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12 Feb 09 TOFA Bill passed by House

On 11 February 2009, Tax Laws Amendment (Taxation of Financial Arrangements) Bill 2008 was passed by the House of Representatives without amendment.

The Bill inserts new Division 230 into the ITAA 1997. The proposed Division defines the term "financial arrangement" and sets out six alternative methods for the profits and loss from transactions involving financial arrangements to be assessed for taxation purposes.

The Bill now proceeds to the Senate.

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