House of Representatives

Tax Laws Amendment (2004 Measures No. 2) Bill 2004

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
CGT capital gains tax
Commissioner Commissioner of Taxation
COT continuity of ownership test
CTP compulsory third party
CUT corporate unit trusts
DGR deductible gift recipient
ETP eligible termination payment
FBT fringe benefits tax
FDA foreign dividend account
FIF foreign investment fund
GIC general interest charge
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
MEC multiple entry consolidated
NZ New Zealand
PAYG pay as you go
PSB personal services business
PSI personal services income
PTT public trading trusts
SIS simplified imputation system
TAA 1953 Taxation Administration Act 1953
UMP United Medical Protection Limited

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