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In a media release issued on 1 October 2008, the Assistant Treasurer, Chris Bowen, announced the release of an exposure draft bill and related explanatory material dealing with Taxation of Financial Arrangements (TOFA) Stages 3 and 4.

"Since the 2007 TOFA Bill lapsed due to the 2007 federal election, the draft legislation has undergone a number of technical amendments, including the addition of consolidation interaction rules. The exposure draft material also includes integrity rules to address value shifting and non-arm’s length dealings in relation to financial arrangements,” Mr Bowen said.

Mr Bowen said that the TOFA Stages 3 and 4 reforms will modernise the taxation of financial arrangements through new and more coherent tax timing rules, relating to:  

  • accruals/realisation
  • fair value
  • retranslation
  • use of financial reports, and;
  • hedging.

Submissions on the draft legislation are due by 17 October 2008.

For a copy of Mr Bowen's press release, No 2008/082, 1 October 2008, go here.

For a copy of the draft legislation and explanatory material, go here.

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