House of Representatives
New Business Tax System (Consolidation and Other Measures) Bill (No. 1) 2002
New Business Tax System (Franking Deficit Tax) Amendment Bill 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 |
|---|---|
| A Platform for Consultation | Review of Business Taxation: A Platform for Consultation |
| A Tax System Redesigned | Review of Business Taxation: A Tax System Redesigned |
| ACA | allocable cost amount |
| ADI | authorised deposit-taking institution |
| APRA | Australian Prudential Regulation Authority |
| ATO | Australian Taxation Office |
| CGT | capital gains tax |
| Commissioner | Commissioner of Taxation |
| COT | continuity of ownership test |
| May Consolidation Act | New Business Tax System (Consolidation) Act (No. 1) 2002 |
| FDT | franking deficit tax |
| GVSR | general value shifting regime |
| IT(TP) Act 1997 | Income Tax (Transitional Provisions) Act 1997 |
| ITAA 1936 | Income Tax Assessment Act 1936 |
| ITAA 1997 | Income Tax Assessment Act 1997 |
| June Consolidation Bill | New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Bill 2002 |
| MEC | multiple entry consolidated |
| PAYG | pay as you go |
| R & D | research and development |
| SAP | substituted accounting period |
| SBT | same business test |
| TAA 1953 | Taxation Administration Act 1953 |
| TC group | thin capitalisation group |
| Wallis Report | Financial System Inquiry Final Report 1997 |