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TOFA Working Group: Tony Frost FTIA (Greenwoods and Freehills) and Michael Dirkis FTIA attended the TOFA Working Group meeting on Monday 6 April 2007. The discussion focused on the process for progressing the issues list prepared by the external members of the Working Group. Working parties in respect of securitisation and swaps were proposed and the ATO undertook to review the list to identify any quick fixes prior to the next meeting on 22 May 2009.

A teleconference of the external member of the TOFA Working Group was held to identify representatives for the two working parties on Wednesday 8 April 2009.

Confidential consultation with Treasury in respect of Division 775 and Subdivision 960-C: Tony Frost also represented the Taxation Institute in confidential consultation with Treasury on Monday 6 April 2007 in respect of the Government’s 13 May 2008 announcements in respect of Division 775 and Subdivision 960-C of the Income Tax Assessment Act 1997.

Division 250 Working Group: Matt Osmond FTIA (PwC) represented the Taxation Institute at the Division 250 Working Group meeting on Tuesday 7 April 2009. Key issues discussed included

  • exclusion from Division 250 (short-term/low value arrangement and debt test);
  • indirect payments;
  • guaranteed residual value;
  • application of thresholds in relation to master lease agreements and similar arrangements;
  • effective life of second hand assets;
  • effectively non-cancellable, long-term arrangements;
  • capital expenditure on depreciable equipment; and
  • the level of expected financial benefits test.

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