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Taxation of financial arrangements paper

Published on 13 Mar 13 by NATIONAL DIVISION, THE TAX INSTITUTE

This paper provides a progress report on the TOFA rules in Div 230 of the Tax Act which have substantially reshaped the way that many taxpayers have to recognise financial transactions for tax purposes.

Topics covered include:

  • TOFA overview
  • where the law is at now and current TOFA issues
  • ATO compliance activities – focus areas of ATO review
  • risk management
  • was TOFA a good idea and what can be done to improve it?

Author profiles:

Andrew Hirst CTA
Andrew, CTA, is a Director at Greenwoods & Herbert Smith Freehills Pty Limited. Andrew advises on a wide range of corporate and banking-related tax issues with a particular focus on financial and international transactions. Andrew has been extensively involved in the development of the TOFA provisions and represented The Tax Institute before the House of Representatives Economic Committee in relation to recent changes in this area. Current at 17 March 2016 Click here to expand/collapse more articles by Andrew Hirst.
 
Anthony Frost CTA
Tony is the Managing Director of Greenwoods & Freehills. With more than 25 years experience in tax, Tony has a focus on financial services and financial transactions. Tony has advised clients on a wide range of tax matters, including innovative financial products, mergers and acquisitions, cross-border dealings, transfer pricing, tax audits and negotiations with the Australian Taxation Office. Tony has also advised clients on various OBU matters over many years, and is part of the consultation group set up by Treasury to discuss changes to the OBU rules announced in the previous government’s 2013-14 Budget. Current at 18 October 2013 Click here to expand/collapse more articles by Tony FROST.

This was presented at The 28th National Convention.

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