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Taxation Laws Amendment Bill (No. 4) 2003

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 Tax System Redesigned Review of Business Taxation: A Tax System Redesigned
ABN Australian Business Number
ABN Act A New Tax System (Australian Business Number) Act 1999
ATO Australian Taxation Office
AWA Australian Workplace Agreement
CGT capital gains tax
Commissioner Commissioner of Taxation
ETP eligible termination payment
FBT fringe benefits tax
FBTAA 1986 Fringe Benefits Tax Assessment Act 1986
GIC general interest charge
GST goods and services tax
IRU indefeasible right to use an international telecommunications submarine cable system
IT(TP) Act 1997 Income Tax (Transitional Provisions) Act 1997
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
PAYG pay as you go
RBL reasonable benefit limit
RCV residual capital value
SIS simplified imputation system
TAA 1953 Taxation Administration Act 1953
TAR Taxation Administration Regulations 1976

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