Senate

New Business Tax System (Miscellaneous) Bill (No. 2) 2000

Revised Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
This Memorandum takes account of amendments made by the House of Representatives to this Bill as introduced.

Glossary

The following abbreviations and acronyms are used throughout this Explanatory Memorandum.

Abbreviation Definition
A Platform for Consultation Review of Business Taxation: A Platform for Consultation
A Tax System Redesigned Review of Business Taxation: A Tax System Redesigned
ABN Australian Business Number
AD/RLA accident and disability/residual life assurance
ADF approved deposit fund
ANTS Government's Tax Reform Document: Tax Reform: not a new tax, a new tax system
ASIC Australian Securities and Investments Commission
ATO Australian Taxation Office
BAS business activity statement
Capital Gains Tax Act New Business Tax System (Capital Gains Tax) Act 1999
CFCs controlled foreign companies
CGT capital gains tax
COIN Company and Superannuation Fund Instalment System
Commissioner Commissioner of Taxation
CS/RA complying superannuation/roll-over annuity
EIB eligible insurance business
ETP eligible termination payment
GAAR general anti-avoidance rule
GDP gross domestic product
GIC general interest charge
Income Tax Rates Act No. 1 New Business Tax System (Income Tax Rates) Act (No. 1) 1999
Income Tax Rates Act No. 2 New Business Tax System (Income Tax Rates) Act (No. 2) 1999
Integrity and Other Measures Act New Business Tax System (Integrity and Other Measures) Act 1999
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
Life Insurance Act Life Insurance Act 1995
NBTS Miscellaneous Bill 1999 New Business Tax System (Miscellaneous) Bill 1999
NCS non-complying superannuation
PAYG Pay As You Go
PST pooled superannuation trust
RBA running balance account
RSA retirement savings account
TAA 1953 Taxation Administration Act 1953
the Recommendations Review of Business Taxation: A Tax System Redesigned
the Review Review of Business Taxation
Transitional Provisions Act Income Tax (Transitional Provisions) Act 1997