The draft act regarding the implementation of the GDPR in Austria is now available at the website of the Austrian Parliament. The draft act was published on May 12, 2017. An interesting change in Austria that in the current Austrian regime, not only natural persons, but also legal entities are protected by data protection laws, however this will change from May 25, 2018 and only natural persons will be subject to the protection under the GDPR.
As constitutional changes are also necessary (e.g. regarding the fundamental right to data protection), a 2/3-majority is required to pass the decision in the Parliament.
Update (03.07.2017): The Austrian Parliament adopted the amendment of the Austrian Data Protection Act on June 29, 2017 that implements the necessary changes regarding the GDPR. You can find a brief summary here in English.