Mathias Cormann (WA, Liberal Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

The coalition will not oppose the Tax Laws Amendment (2011 Measures No. 4) Bill 2011.

This bill makes a number of changes to taxation laws. Schedule 1 sets the gross domestic product adjustment for pay-as-you-go instalment taxpayers at four per cent for the 2011-12 income year instead of eight per cent. This will allow taxpayers using this methodology to smooth their tax burden over the 2011-12 and 2012-13 tax years.

Schedule 2 removes the ability of children under 18 years of age to use the low-income tax offset to offset tax due on their unearned income. Schedule 3 allows a percentage of insurance costs for total and permanent disability policies that can be claimed as deductions by superannuation funds to be specified in regulations. Schedule 4 excludes from the reportable employer superannuation contributions definitions of certain employer contributions to superannuation made pursuant to a requirement that employees cannot influence.

As I have mentioned, the coalition does not intend to oppose this bill, and with those few words I conclude my contribution.

Don Farrell (SA, Australian Labor Party, Parliamentary Secretary for Sustainability and Urban Water) Share this | Link to this | Hansard source

I would like to thank Senator Cormann for his contribution to the debate, and I commend the bill to the Senate.

Question agreed to.

Bill read a second time.