ATO Budget Summary

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

Superannuation Reform Package – introduce a lifetime cap for non-concessional superannuation contributions

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

National Innovation and Science Agenda – expanding the new arrangements for venture capital limited partnerships

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

Applying GST to Low Value Goods Imported by Consumers

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

Superannuation Reform Package – remove the anti-detriment provision in respect of death benefits from superannuation

1 July 2017

Superannuation Reform Package – removing regulatory barriers to innovation in the creation of retirement income stream products

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