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Tax Laws Amendment (2011 Measures No. 5) Bill 2011

Originating house
House of Representatives


Amends the: Income Tax Assessment Act 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; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to enable trust beneficiaries to continue to use farm management deposits in certain circumstances; Income Tax Assessment Act 1936 in relation to: capital gains and franked distributions of trusts; and phasing out the dependent spouse tax offset; and Fringe Benefits Tax Assessment Act 1986 to provide for a single statutory rate of 20 per cent to determine the taxable value of car fringe benefits. Also makes consequential amendments to the Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 02/06/11  
Second reading moved 02/06/11  
Second reading debate 20/06/11  
Second reading agreed to 20/06/11  
Third reading agreed to 20/06/11  
Introduced and read a first time 22/06/11  
Second reading moved 22/06/11  
Second reading debate 23/06/11  
Second reading agreed to 23/06/11  
Third reading agreed to 23/06/11  
Text of bill as passed both Houses 23/06/11  
Assent 29/06/11 Act no.: 62 - Year: 2011

Text of bill

  • First reading

  • As passed by both Houses


Explanatory memoranda

  • Explanatory memorandum


Second reading speeches

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest

  • Referred to Committee (15/06/2011): Schedule 5 of bill referred to Senate Economics Legislation Committee
  • Committee report (22/06/2011)
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)