Senate

Tax Laws Amendment (2006 Measures No. 3) Bill 2006

New Business Tax System (Untainting Tax) Bill 2006

New Business Tax System (Untainting Tax) Act 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


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