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Taxation of Financial Arrangements (TOFA): Stages 3 and 4 - the final frontier.

Publication date: 01 Feb 07 | Source: INSIDE TAX

Issue: Issue 6 2007

Pages: pp.2-6

Revised exposure draft legislation of the last two stages of the Taxation of Financial Arrangements (TOFA) regime was released on 3 January 2007. These rules define "financial arrangements" and set out the methods under which gains and losses from financial arrangements will be brought to account for tax purposes. The proposed new rules will not only have extensive application to the banking and finance industry, but to all industries engaged in financial arrangements. This article assists readers to assess the impact of the proposed new rules on their pre-existing and future financial arrangements.

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Author profiles

Prof Robert Deutsch CTA
Robert is Senior Tax Counsel at The Tax Institute. Bob was until very recently the Deputy President of the Administrative Appeals Tribunal (AAT), and for over 20 years was a Professor in Taxation Law with the University of New South Wales. Bob specialises in taxation matters, with a special emphasis on international tax. His time with the AAT required extensive involvement in corporate law, social security and immigration matters. He also has experience as a solicitor with a major national law firm, as an independent barrister and as a director with a major accounting firm. He has written widely in his fields of specialisation as well as in the area of financial statements, and is an ongoing contributor to the highly successful Thomson Reuters Australian Tax Handbook. - Current at 29 May 2019
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Cory Hillier
Photo of author, Cory HILLIER Cory is a Senior Associate in the Taxation Group at King & Wood Mallesons. He specialises in tax with a focus on corporate tax. His practice concentrates on providing tax advice to a variety of financial institutions, as well as to large domestic and multinational corporations. He has extensive experience in funds management, structured and financial products, banking and finance, and mergers and acquisitions transactions. Cory was recently named as an associate to watch in the 2012 Chambers: Asia Pacific client guide. - Current at 18 February 2013
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