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On 15 June 2011 the Tax Laws Amendment (2011 Measures No 4) Bill 2011 passed the Senate without amendment, and now awaits the Royal Assent.

This Bill:

  • amends the Taxation Administration Act 1953 to set the gross domestic product (GDP) adjustment for PAYG instalment taxpayers who use the GDP adjustment method at 4% for the 2011-2012 income year, instead of 8%. This measure applies to PAYG instalment amounts for the 2011-2012 income year that become due on or after the day after this Bill receives Royal Assent. It does not apply where a taxpayer’s 2011-2012 income year commenced before 1 April 2011
  • amends the ITAA 1936 to remove the ability of minors (children under 18 years of age) to use the low income tax offset to offset tax due on their unearned income, such as dividends, interest, rent, royalties and other income from property. This measure applies to assessments for the 2011-12 income year and later income years
  • allows the percentage of insurance costs for certain total and permanent disability (TPD) policies that can be claimed as deductions by superannuation funds to be specified in regulations, with effect from the 2011-2012 income year, and
  • amends the Taxation Administration Act 1953 to exclude from the “reportable employer superannuation contributions” definition certain employer contributions to superannuation made pursuant to a requirement that employees cannot influence. This measure applies to the 2009-2010 income year and later income years.