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House of Representatives

Taxation Laws Amendment Bill (No. 9) 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
ATO Australian Taxation Office
BAE balancing adjustment event
CGT capital gains tax
Commissioner Commissioner of Taxation
FBT fringe benefits tax
FBTAA 1986 Fringe Benefits Tax Assessment Act 1986
GST goods and services tax
GST Act A New Tax System (Goods and Services Tax) Act 1999
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
IVS indirect value shift
IT(TP) Act 1997 Income Tax (Transitional Provisions) Act 1997
Life Insurance Act Life Insurance Act 1995
MEC group multiple entry consolidated group
PSE personal services entity
PSI personal services income
R & D research and development
STS simplified tax system
TAA 1953 Taxation Administration Act 1953
UCA uniform capital allowance

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