30 Mar 09 Minister comments on TOFA and treatment of synthetic and complex arrangementsIn a media release issued on 26 March 2009, the Assistant Treasurer, Chris Bowen, alerted taxpayers to the Government's commitment to ensuring the integrity of the income tax law relating to financial arrangements following the recent passage by the Parliament of the Taxation of Financial Arrangements (TOFA) Stages 3 and 4 measures.
Minister Bowen reiterated the Government's intention to monitor the implementation of this reform of Australia's financial taxation system and to consider the need for any refinements, particularly given the complex nature of many types of arrangements that the measures address.
"Monitoring will include consideration, against the background of Part IVA of the ITAA 1936, of the need for specific integrity measures to address issues such as synthetic arrangements," Mr Bowen said.
Minister Bowen said that should specific integrity measures be required, the Government would consider the need for them to take effect from the commencement of the TOFA Stages 3 and 4 measures.
For a copy of the Minister's media release, No 2009/022, 26 March 2009, go here.