SENATE

New Business Tax System (Simplified Tax System) Bill 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 THE BILL AS INTRODUCED

Glossary

The following abbreviations and acronyms are used throughout this Bill.

Abbreviation Definition
A Tax System Redesigned Review of Business Taxation: A Tax System Redesigned
ABARE Australian Bureau of Agriculture Resource Economics
ABN Australian Business Number
ABS Australian Bureau of Statistics
ANTS Governments Tax Reform Document: Tax Reform: not a new tax, a new tax system
ATO Australian Taxation Office
Commissioner Commissioner of Taxation
GST goods and services tax
GST Act A New Tax System (Goods and Services Tax) Act 1999
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
small business taxpayer as defined in the Income Tax Assessment Act 1997
STS Simplified Tax System
STS affiliate an entity that is somehow related to the STS taxpayer
STS taxpayer an entity who is eligible and who chooses to enter the STS


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