Federal Budget 2016 – Banking

Budget 2016 – Banking

For the financial services sector the Budget is a mixed bag of additional integrity measures tempered with some welcome developments.

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People talking in building lobby

Despite pre-budget speculation, there were no changes to the thin capitalisation rules announced.

In addition to the array of superannuation changes key announcements for financial services include:

  • reduction in corporate tax rate – a complex mechanism to reduce the corporate tax rate for all companies to 25 percent by the 2026-27 income year
  • Diverted Profits Tax – to be added to the existing MAAL measure with effect from 1 July 2017 to complete a package of anti-avoidance provisions applying to significant global entities
  • Tax Integrity Package – from 1 July 2017 administrative penalties for significant global entities who fail to meet disclosure obligations will be increased
  • Anti-hybrid rules – implementation of the OECD BEPS Action 2: Anti-hybrid Rules
  • TOFA simplification proposals and
  • consolidation changes further modified.

Federal Budget 2016 – Review

This report provides KPMG's in-depth analysis of the 2016 Federal Budget – insights into the major implications for Australia, and for business.

 
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Federal Budget 2016 – Superannuation

This report outlines the key implications for superannuation announced in the Federal Budget.

 
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Federal Budget 2016 – Video analysis

Watch KPMG leadership and key business identities share insights into the Budget's major implications for Australian business, industries and sectors.

 
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Federal Budget 2016 – Rolling coverage

Features commentary from across the firm, outlining KPMG’s analysis of the 2016 Federal Budget and the major impacts for Australia.

 
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Federal Budget

Federal Budget

KPMG's review of the business implications of the 2016 Federal Budget.

Banking & Capital Markets

Banking & Capital Markets

KPMG's Banking and Capital Markets practice is well placed to help clients successfully navigate challenging times and capitalise on opportunities.

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