color strip

Amendments to the Taxation of Financial Arrangements Stages 3 & 4

On 29 June 2010, the then Assistant Treasurer announced that the Government would amend the TOFA tax rules to further lower compliance costs and provide additional certainty to affected taxpayers.  The proposed amendments are the outcome of ongoing monitoring of the implementation of the TOFA regime, and were announced following extensive consultation with industry.

The legislation in this exposure draft aims to implement the announced changes relating to the following parts of the TOFA tax rules:

  • core rules;
  • accruals and realisation methods;
  • fair value method;
  • hedging financial arrangements method;
  • transitional balancing adjustment provisions; and
  • requirements for making certain elections.

Making a Submission

Interested parties are invited to comment on the exposure draft.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Wednesday, 13 February 2013

Address written submissions to:

Manager
Finance Tax Unit
Corporate and International Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax:  (02) 6263 4466

For enquiries please call Nan Wang (02) 6263 2768 .

Key Documents

Make a Submission

  • Alternatively submit via post 60KB
color strip

Contact the Treasury

Telephone +61 2 6263 2111 or
1800 020 008 (Switchboard, 8.00 am to 5.30pm AEST)
Facsimile: + 61 2 6273 2614
Email Us
ABN: 92 802 414 793