House of Representatives

New Business Tax System (Consolidation and Other Measures) (No. 2) Bill 2002

New Business Tax System (Venture Capital Deficit Tax) Bill 2003

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
ACA allocable cost amount
CFC controlled foreign company
CGT capital gains tax
Commissioner Commissioner of Taxation
COT continuity of ownership test
CTE chosen transition entity
DWT dividend withholding tax
FC(TAL) Act Financial Corporations (Transfer of Assets and Liabilities) Act 1993
FDA foreign dividend account
FIF foreign investment fund
FLP foreign life assurance policy
GDP gross domestic product
GIC general interest charge
GST goods and services tax
GVSR general value shifting regime
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
IT(TP) Act 1997 Income Tax (Transitional Provisions) Act 1997
June Consolidation Act New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002
LDPs loss denial pools
LIM loss integrity measure
LRM loss reduction method
May Consolidation Act New Business Tax System (Consolidation) Act (No. 1) 2002
MEC multiple entry consolidated
NCS non-chosen subsidary
OB offshore banking
OBU offshore banking unit
PAYG pay as you go
PDF pooled development fund
PST pooled superannuation trust
R & D research and development
RSA retirement savings account
RUNL residual unrealised net loss
SAP substituted accounting period
SBT same business test
September Consolidation Act New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002
September Consolidation Bill New Business Tax System (Consolidation and Other Measures) Bill (No. 1) 2002
SIS simplified imputation system
Solvency Standard Actuarial Standard 2.02
TAA 1953 Taxation Administration Act 1953
TSA tax sharing agreement
Valuation Standard Actuarial Standard 1.02

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