Federal Budget 2016: Tax cuts, super changes, crackdown on multinationals

By Nassim Khadem
Updated May 3 2016 - 8:23am, first published May 2 2016 - 9:29pm
Prime Minister Malcolm Turnbull and Treasurer Scott Morrison in the Prime Minister's suite on Monday morning, budget eve. Photo: Andrew Meares
Prime Minister Malcolm Turnbull and Treasurer Scott Morrison in the Prime Minister's suite on Monday morning, budget eve. Photo: Andrew Meares
Business Council of Australia president Catherine Livingstone wants a commitment to move to a 25 per cent company tax rate, to bring Australia into line with the OECD average. Photo: Josh Robenstone
Business Council of Australia president Catherine Livingstone wants a commitment to move to a 25 per cent company tax rate, to bring Australia into line with the OECD average. Photo: Josh Robenstone
Council of Small Business of Australia chief executive Peter Strong has suggested that small business tax be reduced to zero for incorporated businesses that pledge to invest all profits back into their business. Photo: Alex Ellinghausen
Council of Small Business of Australia chief executive Peter Strong has suggested that small business tax be reduced to zero for incorporated businesses that pledge to invest all profits back into their business. Photo: Alex Ellinghausen
There could be budget measures allowing people who have missed work to raise children or because of illness the ability to make top-up payments.
There could be budget measures allowing people who have missed work to raise children or because of illness the ability to make top-up payments.
The $1 billion subsidy for the wine industry is expected to be limited to stop "rorting" in the industry.
The $1 billion subsidy for the wine industry is expected to be limited to stop "rorting" in the industry.
Tax Commissioner Chris Jordan expects more funding for the Australian Taxation Office to fight multinationals that shift profits offshore. Photo: Alex Ellinghausen
Tax Commissioner Chris Jordan expects more funding for the Australian Taxation Office to fight multinationals that shift profits offshore. Photo: Alex Ellinghausen

Here's what we know so far about the main tax and business changes in the May 3 federal budget:

Company and personal tax cuts