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12 Mar 09 TOFA Bill awaits Royal Assent

On 11 March 2009, the Senate passed Tax Laws Amendment (Taxation of Financial Arrangements) Bill 2008 without amendment. The Bill amends the ITAA 1997 by inserting Division 230, which sets out the methods under which gains and losses from financial arrangements (as defined) will be brought to account for tax purposes. The Bill brings to a conclusion the TOFA process that was first announced in the 1992 Budget and which was confirmed as important by the Ralph Review of Taxation in 1999.

The Bill now awaits Royal Assent.

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