House of Representatives

Taxation Laws Amendment Bill (No. 5) 2003

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

Glossary

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
ADI authorised deposit-taking institution
APRA Australian Prudential Regulation Authority
ASIC Australian Securities and Investments Commission
ATO Australian Taxation Office
CFE controlled foreign entity
CGT capital gains tax
Commissioner Commissioner of Taxation
COT continuity of ownership test
ETP eligible termination payment
FBT fringe benefits tax
FBTAA 1986 Fringe Benefits Tax Assessment Act 1986
FDA foreign dividend account
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
MEC multiple entry consolidated
PAYG pay as you go
PBI public benevolent institution
RBL reasonable benefit limit
SBT same business test
TAA 1953 Taxation Administration Act 1953
TC group thin capitalisation group
TFN tax file number


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