2016-17 Federal Budget measures and start dates

Original Published Date: 

29/04/2016 - 10:00am

Status: 

  • Current

Tax Category: 

  • Payroll
  • Tax preparation
  • Business accounting
  • Superannuation
  • Investment bodies
  • Resource Tax

Resource Type: 

  • Guides and instructions

Description: 

Budget 2016-17 was released on 3 May 2016.

Please note the measures announced as part of the 2016-17 Budget are subject to receiving Royal assent.

While the ATO sometimes provides input to tax and superannuation policies, the government is responsible for the legislation. The ATO then administers the legislation.

Caretaker

The caretaker period is now over and parliament is expected to resume on 30 August 2016. The budget measures requiring new or amended legislation will be subject to the usual process for the passage of legislation. We will keep you updated on the progress of any changes as they become available.

Post Budget webinar

A post Budget webinar was held on Thursday 12 May 2016 discussing new and changing initiatives as a result of the Budget. A recording of the webinar, which runs for one hour and 29 minutes, is available. You will need to register with your name and email address on the GoToWebinar site to access the recording.

Correction: We stated in the post Budget webinar that the Statement of formulas for calculating amounts to be withheld (NAT1004) would be updated. This was incorrect, we generally don’t update the tax tables if the only change to the rates is the Medicare levy parameters. As the withholding rates have not changed since 1 July 2014 and NAT 1004 is still applying these amounts, NAT 1004 will not be updated for the Medicare levy threshold. However, as is our normal practice NAT 1004 will be reissued but with the rates unchanged from last year. The payee will receive the difference in the threshold in their tax assessment rather than through the withholding system.

The agenda and presentation of the webinar are available below.

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