Senate
Tax Laws Amendment (2006 Measures No. 3) Bill 2006
New Business Tax System (Untainting Tax) Bill 2006
Revised Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello MP)This memorandum takes account of amendments made by the House of Representatives to the Bills as introduced
Tax Laws Amendment (2006 Measures No. 3) Bill 2006; New Business Tax System (Untainting Tax) Bill 2006
Glossary
The following abbreviations and acronyms are used throughout this revised explanatory memorandum.
| Abbreviation | Definition |
|---|---|
| ABN | Australian Business Number |
| ABN Act | A New Tax System (Australian Business Number) Act 1999 |
| ATO | Australian Taxation Office |
| CGT | capital gains tax |
| Commissioner | Commissioner of Taxation |
| DGR | deductible gift recipient |
| FBT | fringe benefits tax |
| FBTAA 1986 | Fringe Benefits Tax Assessment Act 1986 |
| funding credits | Pre-1 July 1988 funding credits |
| 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 group | multiple entry consolidated group |
| RSA | retirement savings accounts |
| TAA 1953 | Taxation Administration Act 1953 |
| the Marana decision | Marana Holdings Pty Ltd v Commissioner of Taxation
[2004] FCAFC 307 (see paragraph 15.1) |
| WET | wine equalisation tax |