Most Popular Articles
Tax in the age of ESG
The global pandemic has elevated and accelerated the profile of ESG (Environm...
ATO issuing 30 to 40 Director Penalty Notices each day
The Australian Taxation Office (ATO) committed to providing support for busin...
Wage growth still soft and the RBA will take note
Wages have risen by 0.7 percent over the previous quarter, with the trajector...
Consumer confidence lowest since Victoria lockdown
Consumer confidence has slumped in the wake of rising inflation and a hike in...
News View all >
News in brief… 20 May 2022
ATO advice and guidance
News in brief… 19 May 2022
Australian Labor Party releases pre-election costings; Australia records unemployment rate of 3.9 percent for April; UK unemployment rate falls to 3.7 percent for March quarter
News in brief… 18 May 2022
ATO advice and guidance; RBA releases minutes from May monetary policy meeting; Australian exporters recorded marginal growth in FY2019-20: ABS; ATO update: Offsetting of debts to resume; ATO updat...
News in brief… 17 May 2022
ATO update: How to determine lower company tax rate eligibility
Latest Content
Webinar recording: Banking and finance tax update
Thank you for your interest in our recent webinar. For those who were able to attend, we hope you found the session to be informative. As a recap, the topics covered were as follows: pre-election tax policies and Pillar 2; OBU and Hybrids update; tax governance; tax compliance – Income tax and GST reviews / ATO update Payment times reporting; SingTel case; CRS proposed amendments and ...
Tax in the age of ESG
The global pandemic has elevated and accelerated the profile of ESG (Environmental, Social and Governance) for all businesses. The 2021 COP26 Conference focused on environmental issues, where governments proposed wide-ranging, transformational policies and remedies to address the climate crisis. ESG is now a measure of corporate behaviour, and it has become an integral part of branding, custo...
Upcoming webinar: Year-end matters - Quarterly tax and superannuation update
The end of the tax year is traditionally a time for taxpayers to think about their tax position. Quite often the discussion is based on deferring revenue and bringing forward deductions. While these are important things to consider, there are a number of other matters that wealth owners need to plan and consider in relation to their private wealth. Private Insights Webinar Series - Year End ...
ATO issuing 30 to 40 Director Penalty Notices each day
The Australian Taxation Office (ATO) committed to providing support for businesses impacted by the COVID-19 pandemic over the past 24 months. Now that the health impacts of the pandemic are actively contained and the economic recovery is well underway, the ATO is taking a more proactive approach in the recovery of unpaid tax debts. ATO Deputy Commissioner Vivek Chaudhary has confirmed the ATO...
Consumer confidence lowest since Victoria lockdown
Consumer confidence has slumped in the wake of rising inflation and a hike in interest rates, falling 5.6 per cent between April and May, according to the Westpac-Melbourne Institute Survey of Consumer Sentiment. It’s now at levels not seen since the second, 112-day COVID-19 lockdown in Victoria in 2020. New data also shows a slight fall in jobs over the month to 16 April (-0.8 per cent), but...
Webinar recording: EU Tax perspectives 2022
The European Union’s (EU) institutions have been very busy in the past few months, discussing EU implementation of international initiatives but also publishing EU-specific proposals and moving ahead with existing projects. Against this backdrop, our panel of KPMG specialists share their insights on some of the latest developments from across the EU affecting multinational groups operating in ...
Western Australian Budget analysis 2022-23
The Western Australian Government’s extremely healthy financial position can create a platform for investment in growth and also an opportunity for reform. The 2022-23 WA Budget predicts a sizeable net operating surplus of $5.7 billion for the current financial year – more than double that predicted in the 2021-22 Budget – with further, but smaller, surpluses expected to occur in each year of ...
BEPS Pillar 2 GloBE Model Rules: Key data themes
With the BEPS Pillar 2 Global Anti-Base Erosion (GloBE) Model Rules now released, many multinational groups have been surprised with the level of complexity and data needed to comply with the rules. These groups will need to understand and implement a detailed compliance process, regardless of whether any top up tax is ultimately payable. Top up tax may arise where the GloBE effective tax rat...
Upcoming webinar: 30 June 2022 reporting – Part 2
Our regular six-monthly update on reporting matters will be hosted by Kim Heng and will focus on preparing for interim and annual financial reporting for 30 June 2022. Our update will be presented over a two-part series. Part two of the series will focus on new accounting standards effective and available for early adoption for 30 June 2022 year and half-year end reporting and the most recent...
Changes to Singapore’s family office tax regime
The Section 130 and Section 13U tax incentive schemes have been popular among those looking to establish family office structures in Singapore. Initially developed in an institutional funds context, these incentives have found application in the design of private wealth structures over the years. These structures typically involve the appointment of Singapore family office to provide investme...
The US economy added a robust 428,000 new jobs in April
In the United States (US) 2.1 million people found new jobs in the first four months of 2022. This is an exceptional pace of job creation given that historically, in a good year, employment grows by 2 million an entire year. In April, 428,000 new jobs were added, which eclipsed the expected increase of 380,000.  Economic health: Employment gains are another positive indicator Employmen...
Remuneration and reward perspectives for 2022
We continue to live and work in a period of unprecedented change. The way work is designed, where and when it is performed, and by who, has evolved rapidly. New approaches to the way the workforce is managed are required to support these changes, including how the workforce is rewarded. Three key focus areas for reward management in 2022 are outlined below. Each identifies opportunities for...
Signs of more interest rate rises to come
KPMG expects the cash rate to finish the year at around 1.25 percent and then reach 1.75 to 2 percent by mid-2023. The strength of the domestic economy was also highlighted in the March retail data. Spending was up 1.6 percent on the month, and even factoring in inflation, growth momentum remains strong. But headwinds are looming, and given falling real wages and interest rate rises, it’s cl...
Upcoming webinar: From Now to Next - Part 1
In the first of two sessions, our KPMG experts will discuss wealth transition and how they work with client families to help them explore their futures as owners of family businesses and wealth owners. Date: Thursday, 26 May 2022 Time: 12:30pm – 1:30pm (AEST) Location: Webinar Register here In our work with families, we recognise that moving from a position of ‘fear’ to a proposition of...
Rapid tax recap: A month in review – May 2022
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 – May 2022 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 also kee...
Retail spending on the up, but will fade in second half of year
Households managed to largely shake off cost of living pressures in March, with retail turnover rising 1.6 percent on the month (9.4 percent year-on-year), according to the latest data from the Australian Bureau of Statistics. While some of the increase is due to rising prices, the growth in spending looks to have outpaced inflation. Household goods and department stores saw the biggest incre...
Upcoming webinar: 30 June 2022 reporting – Part 1
Our regular six-monthly update on reporting matters will be hosted by Kim Heng and will focus on preparing for interim and annual financial reporting for 30 June 2022. Our update will be presented over a two-part series. Part 1 will be held on 10 May and part 2 on 17 May 2022. Both will consist of audio and slides streamed over the internet. Part 1 Date: Tuesday 10 May 2022 Time: 12.00p...
RBA presses go on the cash rate increase
The Reserve Bank of Australia (RBA) has pressed ‘go’ on the interest rate tightening cycle and lifted the cash rate by 0.25 percent. The statement by Governor Lowe noted that the resilience of the economy meant "now was the time to begin withdrawing some of the extraordinary monetary support". It also recognised that, as shown in the latest CPI data released last week, inflation is now h...
Overview of Victoria’s 2022-23 budget
The Victorian Government’s budget for 2022-23 forecasts a net operating deficit of $17.6 billion this financial year. Net debt is projected to be $101.9 billion currently, rising to $167.5 billion by 2025-26. As a percentage of gross state product (GSP), net debt is forecast to reach 19.8 percent this financial year and 26.5 percent in 2025-26. The commitment of over $12 billion in health sp...
Sanctions: A cautionary trade compliance tale
The United States (US) Treasury Department’s Office of Foreign Assets Control (OFAC) announced on 25 April 2022 that an Australian-headquartered logistics company agreed to voluntarily settle its potential civil liability of US$6.1 million for violations of US sanctions regulations. While sanctions risks have traditionally been thought of as a focal consideration for financial sector entities,...
Productivity inquiry: KPMG submission
KPMG Australia welcomes the opportunity to provide a submission to the Productivity Inquiry’s call for submissions. KPMG notes that productivity growth has slowed since the turn of the century. Since productivity growth has contributed almost all of Australia’s improvement in material living standards since federation, it is essential that the productivity slowdown is arrested and turned arou...
Public consultation on GloBE Implementation Framework
The Organisation for Economic Cooperation and Development (OECD) held a public meeting on Monday 25 April regarding the Global Anti-Base Erosion Rules (GloBE) Implementation Framework. The meeting discussed the input provided during the formal consultation process and was to consider mechanisms to be put in place to ensure that tax administrations and multinational enterprises (MNEs) can imple...
Mobility and tax – what’s in scope this federal election?
It’s federal election time here in Australia and like every concerned citizen we are just a little bit more focused on how politicians impact our work world at the moment. Migration and tax are the two topics that typically matter most to mobility professionals. So, let’s see what’s on offer. Migration If you ask our colleagues and clients, one of the focuses on the election agenda should b...
Upcoming webinar: Future of Tax & Legal Technology and Innovation Event
With a confluence of disruptors changing the global tax and regulatory landscape, tax leaders and their departments are pressured to reimagine their functions through new technologies and nimble operating models, with a greater focus on turning data into value. Getting this right can enable tax functions and their organizations to rise to the demands of our globally connected and hyper-digital...
Webinar recording: Tax Reimagined - Your readiness for upcoming regulatory changes
Implementation of tax legislation such as real-time digital reporting, e-invoicing, BEPS 2.0 etc. brings with it reporting and related systems challenges which are expected to have a big impact on companies. This session provides specific insights and observations on what these changes mean, the work companies should do to understand the impact of these changes on their tax profile, and how co...
Consumers spend big after lockdowns
Consumer spending has rebounded strongly over the past 12 months with people emerging from lockdowns to splurge on clothing and footwear, according to data released last week. While households are undoubtedly feeling the pinch from higher food and fuel prices, the Australian Bureau of Statistics’ (ABS) new monthly index revealed that overall spending was up 7.7 percent on a year ago in Februar...
Six key trends impacting global supply chains in 2022
The recent pandemic has affected every part of the value chain, from raw material sourcing to end customer. It is testing the commercial, operational, financial and organisational resilience of the majority of companies across the globe. COVID-19 has highlighted risks and resiliency gaps for many organisations. CEOs are looking to get on the front foot when it comes to disruption and innovat...
Demystifying Chinese Investment in Australia: April 2022
In the 2021 calendar year, Chinese investment in Australia declined by 69.8 percent, from USD 1.9 billion in 2020 to USD 0.6 billion. In Australian dollar terms, the decline is 69 percent from AUD 2.5 billion to AUD 0.8 billion. Based on our accumulated data between 2007 and 2021, a total of USD 110.1 billion has been invested by Chinese companies into Australia. By industry Mining accounte...
Remunerating global boards: How to bolster competitiveness in the international director talent pool
Australian boards are becoming increasingly global in composition, with close to a quarter of ASX200 non-executive directors (NEDs or directors) now based overseas [1]. This trend is expected to continue, as companies look further afield for the right skills and capabilities to “future-fit” their boards, seek greater diversity of views amongst their NEDs and look to reflect their increasingly ...
Upcoming webinar: EU Tax perspectives
The European Union’s (EU) institutions have been very busy in the past few months, discussing EU implementation of international initiatives but also publishing EU-specific proposals and moving ahead with existing projects. Against this backdrop, we are delighted to invite you to the May 2022 session of our “EU Tax perspectives” webcast series, during which our panel of KPMG specialists will s...
Australia to stop taxing certain offshore income of Indian firms
Australian and India signed an Economic Co-operation and Trade Agreement (Agreement) on 2 April 2022, in which Australia has agreed to stop the taxation of offshore income of Indian firms providing technical services to Australia.  This development is significant because Indian information technology service companies have received unfavourable decisions from litigation in Australia regar...
Tentative signs of skilled workers returning, as unemployment rate holds
Skilled migrants are slowly but steadily returning to our shores, with Australian Bureau of Statistics (ABS) data revealing some 50,500 long-term visitors entered the country in February, which includes those on temporary work and working holiday visas. But the re-opening of the border has also enabled flows in the other direction, and similar to the trend among permanent arrivals, Australian ...
Upcoming webinar: Tax Reimagined - Your readiness for upcoming regulatory changes
Implementation of tax legislation such as real-time digital reporting, e-invoicing, BEPS 2.0 etc. brings with it reporting and related systems challenges which are expected to have a big impact on companies. Date: Tuesday 26 April 2022        Time: 9pm AEST Location: Webinar Register here This session will provide specific insights and observations on ...
Employee or Independent Contractor? Read the fine print
The differences between an independent contractor and an employee are complex to determine. Historically, courts have looked at a range of factors (known as the multi-factor test) to determine whether a worker is an employee, or an independent contractor. Some of the prominent factors taken into account include: degree of control over how a worker performs work; terms of the contract; ab...
Upcoming webinar: Impact of BEPS legislation on the financial services sector
Global organizations are adapting to the requirements of BEPS 2.0, comprising its two focus areas: Pillar 1 and Pillar 2. The BEPS Pillars apply in different ways to different sectors. Date: Wednesday, 20 April 2022 Time: 2pm AEST (90 minutes) Location: Webcast Register here This webinar hosted by KPMG experts will explore BEPS application to the financial services sector specifically....
Be aware - ATO targets directors of companies not meeting their tax obligations
The Federal Government announced funding of $652.6 million in the 2022 Federal Budget to extend the Tax Avoidance Taskforce through to 2024-25, which means that there is a continued focus by the ATO on conducting compliance activities. The ATO will also be keen to recover its collectable debt of approximately $38.5 billion as at June 2021, which represents an increase of $12.0 billion in collec...
Inter-bank Offered Rate reform - Australian tax considerations
The transition from the Inter-bank Offered Rate (IBOR) to Alternative Reference Rates (ARRs) is nearly complete. From a tax perspective, the key consideration is whether changes to existing financial arrangements to incorporate ARRs results in a tax event or change in the tax status of the financial arrangement.  For many financial arrangements with existing ‘fall back’ provisions and fo...
Webinar recording: The next chapter for BEPS Pillar 2
As part of the Future of Tax & Legal webcast series, this session explores the next chapter for BEPS Pillar 2 and the possible implications for multinationals. The webinar is chance to consider a more detailed analysis of what these developments mean for multinational organizations and explore key considerations and actions for tax leaders. Speakers Grant Wardell-Johnson, Global Tax Po...
Strategic enhancement of the Australia-India relationship through trade and investment
The announcement of the Australia-India Economic Cooperation and Trade Agreement (AI ECTA), an interim agreement as the two countries work towards a Comprehensive Economic Cooperation Agreement, signals the Federal Government’s ambition to grow the fast-growing economic relationship into Australia’s third largest for exports and key regional partner. The AI ECTA announcement follows the $280 m...
KPMG’s global economic outlook: April 2022
As last year drew to a close, KPMG’s H2’2021 Global Economic Outlook was published. At the time, the previous twelve months were described as turbulent and uncertain with a constant wave of challenges and threats. Today, we find ourselves in an arguably even more unsettling period. As COVID-19 restrictions gradually eased throughout the world, there was a glimmer of hope that economies could...