The following is a list of some of the common acronyms used in tax and superannuation. This list is designed to be a handy, quick-reference guide, but it is not intended to be exhaustive.

There is nothing worse than having a conversation with someone and they blind you with abbreviations and acronyms. You are constantly asking… Wait. What?

Hopefully this list might shed some light on the commonly used acronyms used when you are talking to your financial advisor, accountant or superannuation guru.

AAT Administrative Appeals Tribunal
ABN Australian Business Number
ABP Account based pension
ACN Australian Company Number
ACR Auditor contravention report
AFSL Australian Financial Services Licence
APES Accounting Professional and Ethical Standard(s)
APRA Australian Prudential Regulation Authority
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
BDBN Binding death benefit nomination
BFA Binding financial agreement
BRE Base rate entity
BRP Business real property
CA Corporations Act 2001
CGT Capital Gains Tax
DASP Departing Australia Superannuation Payment
DICTO Dependant (Invalid and Carer) Tax Offset
DHS Department of Human Services (including Centrelink)
DIS Decision Impact Statement
DPN Director penalty notice
DTA Double tax agreement
DV Diminishing Value
DVA Department of Veteran Affairs
ECPI Exempt current pension income
ECT Excess contributions tax
ED Exposure Draft
EFLE Entertainment facility leasing expense
EM Explanatory memorandum (to a Bill)
ESS Employee Share Scheme
ETP Employment termination payment
FBT Fringe Benefits Tax
FBT Act Fringe Benefits Tax (Assessment) Act 1986
FC Federal Court (of Australia)
FFC Full Federal Court
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 A New Tax System (Goods and Services Tax) Act 1999
GSTD Good and Services Tax Determination
GSTR Goods and Services Tax Ruling
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 2021 Income Tax Assessment (1997 Act) Regulations 2021
ITC Input tax credit
ITRA Income Tax Rates Act 1986
IT(TP)A 1997 Income Tax (Transitional Provisions) Act 1997
LAFH Living-away-from-home
LITO Low income tax offset
LMITO Low and middle income tax offset
LCG (or LCR) Law Companion Guideline (or Law Companion Ruling)
LPR Legal personal representative
LRBA Limited recourse borrowing arrangement
LVR Loan-to-value ratio
MLP Market linked pension
MSV Margin Scheme Valuation
NALI Non-arm’s length income
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
PSB Personal Services Business
PSI Personal Services Income
PSLA Practice Statement Law Administration
RESC Reportable Employer Superannuation Contribution
RFB or RFBA Reportable Fringe Benefits or Reportable Fringe Benefits Amount
RNPB Restricted non-preserved benefit
RSA Retirement savings account
RSE Registrable Superannuation Entity
SAF Small APRA Fund
SAN SMSF Advisers Network
SBCs Small Business Concessions
SBE Small Business Entity
SBR Standard Business Reporting
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
STP Single Touch Payroll
TA Taxpayer Alert
TAA 1953 Taxation Administration Act 1953
TASA Tax Agent Services Act 2009
TASR Tax Agent Services Regulations 2009
TBAR Transfer Balance Account Report
TD Taxation Determination
TFN Tax file number
TMC Terminal medical condition
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

Contact Indigo Financial on (08) 8212 8585 if you need help with any of your accounting, taxation and business development needs.

Note: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.