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 |