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TOFA hits the road: Div 230 and City Link (Pt 1).

Publication date: 17 Aug 06 | Source: CCH TAX WEEK

Issue: Issue 31 2006

Pages: pp.1-5

Abstract:

The latest instalment in the government's reform of the taxation of financial arangements (TOFA) will effect the biggest change in the way we calculate taxable income since the introduction of capital gains tax.

This soon to be introduced instalment - currently drafted as Div 230 of ITAA 1997, and contained in an exposure draft issued by the Assistant Treasurer last December - is said to use a "coherent principles" approach which will "improve a complex area of the taxation law" and in so doing give Australia 'the edge".

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Author profiles

Hayden Scott FTI
Hayden, FTI, is a Partner at PwC in their Tax & Legal practice. He has over twenty years of experience in the tax environments of the Big 4, top-tier law firms, and Government (both Treasury and ATO). Hayden extensively advises clients in the financial services and infrastructure industries, as well as extensively advising outside those industries on finance tax matters. Additionally, Hayden is a contributor to the broader tax policy and reform conversation, having been a member of the (now defunct) National Tax Liaison Group Finance and Investment Subcommittee, and, more recently, an expert panellist on the Board of Taxation’s review of the debt-equity rules. - Current at 17 March 2016
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Simon HAINES
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