tzupdater2.1.0-b04 is failing with tzdata2016g due to unset VERSION field in Makefile that is a part of IANA tzdata distribution:
$java -jar tzupdater.jar -v -l http://www.iana.org/time-zones/repository/releases/tzdata2016g.tar.gz
java.home: /usr/lib/jvm/java-8-oracle/jre
java.vendor: Oracle Corporation
java.version: 1.8.0_101
tzupdater version 2.1.0-b04
JRE tzdata version: tzdata2016d
Downloaded file to /tmp/tz.tmp_4/tzdata.tar.gz
Source directory does not contain file: VERSION

/tmp/tz.tmp/VERSION file was created by tzupdater but it contains incorrect value generated from tzdata distribution's Makefile:
tzdataunknown

According to discussion on tz@iana.org mail-list the assumption that VERSION field should contain the release version number (i.e. 2016g) is no longer valid: http://mm.icann.org/pipermail/tz/2016-September/024221.html