Common tax and accounting acronyms

We (along with the ATO, and most others in the tax world) often use acronyms to shorten otherwise unwieldy tax and related terms. Following is a list of some of the most common acronyms used in ‘tax and superannuation discussions.

AAT	Administrative Appeals Tribunal
ABN	Australian Business Number
ABP	Account based pension
ACN	Australian Company Number
ACNC	Australian Charities and Not-for-profits Commission
ACR	Auditor contravention report
AFSL	Australian Financial Services Licence
APES	Accounting Professional and Ethical Standard(s)
APRA	Australian Prudential Regulation Authority
APSI	Alienation of Personal Services Income
AR	Authorised Representative
ASIC	Australian Securities and Investments Commission
ASX	Australian Securities Exchange
ATI	Adjusted Taxable Income
ATO	Australian Taxation Office
ATO ID	ATO Interpretative Decision
AUASB	Auditing and Assurance Standards Board
AWOTE	Average Weekly Ordinary Time Earnings
BA	Bankruptcy Act 1966
BCT	Business Continuity Test
BDBN	Binding death benefit nomination
BFA	Binding financial agreement
BRE	Base rate entity
BRP	Business real property
BSA	Buy-sell agreement
CA	Corporations Act 2001
CC	Concessional contribution
CGT	Capital Gains Tax
CM&C	Central Management and Control
CMT	Child maintenance trust
COR	Condition of release
COT	Continuity of ownership test
Credit Reporting Bureau	Credit Reporting Bureau
CSHC	Commonwealth seniors health card
DAS	Dividend Access Share
DASP	Departing Australia Superannuation Payment
DCT	Deputy Commissioner of Taxation
DICTO	Dependant (Invalid and Carer) Tax Offset
DHS	Department of Human Services (including Centrelink)
DIS	Decision Impact Statement
DPN	Director penalty notice
DV	Diminishing Value
DVA	Department of Veteran Affairs
ECC	Excess concessional contribution
ECPI	Exempt current pension income
ECT	Excess contributions tax
ED	Exposure Draft
EFLE	Entertainment facility leasing expense
ENCC	Excess non-concessional contribution
EM	Explanatory memorandum (to a Bill)
ESS	Employee Share Scheme
ETB	Excess transfer balance
ETP	Employment termination payment
FBT	Fringe Benefits Tax
FBTAA	Fringe Benefits Tax (Assessment) Act 1986
FCA	Federal Court of Australia
FCAFC or FFC	Federal Court of Australia (Full Court) or Full Federal Court
FCT	Federal Commissioner of Taxation
FL Act	Family Law Act 1975
FLS Regulations	Family Law (Superannuation) Regulations 2001
FMDs	Farm Management Deposits
FOFA	Future of Financial Advice (reforms)
FWA	Fair Work Act 2009
GIC	General interest charge
GST	Goods and Services Tax
GST Act	Goods and Services Tax Act 1999
GSTD	Good and Services Tax Determination
GSTR	Goods and Services Tax Ruling
ID	Interpretative Decision
IFBA	Individual Fringe Benefits Amount
IGT	Inspector-General of Taxation
IHS	In-house software
IPP	Individual Professional Practitioner
ITAA 1936	Income Tax Assessment Act 1936
ITAA 1997	Income Tax Assessment Act 1997
ITAR	Income Tax Assessment Regulations 1997
ITC	Input tax credit
ITRA	Income Tax Rates Act 1986
IT(TP)A	Income Tax (Transitional Provisions) Act 1997
JV	Joint venture
LAFH	Living-away-from-home
LCG (or LCR)	Law Companion Guideline (or Law Companion Ruling)
LPR	Legal personal representative
LRBA	Limited recourse borrowing arrangement
LTCs	Low tax contributions
LVP	Low-value pool
LVR	Loan-to-value ratio
MLP	Market linked pension
MNAV	Maximum net asset value (test)
MR or MRE	Main residence or Main residence exemption
MSV	Margin Scheme Valuation
MVPR	Market valuation private ruling
MVSR	Market Value Substitution Rule
NALI	Non-arm’s length income
NCC	Non-concessional contribution
NCL	Non-commercial loss
NGUT	Non-geared unit trust
NTLG	National Tax Liaison Group
PAYGW	Pay-as-you-go withholding
PB	Preserved benefit
PBI	Public Benevolent Institution
PBR	Private binding ruling
PCG	Practical Compliance Guideline
PDS	Product Disclosure Statement
PHI	Private Health Insurance
PIC	Property Identification Code
PII	Professional indemnity insurance
PPR	Promoter penalty regime
PSB	Personal Services Business
PSI	Personal Services Income
PSLA	Practice Statement Law Administration
PUA	Personal use asset
RBE	Registerable Biosecurity Entity
RESC	Reportable Employer Superannuation Contribution
RFB or RFBA	Reportable Fringe Benefits or Reportable Fringe Benefits Amount
RNPB	Restricted non-preserved benefit
RPD	Real Property Description
RSA	Retirement savings account
RSE	Registrable Superannuation Entity
SAF	Small APRA Fund
SAN	SMSF Advisers Network
SBCs	Small Business Concessions
SBE	Small Business Entity
SBPP	Small business participation percentage
SBR	Standard Business Reporting
SBRR	Small Business Restructure Rollover
SBT	Same business test
SCT	Superannuation Complaints Tribunal
SG	Superannuation guarantee
SGAA	Superannuation Guarantee (Administration) Act 1992
SGC	Superannuation guarantee charge
SIC	Shortfall interest charge
SIRN	Superannuation Industry Relationship Network
SIS Act	Superannuation Industry (Supervision) Act 1993
SIS Regs	Superannuation Industry (Supervision) Regulations 1994
SMSF	Self-managed superannuation fund
SMSFD	Self Managed Superannuation Fund Determination
SMSFR	Self Managed Superannuation Fund Ruling
SSA	Salary sacrifice arrangement
STP	Single Touch Payroll
TA	Taxpayer Alert
TAA 1953	Taxation Administration Act 1953
TAP	Taxable Australian Property
TARP	Taxable Australian Real Property
TASA	Tax Agent Services Act 2009
TASR	Tax Agent Services Regulations 2009
TB	Transfer balance (e.g., transfer balance cap or transfer balance account)
TBA	Transfer Balance Account
TBAR	Transfer Balance Account Report
TBC	Transfer Balance Cap
TD	Taxation Determination
TFN	Tax file number
TMC	Terminal medical condition
TOTD	Transparency of Tax Debt
TPB	Tax Practitioners Board
TPD	Total and permanent disablement
TR	Taxation Ruling
TRIS	Transition to retirement income stream
TSB	Total Superannuation Balance
UCA	Uniform Capital Allowance (depreciation rules)
UNPB	Unrestricted non-preserved benefit
UPE	Unpaid present entitlement
WRE	Work-related expense