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House of Representatives

Tax Laws Amendment (2012 Measures No. 6) 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
AWOTE average weekly ordinary time earnings
CERD International Convention on the Elimination of All Forms of Racial Discrimination
CGT capital gains tax
CPI consumer price index
DGR deductible gift recipient
FBTAA Fringe Benefit Assessment Act 1986
FBT fringe benefit tax
ICCPR International Covenant on Civil and Political Rights
ICESCR International Covenant on Economic, Social and Cultural Rights
ILUA Indigenous Land Use Agreement
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
MITs managed investment trusts
NANE income non-assessable non-exempt income
NMETO net medical expenses tax offset
NTA Native Title Act 1993
the new MIT regime the new tax system for MITs
TLA No. 5 2011 Tax Laws Amendment (2011 Measures No. 5) Act 2011
FMD Farm Management Deposit
GST goods and services tax

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