On 23 June 2011 the Tax Laws Amendment (2011 Measures No 5) Bill 2011 passed the Senate without amendment. The Bill now awaits the Royal Assent.
- amends the ITAA 1997 in relation to trust beneficiaries continuing to use primary production income averaging in certain circumstances; the operation of the National Rental Affordability Scheme; and anti-avoidance rules for exempt entities used to “shelter” the taxable income of a trust
- amends the ITAA 1936, ITAA 1997 and Income Tax (Transitional Provisions) Act 1997 to enable trust beneficiaries to continue to use farm management deposits in certain circumstances
- amends the ITAA 1936 in relation to capital gains and franked distributions of trusts; and phasing out the dependent spouse tax offset, and
- amends the Fringe Benefits Tax Assessment Act 1986 to provide for a single statutory rate of 20% to determine the taxable value of car fringe benefits.