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House of Representatives

Tax and Superannuation Laws Amendment (2013 Measures No. 1) Bill 2013

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
ASIC Australian Securities and Investments Commission
ATO Australian Taxation Office
CGT Capital Gains Tax
Commissioner Commissioner of Taxation
DASP Departing Australia Superannuation Payment
FBT Fringe Benefits Tax
FBTAA Fringe Benefits Tax Assessment Act 1986
IIO Irrigation infrastructure operator
IT(TP)A 1997 Income Tax (Transitional Provisions) Act 1997
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
MEC group multiple entry consolidated group
MRRT Minerals Resource Rent Tax
MRRT(CATP)A 2012 Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012
MRRTA 2012 Minerals Resource Rent Tax Act 2012
MYEFO Mid-Year Economic and Fiscal Outlook
NANE Non-assessable non-exempt
PAYG Pay-as-you-go
PRRT Petroleum Resource Rent Tax
PRRTAA 1987 Petroleum Resource Rent Tax Assessment Act 1987
RBA running balance account
Review Super System Review
RIS regulation impact statement
S(DASPT) Act Superannuation (Departing Australia Superannuation Payment Tax) Act 2007
S(UMLM) Act Superannuation (Unclaimed Money and Lost Members) Act 1999
SIS Act Superannuation Industry (Supervision) Act 1993
SIS Regulations Superannuation Industry (Supervision) Regulations 1994
SMSF self managed superannuation fund
SRWUIP Sustainable Rural Water Use and Infrastructure Program
TAA 1953 Taxation Administration Act 1953
The Commissioner Commissioner of Taxation
TIOEPA 1983 Taxation (Interest on Overpayments and Early Payments) Act 1983
Water Department Department of Sustainability, Environment, Water, Population and Communities
Water Minister Minister for Sustainability, Environment, Water, Population and Communities
Working Group Business Tax Working Group

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