House of Representatives

Tax Laws Amendment (Taxation of Financial Arrangements) Bill 2008

Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon Wayne Swan MP)

Glossary

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

Abbreviation Definition
AAS 25 Australian Accounting Standard AAS 25 Financial Reporting by Superannuation Plans
AASB 7 Australian Accounting Standard AASB 7 Financial Instruments : Disclosures
AASB 101 Australian Accounting Standard AASB 101 Presentation of Financial Statements
AASB 108 Australian Accounting Standard AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors
AASB 112 Australian Accounting Standard AASB 112 Income Taxes
AASB 117 Australian Accounting Standard AASB 117 Leases
AASB 118 Australian Accounting Standard AASB 118 Revenue
AASB 121 Australian Accounting Standard AASB 121 The Effects of Changes in Foreign Exchange Rates
AASB 127 Australian Accounting Standard AASB 127 Consolidated and Separate Financial Statements
AASB 132 Australian Accounting Standard AASB 132 Financial Instruments: Disclosure and Presentation
AASB 137 Australian Accounting Standard AASB 137 Provisions, Contingent Liabilities and Contingent Assets
AASB 139 Australian Accounting Standard AASB 139 Financial Instruments: Recognition and Measurement
ADI authorised deposit-taking institution
ASIC Australian Securities and Investments Commission
ASX Australian Securities Exchange
ATO Australian Taxation Office
CGT capital gains tax
Commissioner Commissioner of Taxation
CPI consumer price index
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
MEC group multiple entry consolidated group
NBTS (TOFA) Act 2003 New Business Tax System (Taxation of Financial Arrangements) Act 2003
PAYG pay as you go
Ralph Report Review of Business Taxation: A Tax System Redesigned
Ralph Review Review of Business Taxation
retranslation method elective foreign exchange retranslation method
TAA 1953 Taxation Administration Act 1953
the Act the ITAA 1936 and ITAA 1997
TOFA taxation of financial arrangements
US United States of America


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