Short on detail, it nevertheless contains important directions for travel. Some might be more apparent than others – e.g. the residential housing tax changes, which use tax levers to try to achieve non-tax objectives. The interaction between tax policy an...
Webinar: Private enterprise tax update
On a regular basis, we will share key insights and updates from our work in advising private clients. To kick off this series join us to hear from KPMG experts on the below topics. Date: Thursday, 9 September 2021 Time: 12.00pm to 1.00pm AEST Location: Microsoft Teams Webinar Register here ATO’s Top 500 and Next 5000 programs - Dealing with SARs We have had direct feedback from the Au...
Webinar recording: Conscious capitalism
“It’s important for me to believe that what I’m doing during is meaningful. Not just for the well-being of my business and family, but to the broader communities where we live and work, to our employees, customers and suppliers.” This comment from the patriarch of a significant family business sums up the importance of purpose and their relevance to their community and, to some extent, their...
New childcare support redresses the balance
In these difficult times, good news is more welcome than ever. The passing of the Child Care Subsidy Bill in Parliament earlier this month is just that. The new law will see additional investment of $1.7 billion in childcare, raising the Federal Government’s Child Care Subsidy to a nearly fully funded 95 percent, up from its current 85 percent. This will benefit around 250,000 Australian fam...
Webinar recording: Superannuation quarterly update
KPMG's Private Insights Series offers the opportunity to gain insights from KPMG advisers, and other thought leaders on how to navigate the complexities of managing family wealth and to share the experiences of your peers as owners and managers of family wealth. Each quarter, Julie Dolan unpacks some of the recent changes to legislation, what’s emerging as regards planning around super and SMS...
New Zealand’s new employer-assisted work visa: What to expect on 1 November 2021
There has been some widespread confusion regarding Immigration New Zealand’s deferred work visa policy that was due to come into place on 1 November 2021.  Based on our discussions with clients and advisors, the lack of clarity extends to what policies will or won’t be available to applicants after 1 November this year. Background We have been expecting this new work visa policy since M...
Amendments to the Corporation Act – what the changes mean for companies
The Government has passed the Treasury Laws Amendment (2021 Measures No. 1) Bill which amends the Corporations Act 2001 (Corps Act) and Australian Securities and Investments Commission Act 2001, where relevant, with the following effects: renewal of temporary relief for virtual meetings and electronic communications (including measures to facilitate the electronic execution of company docume...
Canada consults on proposal for border carbon adjustments
Stakeholders will have an opportunity to comment on potential border carbon adjustments in Canada. Canada's plan to explore border carbon adjustments is part of a larger global trend. For instance, the European Commission released a legislative proposal for a carbon border adjustment mechanism as part of a package of reforms, known as the "EU Green Deal" in July 2021. The first phase of cons...
Fintech is a hot focus for investment including the largest buyout deal in Australian corporate history
The emergence of Australia’s fintech sector as globally significant was underlined by the recently announced acquisition of Afterpay by Square in a deal that, if approved by regulators and proceeds as expected, will rank as one of the largest fintech deals ever recorded globally, and indeed the biggest buyout deal in Australian corporate history. Overall, Australian fintech saw a strong start ...
Australian exemption required for outbound overseas travel
Final Report of the Inquiry into Australia’s Skilled Migration Program The much-anticipated Final Report of the Inquiry into Australia’s Skilled Migration Program by the Joint Standing Committee on Migration was released in August 2021, adopting several recommendations from KPMG. The Final Report makes a total of 18 far-reaching recommendations that, if implemented, would have a significant i...
Shape shifting: How the pandemic is changing the contours of the US economy
Pandemics of the length and scope of the current COVID-19 pandemic can change the economic and geopolitical landscape, literally shape shifting economies in their wake. Data on shape of economies after pandemics shows higher savings rates, a smaller labour force, lower real interest rates, higher wages, wealth destruction, and lower capital expenditures. In many cases the rate of interest was...
Lowest unemployment figures for 13 years disguise a country divide
The latest data from the Australian Bureau of Statistics (ABS) suggests that the national labour market as a whole remains fairly strong. The unemployment rate fell further, sitting at 4.6 percent, the lowest it has been for 13 years. Employment saw another increase, with 2,200 more people in a job compared to last month and the proportion of the population employed remaining close to its Jun...
UK proposes reform to income tax basis period
As the United Kingdom (UK) Government moves rapidly towards introducing Making Tax Digital for Income Tax which will require quarterly reporting from April 2023, Her Majesty's Revenue and Customs (HMRC) has published a policy paper, draft legislation and a consultation setting out fundamental changes to the rules for taxing trading income (including income from a profession or vocation). This ...