This section provides details of recently announced changes to tax legislation and policy, and how the ATO proposes to administer the changes.
Budget 2016-17
The Government handed down the 2016-17 budget on 3 May 2016 with several proposed changes to Tax and Superannuation Laws. Below is a list of the announced measures. You can access the budget papers here: budget.gov.auExternal Link
|
Measure name |
Start date |
|---|---|
|
Income Tax Relief for Australian Defence Force Personnel Deployed Overseas |
Retrospective |
|
Tax Integrity Package – deferred tax liabilities |
Introduction |
|
Indirect Tax Concession Scheme – diplomatic, consular and international organisation concessions |
Various |
|
Philanthropy – updates to the list of specifically listed deductible gift recipients |
Various |
|
Personal income tax – increasing the Medicare levy low-income thresholds |
1 July 2015 |
|
3 May 2016 |
|
|
Tax Integrity Package – broadening the securitised asset measure |
3 May 2016 |
|
Tax Integrity Package – introduce a new Tax Transparency Code |
3 May 2016 |
|
Ten Year Enterprise Tax Plan – reducing the company tax rate to 25 per cent |
IY 2016-17 |
|
Tax Integrity Package – establishing the Tax Avoidance Taskforce |
1 July 2016 |
|
Tax Integrity Package – strengthening transfer pricing rules |
1 July 2016 |
|
Ten Year Enterprise Tax Plan – better targeting the deductible liabilities measure |
1 July 2016 |
|
Ten Year Enterprise Tax Plan – increase the small business entity turnover threshold |
1 July 2016 |
|
Ten Year Enterprise Tax Plan – increase the unincorporated small business tax discount |
1 July 2016 |
|
Ten Year Enterprise Tax Plan – targeted personal income tax relief |
1 July 2016 |
|
Ten Year Enterprise Tax Plan – simplified BAS for business |
1 July 2016 |
|
National Innovation and Science Agenda – expanding tax incentives for early-stage investors |
1 July 2016 |
|
1 July 2016 |
|
|
Ten Year Enterprise Tax Plan – wine equalisation tax rebate integrity and wine tourism funding |
1 July 2017 |
|
Ten Year Enterprise Tax Plan – excise refund scheme for distillers |
1 July 2017 |
|
Ten Year Enterprise Tax Plan – implementing a new suite of collective investment vehicles |
Corp CIV: IY 1 July 2017 LP CIV: IY 1 July 2018 |
|
1 July 2017 |
|
|
National Register of Foreign Ownership of Water Entitlements |
1 July 2017 |
|
Superannuation Reform Package – allow catch-up concessional superannuation contributions |
1 July 2017 |
|
Superannuation Reform Package – harmonising contribution rules for those aged 65 to 74 |
1 July 2017 |
|
Superannuation Reform Package – improve superannuation balances of low income spouses |
1 July 2017 |
|
Superannuation Reform Package – introduce a $1.6 million superannuation transfer balance cap |
1 July 2017 |
|
Superannuation Reform Package – introducing a Low Income Superannuation Tax Offset (LISTO) |
1 July 2017 |
|
Superannuation Reform Package – reforming the taxation of concessional superannuation contributions |
1 July 2017 |
|
1 July 2017 |
|
|
1 July 2017 |
|
|
Superannuation Reform Package – strengthen integrity of income streams |
1 July 2017 |
|
Superannuation Reform Package – tax deductions for personal superannuation contributions |
1 July 2017 |
|
Tax Integrity Package – a new diverted profits tax |
1 July 2017 |
|
Tax Integrity Package – increasing administrative penalties for significant global entities |
1 July 2017 |
|
Tax Integrity Package – introduction of a new regime for disclosure of potential tax avoidance |
1 July 2017 |
|
Ten Year Enterprise Tax Plan – measures to improve health outcomes and combat illicit tobacco |
1 September 2017 |
|
Ten Year Enterprise Tax Plan – business simplification – taxation of financial arrangements – regulation reform |
1 January 2018 |
|
Tax Integrity Package – implementing the OECD hybrid mismatch arrangement rules |
1 January 2018 |
|
Ten Year Enterprise Tax Plan – enhancing access to asset backed financing |
1 July 2018 |
|
Ten Year Enterprise Tax Plan – targeted amendments to Division 7A |
1 July 2018 |
|
Pausing indexation of the Medicare Levy Surcharge and Private Health Insurance Rebate Thresholds – extension |
1 July 2018 |
|
Tax Integrity Package – better protecting tax whistleblowers |
1 July 2018 |
|
Higher Education Reform – further consultation |
1 July 2017 |
Further guidance will be published shortly in relation to the administrative treatment applicable for the proposed changes.
In general, the ATO will accept tax returns as lodged during the period up until the outcome of the proposed amendment is known. Once the outcome of the proposed change is known, taxpayers are required to review their position and if required seek amendment with regard to the enacted law.
See also:
- Information on announced legislative changes not listed on this page, can be found in the New legislation A–Z index.
SOURCE: ATO
