House of Representatives
Tax Laws Amendment (Taxation of Financial Arrangements) Bill 2008
Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon Wayne Swan MP)Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| AAS 25 | Australian Accounting Standard AAS 25 Financial Reporting by Superannuation Plans |
| AASB 7 | Australian Accounting Standard AASB 7 Financial Instruments : Disclosures |
| AASB 101 | Australian Accounting Standard AASB 101 Presentation of Financial Statements |
| AASB 108 | Australian Accounting Standard AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors |
| AASB 112 | Australian Accounting Standard AASB 112 Income Taxes |
| AASB 117 | Australian Accounting Standard AASB 117 Leases |
| AASB 118 | Australian Accounting Standard AASB 118 Revenue |
| AASB 121 | Australian Accounting Standard AASB 121 The Effects of Changes in Foreign Exchange Rates |
| AASB 127 | Australian Accounting Standard AASB 127 Consolidated and Separate Financial Statements |
| AASB 132 | Australian Accounting Standard AASB 132 Financial Instruments: Disclosure and Presentation |
| AASB 137 | Australian Accounting Standard AASB 137 Provisions, Contingent Liabilities and Contingent Assets |
| AASB 139 | Australian Accounting Standard AASB 139 Financial Instruments: Recognition and Measurement |
| ADI | authorised deposit-taking institution |
| ASIC | Australian Securities and Investments Commission |
| ASX | Australian Securities Exchange |
| ATO | Australian Taxation Office |
| CGT | capital gains tax |
| Commissioner | Commissioner of Taxation |
| CPI | consumer price index |
| ITAA 1936 | Income Tax Assessment Act 1936 |
| ITAA 1997 | Income Tax Assessment Act 1997 |
| MEC group | multiple entry consolidated group |
| NBTS (TOFA) Act 2003 | New Business Tax System (Taxation of Financial Arrangements) Act 2003 |
| PAYG | pay as you go |
| Ralph Report | Review of Business Taxation: A Tax System Redesigned |
| Ralph Review | Review of Business Taxation |
| retranslation method | elective foreign exchange retranslation method |
| TAA 1953 | Taxation Administration Act 1953 |
| the Act | the ITAA 1936 and ITAA 1997 |
| TOFA | taxation of financial arrangements |
| US | United States of America |