House of Representatives
New Business Tax System (Consolidation) Bill (No. 1) 2002
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| AASB | Australian Accounting Standards Board |
| A Platform for Consultation | Review of Business Taxation: A Platform for Consultation |
| A Tax System Redesigned | Review of Business Taxation: A Tax System Redesigned |
| ADF | approved deposit fund |
| ASIC | Australian Securities and Investment Commission |
| ATO | Australian taxation Office |
| BAS | business activity statement |
| CFC | controlled foreign company |
| CGT | capital gains tax |
| Commissioner | Commissioner of Taxation |
| COT | continuity of ownership test |
| December 2000 exposure draft | New Business Tax System (Consolidation) Bill 2000 exposure draft |
| February 2002 exposure draft | New Business Tax System (Consolidation) Bill 2002 exposure draft |
| GDP | gross domestic product |
| ESAS | Employee Share Acquisition Scheme |
| FBT | fringe benefits tax |
| FIF | foreign investment fund |
| GIC | general interest charge |
| ITAA 1936 | Income Tax Assessment Act 1936 |
| ITAA 1997 | Income Tax Assessment Act 1997 |
| ITRA 1986 | Income Tax Rates Act 1986 |
| MEC | multiple entry consolidated |
| PAYG | pay as you go |
| pooled deposit fund | |
| PST | pooled superannuation trust |
| RSA | retirement savings account |
| SAC | Statement of Accounting Concept |
| SAP | substituted accounting period |
| SBT | same business test |
| TAA 1953 | Taxation Administration Act 1953 |
| TSA | tax sharing agreement |
| Thin Capitalisation legislation | New Business Tax System (Thin Capitalisation) Act 2001 |