Australia: Tax provisions in federal budget 2016

Australia: Tax provisions in federal budget 2016

Australia’s federal budget for 2016 was presented today, 3 May 2016. Among the tax provisions are measures for:

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  • A proposed reduction in the corporate tax rate to 25%, to be phased in over an 11-year period
  • New anti-avoidance measure, anti-hybrid rules, and a new transparency regime 
  • Changes to the individual (personal) tax bracket rule, to address “bracket creep” for certain individuals
  • Changes to superannuation measures, to allow those persons with “broken” work records to make top-up payments
  • Continuation of the research and development (R&D) tax incentive

 

Read a May 2016 report prepared by the KPMG member firm in Australia

 

Read more about the federal budget 2016 in a series of May 2016 reports prepared by the KPMG member firm in Australia

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