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TOFA for the SME sector presentation

Published on 14 Oct 05 by TASMANIAN DIVISION, THE TAX INSTITUTE

Many practitioners believe that the TOFA reforms involve issues that are the domain of the 'Big end of town'. However, the reality is that these reforms can also impact how SMEs are required to treat certain transactions for tax purposes. This presentation addresses:

  • what is the current status of TOFA reforms:
    • debt/equity 'at call loans'
    • foreign exchange gains and losses
  • illustrative examples
  • carve out rules for small and SME clients
  • likely direction of future TOFA reforms around financial assets and liabilities.

Author profile:

Gary CHRISTIE
Gary is a Partner in Deloitte's National Tax area. Gary has responsibility for the provision of technical support and the ongoing development of its training program, key tax updates, alerts and guidance materials. Prior to Deloitte, Gary was a technical director with Pitcher Partners, providing technical training, advice and support in respect of income tax issues likely to impact the SME market.
Current at 31 July 2007
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This was presented at Tasmanian State Convention: Don't let this one get away! .

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