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House of Representatives

Tax Laws Amendment (Investment Manager Regime) Bill 2012

Explanatory Memorandum

(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)


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

Abbreviation Definition
AFTS Australia's Future Tax System
ASC Accounting Standards Code
Board Board of Taxation
CGT Capital gains tax
FIN 48 Accounting Standards Code 740 10 (ASC 740-10)
FSC Financial Services Council
IMR Investment manager regime
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
ITTPA 1997 Income Tax (Transitional Provisions) Act 1997
Johnson Review Australia as a Financial Centre
MIT Managed investment trust
NANE Non-assessable non-exempt
RIS Regulation impact statement
US United States
USGAA/ASC 740-10 US generally accepted accounting principles

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