Quite a number of matters come into effect on 1 July 2016, all not just for tax purposes.

1. Increase to the minimum wage

The minimum wage will increase by 2.4% or $17.70 an hour, to $672.70 a week.

2. Personal tax rates

The 32.5% rate applies between $37,001 and $87,000 (prev. $80,000).  Medicare is 2%.  The 2% Budget Repairs Levy applies on any income above $180,000.

3. Superannuation payments

Businesses are required to advise and pay superannuation contributions electronically, eg., by using the ATO system SuperStream, or others offered.  Super must still be remitted at least calendar quarterly.

4. Tax relief on change of business structure

The legal structure of a business can be changed without incurring capital gains tax (however, state stamp duty may still apply).  There will be an option or rollover provision to allow active assets in a business to be transferred to another entity as part of a genuine business restructure.  However, the 'economic ownership' must not change.

5. Small business asset write-offs

This measure continues to 30 June 2017.  It allows the immediate write-off for businesses with turnover under $10m for assets costing less than $20,000, excluding GST.

6. Company tax rates

Companies with an annual aggregated turnover less than $2m have a 28.5% tax rate for 2015/16, but for 2016/17 the rate reduces to 27.5% for all companies with a turnover under $10m.