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TOFA rules: the end in sight as second Exposure Draft Bill released - Pt 1.

Publication date: 19 Jan 07 | Source: WEEKLY TAX BULLETIN

Issue: No. 3 2007

Pages: pp.63-69


This article outlines the key features of the Draft Bill, and highlights the key differences between this Draft and the December 2005 first Draft Bill. It also examines the important commencement and transition rules, gains and losses on revenue account, how to identify if there is a "financial arrangement", deemed financial arrangements, and outlines the exclusions from the scope of the proposed financial arrangement provisions.

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Author profiles

David Romans
David works for PricewaterhouseCoopers. - Current at 05 July 2009
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Gavin Marjoram CTA
Photo of author, Gavin MARJORAM Gavin is a Partner in the Financial Services tax practice at PwC. He specialises in the taxation of financial entities and transactions and brings a detailed understanding of the practical application and operation of tax law in this area. - Current at 18 October 2013
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Matt is a tax Director with PricewaterhouseCoopers in Melbourne, specialising in banking and financial services. He recently returned from working in the Banking & Capital Markets tax group of PricewaterhouseCoopers in London and was involved in a wide range of corporate tax matters including taxation of financial instruments, loan relationships, derivative contracts and foreign exchange gains and losses.

Current at 24 January 2003

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