New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Bill 2002

Revised 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
ATO Australian Taxation Office
AVM adjustable value method
CFC controlled foreign company
CGT capital gains tax
Commissioner Commissioner of Taxation
Consolidation Bill New Business Tax System (Consolidation) Bill (No. 1) 2002
DVS direct value shifting
FDT franking deficit tax
FIF foreign investment fund
FLP foreign life assurance policy
GST goods and services tax
GVSR general value shifting regime
Imputation Bill New Business Tax System (Imputation) Bill 2002
IT(TP) Act 1997 Income Tax (Transitional Provisions) Act 1997
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
IVS indirect value shifting
MEC multiple entry consolidated
SAP substituted accounting period
STS simplified tax system
TAA 1953 Taxation Administration Act 1953

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