House of Representatives

Tax Laws Amendment (2005 Measures No. 5) Bill 2005

Explanatory Memorandum

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


The following abbreviations and acronyms are used throughout this explanatory memorandum.

Abbreviation Definition
ABS Australian Bureau of Statistics
AGAAP Australian generally accepted accounting principles as they existed at 31   December   2004
AIFRS Australian international financial reporting standards from 1   January   2005
APRA Australian Prudential Regulation Authority
ASIC Australian Securities and Investment Commission
ATO Australian Taxation Office
Commissioner Commissioner of Taxation
CGT capital gains tax
FaCS Secretary the Secretary to the Department of Family and Community Services
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
PAYG pay as you go
STS simplified tax system
TAA 1953 Taxation Administration Act 1953
WET wine equalisation tax

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