House of Representatives

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

New Business Tax System (Franking Deficit Tax) Amendment Bill 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
A Platform for Consultation Review of Business Taxation: A Platform for Consultation
A Tax System Redesigned Review of Business Taxation: A Tax System Redesigned
ACA allocable cost amount
ADI authorised deposit-taking institution
APRA Australian Prudential Regulation Authority
ATO Australian Taxation Office
CGT capital gains tax
Commissioner Commissioner of Taxation
COT continuity of ownership test
May Consolidation Act New Business Tax System (Consolidation) Act (No. 1) 2002
FDT franking deficit tax
GVSR general value shifting regime
IT(TP) Act 1997 Income Tax (Transitional Provisions) Act 1997
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
June Consolidation Bill New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Bill 2002
MEC multiple entry consolidated
PAYG pay as you go
R & D research and development
SAP substituted accounting period
SBT same business test
TAA 1953 Taxation Administration Act 1953
TC group thin capitalisation group
Wallis Report Financial System Inquiry Final Report 1997

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