House of Representatives

Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) 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
2020 budget time 7.30 pm, by legal time in the Australian Capital Territory, on 6 October 2020
ATO Australian Taxation Office
Bill Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020
Commissioner Commissioner of Taxation
Coronavirus Coronavirus known as COVID-19
Decision-making principles Industry Research and Development Decision-making Principles 2011
GDP Gross domestic product
GST Goods and services tax
GST Act A New Tax System (Good and Services Tax) Act 1999
IR & D Act Industry Research and Development Act 1986
ISA Innovation and Science Australia
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
ITTP Act Income Tax (Transitional Provisions) Act 1997
PAYG Pay-As-You-Go
PDF pooled development fund
R & D Research and development
R & D Tax Incentive Research and development tax incentive
SES Senior Executive Service
TAA 1953 Taxation Administration Act 1953


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