House of Representatives

Taxation Laws Amendment Bill (No. 7) 2003

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)


The following abbreviations and acronyms are used throughout this explanatory memorandum.

Abbreviation Definition
ADF Australian Defence Force
ASIC Australian Securities and Investments Commission
ATO Australian Taxation Office
CFC controlled foreign company
CGT capital gains tax
Commissioner Commissioner of Taxation
Criminal Code Criminal Code Act 1995
DGR deductible gift recipient
FBT fringe benefits tax
FIF foreign investment fund
FSR financial services reform
GST goods and services tax
GST Act A New Tax System (Goods and Services Tax) Act 1999
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
IT(TP) Act 1997 Income Tax (Transitional Provisions) Act 1997
LCT luxury car tax
LLC limited liability company
MEC group multiple entry consolidated group
PAYG pay as you go
SIS simplified imputation system
TAA 1953 Taxation Administration Act 1953
TSA tax sharing agreement
UK United Kingdom
UN United Nations
US United States
USA United States of America
WET wine equalisation tax

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