House of Representatives

Coronavirus Economic Response Package Omnibus Bill 2020

Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Bill 2020

Australian Business Growth Fund (Coronavirus Economic Response Package) Bill 2020

Assistance for Severely Affected Regions (Special Appropriation) (Coronavirus Economic Response Package) Bill 2020

Assistance for Severely Affected Regions (Special Appropriation) (Coronavirus Economic Response Package) Act 2020

Structured Finance Support (Coronavirus Economic Response Package) Bill 2020

Structured Finance Support (Coronavirus Economic Response Package) Act 2020

Appropriation (Coronavirus Economic Response Package) Bill (No. 1) 2019-2020

Appropriation (Coronavirus Economic Response Package) Act (No. 1) 2019-2020

Appropriation (Coronavirus Economic Response Package) Bill (No. 2) 2019-2020

Appropriation (Coronavirus Economic Response Package) Act (No. 2) 2019-2020

Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Bill 2020

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. Josh Frydenberg MP)

Glossary

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

Abbreviation Definition
ABN Australian Business Number
Account Structured Finance Support (Coronavirus Economic Response) Fund Special Account
Acts Interpretation Act Acts Interpretation Act 1901
AOFM Australian Office of Financial Management
Appropriation Bill No. 1 Appropriation (Coronavirus Economic Response Package) Bill (No. 1) 2019-2020
Appropriation Bill No. 2 Appropriation (Coronavirus Economic Response Package) Bill (No. 2) 2019-2020
Assistance for Severely Affected Regions Bill Assistance for Severely Affected Regions (Special Appropriation) (Coronavirus Economic Response Package) Bill 2020
ATO Australian Taxation Office
Bill Coronavirus Economic Response Package Omnibus Bill 2020
Business Growth Fund Bill Australian Business Growth Fund (Coronavirus Economic Response Package) Bill 2020
Cash Flow Boost Bill Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Bill 2020
CEO Chief Executive Officer
Charter of Budget Honesty Charter of Budget Honesty Act 1988
Commissioner Commissioner of Taxation
Coronavirus Coronavirus known as COVID-19
Corporations Act Corporations Act 2001
Corporations Regulations Corporations Regulations 2001
CPI consumer price index
CSHC Commonwealth Seniors Health Card
DRCA Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988
Family Assistance Act A New Tax System (Family Assistance) Act 1999
Family Assistance Administration Act A New Tax System (Family Assistance) (Administration) Act 1999
Family Assistance Law Family Assistance Act, Family Assistance Administration Act and relevant subordinate legislation
FHA Farm Household Allowance
FTB Family Tax Benefit
Fund Structured Finance Support (Coronavirus Economic Response) Fund
GDP gross domestic product
GST goods and services tax
IMF International Monetary Fund
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
ITTP Act 1997 Income Tax (Transitional Provisions) Act 1997
Legislation Act Legislation Act 2003
MEC group multiple entry consolidated group
Minister's rules Child Care Subsidy Minister's Rules 2017
MRCA Military Rehabilitation and Compensation Act 2004
OECD Organisation for Economic Co-operation and Development
PCC Pensioner Concession Card
PGPA Act Public Governance, Performance and Accountability Act 2013
RBA Reserve Bank of Australia
RSA Act Retirement Savings Accounts Act 1997
RSA Regulations Retirement Savings Accounts Regulations 1997
SES employee Senior Executive Service employee
SIS Act Superannuation Industry (Supervision) Act 1993
SIS Regulations Superannuation Industry (Supervision) Regulations 1994
SME Small and medium enterprise
SME Lending Guarantee Bill Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Bill 2020
Social Security Act Social Security Act 1991
Social Security Administration Act Social Security (Administration) Act 1999
Structured Finance Support Bill Structured Finance Support (Coronavirus Economic Response Package) Bill 2020
Surcharge Medicare levy surcharge
TAA 1953 Taxation Administration Act 1953
Threshold amount Medicare levy and Medicare levy surcharge low-income threshold amount
Veterans' Entitlements Act Veterans' Entitlements Act 1986
Youth Allowance (other) People qualified for Youth Allowance (other) who are not undertaking full-time study and are not a new apprentice