Summary
Amends the: Taxation Administration Act 1953 to: reduce the gross domestic product (GDP) factor to four per cent for the 2011-12 financial year for GDP-adjusted notional tax; and provide that contributions to superannuation required by an industrial instrument or rules of a superannuation fund are excluded from reportable employer superannuation contributions; Tax Laws Amendment (2009 Measures No. 3) Act 2009 to make consequential amendments; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to provide that minors cannot use the low income tax offset to reduce tax due on certain income; and Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 in relation to the percentage of premiums for certain total and permanent disability insurance policies that can be claimed as deductions.