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06 Mar 09 TOFA administrative and interpretative issues

Tony Frost FTIA (Greenwoods and Freehills) is representing the Taxation Institute at the NTLG Finance and Investment Subcommittee TOFA Working Group meeting today, Friday 6 March 2009. The meeting will consider the 28 principally interpretative and administrative issues raised in a teleconference on Monday 2 March 2009 of the external members of the Working Group. Some of the key issues raised include:

  • deductibility of dividends and timing of deduction (s 230-15);
  • PAYG implications (s 230-15(7));
  • gains that can be treated as non assessable non exempt (NANE) income (s 230-30(2));
  • definition of financial arrangement: equity interests that also satisfy s 230-45;
  • whether deferred purchase agreements (DPAs) are financial arrangements (s 230-45);
  • notional principal arrangements (e.g. interest rate swaps and other types of swaps) (s 230-120); and
  • Effective Interest method and its operation (ss 230-115(4), 230-140(3)(f)).
A report on key issues arising from this meeting and the preceding meeting of the NTLG Finance and Investment Subcommittee, if any, will be provided next week.

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