House of Representatives

New Business Tax System (Taxation of Financial Arrangements) Bill (No. 1) 2003

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)


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

Abbreviation Definition
A$ Australian dollars
¥ . Japanese Yen
€ . Euro
£ . United Kingdom (UK) pounds
US$ United States (US) dollars
ADI authorised deposit-taking institution
A Tax System Redesigned Review of Business Taxation: A Tax System Redesigned
ATO Australian Taxation Office
CFC controlled foreign company
CGT capital gains tax
Commissioner Commissioner of Taxation
FIFO first-in-first-out
forex foreign exchange
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
OB offshore banking
OBU offshore banking unit
PE permanent establishment
TAA 1953 Taxation Administration Act 1953
USA United States of America

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