New Business Tax System (Integrity Measures) Bill 2000

Revised Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
This Memorandum takes account of amendments made by the House of Representatives to this Bill as introduced.


The following abbreviations and acronyms are used throughout this Explanatory Memorandum.

Abbreviation Definition
A Platform for Consultation Review of Business Taxation: A Platform for Consultation
A Tax System Redesigned Review of Business Taxation: A Tax System Redesigned
ANTS Government's Tax Reform Document: Tax Reform: not a new tax, a new tax system
ASIC Australian Securities and Investment Commission
ATO Australian Taxation Office
BAS business activity statement
Capital Gains Tax Act New Business Tax System (Capital Gains Tax) Act 1999 .
CGT capital gains tax
Commissioner Commissioner of Taxation
FBT fringe benefits tax
FBTAA 1986 Fringe Benefits Tax Assessment Act 1986
GST goods and services tax
Integrity and Other Measures Act New Business Tax System (Integrity and Other Measures) Act 1999 .
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
NBTS Miscellaneous Bill 1999 New Business Tax System (Miscellaneous) Bill 1999
PAYG Pay As You Go
PSB Personal Services Business
PSE Personal Services Entity
PSI Personal Services Income
RSA Retirement Savings Account
Stage 1 amendments announced 21 September 1999
Stage 2 amendments announced 11 November 1999
TAA 1953 Taxation Administration Act 1953
the Recommendations Review of Business Taxation: A Tax System Redesigned
the Review Review of Business Taxation chaired by Mr Ralph AO

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