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 |