House of Representatives

New Business Tax System (Consolidation) Bill (No. 1) 2002

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
AASB Australian Accounting Standards Board
A Platform for Consultation Review of Business Taxation: A Platform for Consultation
A Tax System Redesigned Review of Business Taxation: A Tax System Redesigned
ADF approved deposit fund
ASIC Australian Securities and Investment Commission
ATO Australian taxation Office
BAS business activity statement
CFC controlled foreign company
CGT capital gains tax
Commissioner Commissioner of Taxation
COT continuity of ownership test
December 2000 exposure draft New Business Tax System (Consolidation) Bill 2000 exposure draft
February 2002 exposure draft New Business Tax System (Consolidation) Bill 2002 exposure draft
GDP gross domestic product
ESAS Employee Share Acquisition Scheme
FBT fringe benefits tax
FIF foreign investment fund
GIC general interest charge
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
ITRA 1986 Income Tax Rates Act 1986
MEC multiple entry consolidated
PAYG pay as you go
PDF pooled deposit fund
PST pooled superannuation trust
RSA retirement savings account
SAC Statement of Accounting Concept
SAP substituted accounting period
SBT same business test
TAA 1953 Taxation Administration Act 1953
TSA tax sharing agreement
Thin Capitalisation legislation New Business Tax System (Thin Capitalisation) Act 2001

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