This week saw the 2016-17 Federal Budget delivered, which included a number of announcements affecting businesses across Australia. In the Budget, the Federal Government focused on small business as a way to grow the economy, with major changes affecting small businesses proposed, in addition to a continuing focus on multinationals, including the announcement of a new Diverted Profits Tax. Other announcements continued the Government's recent theme of encouraging innovative business, proposals about future work to simplify particular complex areas of tax law (such as the taxation of financial arrangements regime), and changes to the tax rules in relation to superannuation. In terms of IP, the Budget proposed the adoption of amended transfer pricing guidance which is relevant to IP and intangibles.