House of Representatives
Capital Works (Build to Rent Misuse Tax) Bill 2024
Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024
Explanatory Memorandum
(Circulated by authority of the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP)Glossary
This Explanatory Memorandum uses the following abbreviations and acronyms.
| Abbreviation | Definition |
| AFCA | Australian Financial Complaints Authority |
| AMIT | Attribution managed investment trust |
| ASIC | Australian Securities and Investments Commission |
| ATO | Australian Taxation Office |
| BEPS Action 13 Guidance | Guidance on the Implementation of Country-by-Country Reporting: BEPS Action 13 (2022) of the Organisation for Economic Cooperation and Development |
| Bill | Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 |
| BNPL | Buy Now, Pay Later |
| BTR | Build to rent |
| CBC | country by country |
| CGT asset | has the same meaning as defined in section 995-1 of the ITAA 1997 |
| CGT event | has the same meaning as defined in section 995-1 of the ITAA 1997 |
| Commissioner | Commissioner of Taxation |
| Corporations Act | Corporations Act 2001 |
| Credit Act | National Consumer Credit Protection Act 2009 |
| Credit Code | National Credit Code as set out in Schedule 1 to the National Consumer Credit Protection Act 2009 |
| FFR Act | Federal Financial Relations Act 2009 |
| GRI 207 | Global Reporting Initiative's Sustainability Reporting Standards GRI 207:Tax (2019) |
| Imposition Bill | Capital Works (Build to Rent Misuse Tax) Bill 2024 |
| IT(TP) Act | Income Tax (Transitional Provisions) Act 1997 |
| ITAA 1936 | Income Tax Assessment Act 1936 |
| ITAA 1997 | Income Tax Assessment Act 1997 |
| LCCC | Low cost credit contract |
| Medicare Levy Act | Medicare Levy Act 1986 |
| MIT | Managed investment trust |
| MIT Tax Act | Income Tax (Managed Investment Trust Withholding Tax) Act 2008 |
| NASWD | National Agreement for Skills and Workforce Development that was entered into between the Commonwealth and the States and that took effect from 1 January 2009 to 31 December 2023. |
| NSA | National Skills Agreement that was entered into between the Commonwealth and the States and that took effect on 1 January 2024. |
| NSPP | National Specific Purpose Payments |
| OECD | Organisation for Economic Cooperation and Development |
| OECD Transfer Pricing Guidelines | Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2022 of the Organisation for Economic Cooperation and Development |
| RLOs | Responsible lending obligations |
| States | Refers to the Australian States, the Australian Capital Territory and the Northern Territory. |
| TAA 1953 | Taxation Administration Act 1953 |