Abbreviations and Equivalents Flashcards
1
Q
FCT
A
Federal capital territory
2
Q
STP
A
Single touch payroll
3
Q
UOMI
A
GIC and SIC General interest and shortfall Interest Charges
4
Q
CAT
A
Current annual turnover
5
Q
PAT
A
Projected annual turnover
6
Q
LAFHA
A
Leaving away from family home allowance
7
Q
TAP
A
Taxable Australian Property
8
Q
BRE
A
Base Rate Entity
9
Q
PSI
A
Personal services income
10
Q
COT
A
Continuity of Ownership Test
11
Q
BCT
A
Business Continuity Test
12
Q
FTE
A
Family Trust Election
13
Q
ENCO
A
Effectively non-contingent obligation
14
Q
RPS
A
Redeemable preference share
15
Q
CFC
A
Controlled foreign company
16
Q
FITO
A
Foreign income tax offset
17
Q
DIR
A
(dividend, interest, royalty) withholding
18
Q
MIT
A
(managed investment trust) withholding
19
Q
GAAR
A
General Anti-Avoidance Rules
20
Q
TOFA
A
Taxation Of Financial Arrangements
21
Q
TR
A
Tax Rulings
22
Q
TD
A
Tax Determinations
23
Q
CR
A
Class Rulings
24
Q
PR
A
Product Rulings
25
LCR
Law Companion Rulings
26
PBR
Private Binding Rulings
27
PCG
Practical Compliance Guidelines
28
Accounting profit or loss on the sale of depreciating assets
Balancing Adjustment
29
Straight line
Prime cost
30
Disposal value
Termination Value
31
Book value
Adjustable value
32
Stats NZ
Australian Bureau of Statistics (ABS)
33
Zero rated
GST free
34
GST exempt
GST input taxed supplies
35
FMA in AU
ASIC (Australian Securities and Investment Commission)
36
Acronyms for GST (Sale)
SCREIN Supply, consideration, registered, enterprise, indirect tax zone, not GST-free or Input-taxed
37
ITZ
Indirect Tax Zone
38
Acronyms for GST (purchase)
CRAFT Consideration, registered, acquisition, for creditable purpose (not private or for supply that is input-taxed), taxable supply
39
FBT acronyms
Big Friendly Crocodile Eats Veggies
(Benefit, Fringe Benefit, Category of FBT, Exemption, Value TBD.
40
Two famous FBT Reductions:
1) Otherwise deductible amount, 2) 1,000 concession for in-house benefits
41
Start date of CGT
20 Sep 1985
42
Three steps of CGT
1) Event 2) Offset 3) Concessions
43
Five element of cost base for CGT calcs
AICCC - Acquisition costs, Incidental costs, Costs of owning the asset, Capital costs to increase/preserve asset's value, Capital costs to
preserve title
44
Indexing cost base date
Assets acquired before 21 September 1999
45
Stop date for CGT discount for non-residents
8 May 2012
46
TARP
Taxable Australian Real Property
47
BREPI
Base Rate Entity Passive Income
48
Where PSI is diverted to other entities is called:
Alienation of income (Division 86)
49
ESIC
Early Stage Investment Company
50
TSA
Tax Sharing Agreement (related to consolidated groups)
51
ACA
Allocated Cost Amount (consolidated groups)
52
Two different trust incomes:
Income of the Trust (accounting income) and Net Income
53
Three components of trust distribution:
1) Division 6, 2) Capital Gain 3) Franked Dividend
54
EDCI
Eligible designated concession income
55
CFI
Conduit Foreign Income
56
Code of Ethics for Professional Accountants
IOPCP
57
OSR
Office of State Revenue
58
OPC
Office of Parliamentary Counsel (Who draft all primary legislation)
59
ATO ID
ATO Interpretative Decisions
60
TA
Tax Allerts
61
LAPS
Law Administration Practice Statements
62
AD and AI
Allowable Deductions and Assessable Income
63
ACT
Australian Capital Territory
64
DGR
Deductible Gift Recipient (endorsement)
65
Charities commission on AU
Australian Charities and Not-for-profit Commission (ACNC.gov.au)
66
Asset acquired on or before what date should exclude second or third element of CGT Cost base?
13 May 1997
67
IISA
Industry Innovation and Science Australia
68
RNN
Return Not Necessary
69
UEA
Umbrella Engagement Agreement
70
APES
Accounting Professional & Ethical Standards
71
SGE
Significant Global Entities
72
IDS
International dealings schedule (If your business is engaged in international dealings with related parties and has more than $2 million of related-party dealings, you are required to complete an international dealings schedule (IDS) and lodge it with your income tax return for that year.)
73
Input Taxed abbreviations
INP
74
SAP
Substituted Accounting Period
75
ATF
As Trustee For
76
Individuals four residency tests
Resides test, Domicile test, More than 183 days test, Superannuation scheme test
77
Companies four residency tests
First statutory test (Company incorporated in AU), Second statutory test (Not incorporated in AU but runs business in AU), Central management and control in AU test, Voting power controlled by Australian test
Significant economic connection to AU is important now.
78
3 Residency of the trust rule
Residency of the trustees, Central management or controlling of the trust
79
Two positive limbs to allow deduction
1) income incurred in gaining or producing taxable income
2) necessarily incurred in carrying on business to produce assessable income
80
Four negative limbs which deny the deduction
1) Capital 2) private or domestic 3) incurred in relation to exempt or NANE income 4) Prevented to be claimed by the provision of tax legislation.
81
OTE
Ordinary time earnings
82
SG and SGC
Super guarantee and Super guarantee charges
83
4 SBE CGT Concessions
1) 15 year CGT asset exemption 2) 50% reduction 3) retirement exemption 4) rollover relief
84
PPA
Purchase Price Allocation
85
LPP
Legal Professional Privilege
86
TEA
Tax Expense Allowance
87
Australian law designed to improve payment practices between large corporations and small businesses
Payment Time Reporting Act 2020
88
FMD
Farm Management Deposits (FMD) Scheme
89
Two limbs of ESICs
1) Early stage limb 2) Innovation limb (which has 100 points)
90
What is the alternative to "100-point innovation test requirement" for ESICs?
"Principles-based innovation test" which is a more subjective test
91
Tax offset, rebate and credit, which ones are used in ITAA1936 and which one in ITAA 1997?
The term 'tax offset' is used in ITAA 1997, while 'rebate' and 'tax credits' are used in ITAA 1936. However, the terms all have the same impact (i.e. they reduce tax payable).
92
ESVCLP
Early stage venture capital limited partnership (ESVCLP)
