Senate
New Business Tax System (Capital Allowances) Bill 2001
New Business Tax System (Capital Allowances - Transitional and Consequential) Bill 2001
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 explanatory memorandum.
| Abbreviation | Definition |
|---|---|
| A Tax System Redesigned | Review of Business Taxation: A Tax System Redesigned |
| ACA | Australian Communications Authority |
| ATO | Australian Taxation Office |
| Capital Allowances Bill | New Business Tax System (Capital Allowances) Bill 2001 |
| CGT | capital gains tax |
| Commissioner | Commissioner of Taxation |
| FAC | Federal Airports Corporation |
| GST | goods and services tax |
| GST Act | A New Tax System (Goods and Services Tax) Act 1999 |
| IRU | indefeasible right to use an international telecommunications submarine cable system |
| ITAA 1936 | Income Tax Assessment Act 1936 |
| ITAA 1997 | Income Tax Assessment Act 1997 |
| R & D | research and development |
| Radcom Act | Radiocommunications Act 1992 |
| STS | Simplified Tax System |