Tax and Accounting Acronyms

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.

AATAdministrative Appeals Tribunal
ABNAustralian Business Number
ABPAccount based pension
ACNAustralian Company Number
ACNCAustralian Charities and Not-for-profits Commission
ACRAuditor contravention report
AFSLAustralian Financial Services Licence
APESAccounting Professional and Ethical Standard(s)
APRAAustralian Prudential Regulation Authority
APSIAlienation of Personal Services Income
ARAuthorised Representative
ASICAustralian Securities and Investments Commission
ASXAustralian Securities Exchange
ATIAdjusted Taxable Income
ATOAustralian Taxation Office
ATO IDATO Interpretative Decision
AUASBAuditing and Assurance Standards Board
AWOTEAverage Weekly Ordinary Time Earnings
BABankruptcy Act 1966
BCTBusiness Continuity Test
BDBNBinding death benefit nomination
BFABinding financial agreement
BREBase rate entity
BRPBusiness real property
BSABuy-sell agreement
CACorporations Act 2001
CCConcessional contribution
CGTCapital Gains Tax
CM&CCentral Management and Control
CMTChild maintenance trust
CORCondition of release
COTContinuity of ownership test
Credit Reporting BureauCredit Reporting Bureau
CSHCCommonwealth seniors health card
DASDividend Access Share
DASPDeparting Australia Superannuation Payment
DCTDeputy Commissioner of Taxation
DICTODependant (Invalid and Carer) Tax Offset
DHSDepartment of Human Services (including Centrelink)
DISDecision Impact Statement
DPNDirector penalty notice
DVDiminishing Value
DVADepartment of Veteran Affairs
ECCExcess concessional contribution
ECPIExempt current pension income
ECTExcess contributions tax
EDExposure Draft
EFLEEntertainment facility leasing expense
ENCCExcess non-concessional contribution
EMExplanatory memorandum (to a Bill)
ESSEmployee Share Scheme
ETBExcess transfer balance
ETPEmployment termination payment
FBTFringe Benefits Tax
FBTAAFringe Benefits Tax (Assessment) Act 1986
FCAFederal Court of Australia
FCAFC or FFCFederal Court of Australia (Full Court) or Full Federal Court
FCTFederal Commissioner of Taxation
FL ActFamily Law Act 1975
FLS RegulationsFamily Law (Superannuation) Regulations 2001
FMDsFarm Management Deposits
FOFAFuture of Financial Advice (reforms)
FWAFair Work Act 2009
GICGeneral interest charge
GSTGoods and Services Tax
GST ActGoods and Services Tax Act 1999
GSTDGood and Services Tax Determination
GSTRGoods and Services Tax Ruling
IDInterpretative Decision
IFBAIndividual Fringe Benefits Amount
IGTInspector-General of Taxation
IHSIn-house software
IPPIndividual Professional Practitioner
ITAA 1936Income Tax Assessment Act 1936
ITAA 1997Income Tax Assessment Act 1997
ITARIncome Tax Assessment Regulations 1997
ITCInput tax credit
ITRAIncome Tax Rates Act 1986
IT(TP)AIncome Tax (Transitional Provisions) Act 1997
JVJoint venture
LCG (or LCR)Law Companion Guideline (or Law Companion Ruling)
LPRLegal personal representative
LRBALimited recourse borrowing arrangement
LTCsLow tax contributions
LVPLow-value pool
LVRLoan-to-value ratio
MLPMarket linked pension
MNAVMaximum net asset value (test)
MR or MREMain residence or Main residence exemption
MSVMargin Scheme Valuation
MVPRMarket valuation private ruling
MVSRMarket Value Substitution Rule
NALINon-arm’s length income
NCCNon-concessional contribution
NCLNon-commercial loss
NGUTNon-geared unit trust
NTLGNational Tax Liaison Group
PAYGWPay-as-you-go withholding
PBPreserved benefit
PBIPublic Benevolent Institution
PBRPrivate binding ruling
PCGPractical Compliance Guideline
PDSProduct Disclosure Statement
PHIPrivate Health Insurance
PICProperty Identification Code
PIIProfessional indemnity insurance
PPRPromoter penalty regime
PSBPersonal Services Business
PSIPersonal Services Income
PSLAPractice Statement Law Administration
PUAPersonal use asset
RBERegisterable Biosecurity Entity
RESCReportable Employer Superannuation Contribution
RFB or RFBAReportable Fringe Benefits or Reportable Fringe Benefits Amount
RNPBRestricted non-preserved benefit
RPDReal Property Description
RSARetirement savings account
RSERegistrable Superannuation Entity
SAFSmall APRA Fund
SANSMSF Advisers Network
SBCsSmall Business Concessions
SBESmall Business Entity
SBPPSmall business participation percentage
SBRStandard Business Reporting
SBRRSmall Business Restructure Rollover
SBTSame business test
SCTSuperannuation Complaints Tribunal
SGSuperannuation guarantee
SGAASuperannuation Guarantee (Administration) Act 1992
SGCSuperannuation guarantee charge
SICShortfall interest charge
SIRNSuperannuation Industry Relationship Network
SIS ActSuperannuation Industry (Supervision) Act 1993
SIS RegsSuperannuation Industry (Supervision) Regulations 1994
SMSFSelf-managed superannuation fund
SMSFDSelf Managed Superannuation Fund Determination
SMSFRSelf Managed Superannuation Fund Ruling
SSASalary sacrifice arrangement
STPSingle Touch Payroll
TATaxpayer Alert
TAA 1953Taxation Administration Act 1953
TAPTaxable Australian Property
TARPTaxable Australian Real Property
TASATax Agent Services Act 2009
TASRTax Agent Services Regulations 2009
TBTransfer balance (e.g., transfer balance cap or transfer balance account)
TBATransfer Balance Account
TBARTransfer Balance Account Report
TBCTransfer Balance Cap
TDTaxation Determination
TFNTax file number
TMCTerminal medical condition
TOTDTransparency of Tax Debt
TPBTax Practitioners Board
TPDTotal and permanent disablement
TRTaxation Ruling
TRISTransition to retirement income stream
TSBTotal Superannuation Balance
UCAUniform Capital Allowance (depreciation rules)
UNPBUnrestricted non-preserved benefit
UPEUnpaid present entitlement
WREWork-related expense