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27 Jun 11 2011 Measures No 5 Bill 2011 passes Senate without amendments

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.

This Bill:

  • 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.