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TOFA stages 3 and 4 Draft Bill: woth the wait - Part II?

Publication date: 03 Feb 06 | Source: WEEKLY TAX BULLETIN

Issue: No. 5 2006

Pages: pp. 191-197

Part 1 of this article, published at 2006 WTB 4 [155], examined some important issues arising from the Draft TOFA Bill released in December 2005. Part II examines the various optional regimes taxpayers can use, the Commissioner's discretion concerning alignment of tax and financial accounts, taxpayer choices and elections, and the transition to the new regime.

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Author profile

Anthony Frost CTA
Photo of author, Tony FROST Tony Frost, CTA, Greenwoods & Herbert Smith Freehills’ Managing Director, is a tax lawyer and Chartered Accountant, with a career spanning more than three decades. During this time, he has advised clients on a wide range of matters, including financial transactions, ATO audits and disputes, and the tax aspects of mergers, acquisitions and transfer pricing. Tony has been closely involved in many successful and unsuccessful tax reform projects over the last 30 years or so, including in his role as a key adviser to the Australian Banking Association, and also as an occasional adviser/consultant to the Treasury, ATO and the Board of Taxation. Before joining Greenwoods in 2003, Tony was a partner in a global chartered accounting firm and held a senior position in a leading Australian bank. Tony is a prolific author of tax articles and seminar papers and is regularly invited to speak at industry events and conferences. He spent 15 years as a lecturer in the Master of Laws program at the University of Sydney. Tony is a Chartered Tax Adviser of The Tax Institute, a member of the Law Society of NSW and Chartered Accountants Australia and New Zealand, and a member of the International Fiscal Association. - Current at 01 November 2018
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