House of Representatives
Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014
Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon J. B. Hockey MP)Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| ABA | Australian Bankers' Association |
| ABS | Australian Bureau of Statistics |
| ADI | Authorised Deposit-taking Institution |
| ATO | Australian Taxation Office |
| COBA | Customer Owned Banking Association |
| Commissioner | Commissioner of Taxation |
| CRS | Common Reporting Standard |
| FATCA | Foreign Account Tax Compliance Act |
| FATCA Agreement | Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA |
| FFI | Foreign Financial Institution |
| FHSA | First Home Saver Account |
| FSC | Financial Services Council |
| ICERD | International Convention on the Elimination of All Forms of Racial Discrimination |
| ICESCR | International Covenant on Economic, Social and Cultural Rights |
| ICCPR | International Covenant on Civil and Political Rights |
| IGA | Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA |
| IRC | Internal Revenue Code |
| IRS | Internal Revenue Service |
| OAIC | Office of the Australian Information Commissioner |
| OECD | Organisation for Economic Co-operation and Development |
| OVDP | Offshore Voluntary Disclosure Program |
| Privacy Act | Privacy Act 1988 |
| RIS | Regulation Impact Statement |
| TAA 1953 | Taxation Administration Act 1953 |
| US | United States of America |
| USD | US Dollars |