House of Representatives

New Business Tax System (Thin Capitalisation) Bill 2001

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
A Platform for Consultation Review of Business Taxation: A Platform for Consultation
A Tax System Redesigned Review of Business Taxation: A Tax System Redesigned
AASB Australian Accounting Standards Board
ADI authorised deposit-taking institution
ANTS Governments Tax Reform Document: Tax Reform: not a new tax, a new tax system
APRA Australian Prudential Regulation Authority
ATO Australian Taxation Office
CFC controlled foreign company
CFT controlled foreign trust
Commissioner Commissioner of Taxation
DTA double tax agreement
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
non-ADI not an authorised deposit-taking institution
OB offshore banking
OBU offshore banking unit
OECD Organisation for Economic Cooperation and Development
Part X Part X of the ITAA 1936
REPO reciprocal purchase agreement
TAA 1953 Taxation Administration Act 1953
TC thin capitalisation

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