Published on 16 Mar 07
by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA
The TOFA rules will have significant implications for many SMEs. Issues discussed in this paper include:
- the scope of the legislation - how wide is the definition of “financial arrangement” and what taxpayers will be impacted?
- a practical application of the proposed rules
- update on issues such as:
- FX denominated bank accounts
- short term foreign exchange gains/losses
- at call loans
- the continuing interaction of pre TOFA rules, existing TOFA rules and the proposed rules.
This was also presented by Fiona Cahill at the 'TOFA - Implications for SMEs' seminar held in Perth on 22 May 2007.
Neil Ward FTIA leads the Deloitte Australian Financial Services Tax Group. He has more than 30 years experience in advising in tax. Prior to joining Deloitte in March 2000, Neil spent 12 years with the ANZ Banking Group in Australia and the United Kingdom. Neil is recognised as one of the leading tax advisers on financial arrangements, foreign exchange, thin capitalisation, capital management, withholding tax and infrastructure transactions.
- Current at
06 May 2009