In a media release issued on 4 September 2009, the Assistant Treasurer, Senator Nick Sherry, announced several amendments to the income tax law relating to the Taxation of Financial Arrangements (TOFA) in a move to further modernise Australia's financial taxation system.
"Since passing the substantive TOFA Stages 3 and 4, which received Royal Assent in March this year, the Rudd Government has been working closely with industry stakeholders and we're pleased to announce today a package of further technical refinements to the regime. These refinements ensure the clear policy intent of the TOFA reforms is delivered and our financial taxation system works as intended and at global best practice standards. One particular area where we'll be immediately introducing and seeking to pass changes in the current sittings of Parliament relates to the interaction of TOFA and the pay as you go (PAYG) instalments system.," Senator Sherry said.
A summary of the amendments are set out in an attachment to the Minister's media release.
An Exposure Draft and draft Explanatory Memorandum relating to the PAYG amendments has been released.
For a copy of the Minister's media release, No 2009/043, 4 September 2009. go here
For a copy of the Exposure Draft of PAYG instalments and taxation of financial arrangements interactions, go here
For a copy of the draft Explanatory Memorandum, go here