House of Representatives
New Business Tax System (Consolidation and Other Measures) (No. 2) Bill 2002
New Business Tax System (Venture Capital Deficit Tax) Bill 2003
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 |
| AASB | Australian Accounting Standards Board |
| ACA | allocable cost amount |
| CFC | controlled foreign company |
| CGT | capital gains tax |
| Commissioner | Commissioner of Taxation |
| COT | continuity of ownership test |
| CTE | chosen transition entity |
| DWT | dividend withholding tax |
| FC(TAL) Act | Financial Corporations (Transfer of Assets and Liabilities) Act 1993 |
| FDA | foreign dividend account |
| FIF | foreign investment fund |
| FLP | foreign life assurance policy |
| GDP | gross domestic product |
| GIC | general interest charge |
| GST | goods and services tax |
| GVSR | general value shifting regime |
| ITAA 1936 | Income Tax Assessment Act 1936 |
| ITAA 1997 | Income Tax Assessment Act 1997 |
| IT(TP) Act 1997 | Income Tax (Transitional Provisions) Act 1997 |
| June Consolidation Act | New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 |
| LDPs | loss denial pools |
| LIM | loss integrity measure |
| LRM | loss reduction method |
| May Consolidation Act | New Business Tax System (Consolidation) Act (No. 1) 2002 |
| MEC | multiple entry consolidated |
| NCS | non-chosen subsidary |
| OB | offshore banking |
| OBU | offshore banking unit |
| PAYG | pay as you go |
| pooled development fund | |
| PST | pooled superannuation trust |
| R & D | research and development |
| RSA | retirement savings account |
| RUNL | residual unrealised net loss |
| SAP | substituted accounting period |
| SBT | same business test |
| September Consolidation Act | New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 |
| September Consolidation Bill | New Business Tax System (Consolidation and Other Measures) Bill (No. 1) 2002 |
| SIS | simplified imputation system |
| Solvency Standard | Actuarial Standard 2.02 |
| TAA 1953 | Taxation Administration Act 1953 |
| TSA | tax sharing agreement |
| Valuation Standard | Actuarial Standard 1.02 |