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13 Aug 08 Update on TOFA start dates

In an address to the IFSA Conference on the Gold Coast on 7 August 2008, the Assistant Treasurer, Chris Bowen, gave an update on TOFA legislation. He said:

"In addition, we announced in the Budget as part of our commitment to ensure that we clear about where we are going in relation to taxation legislation that we would be proceeding with TOFA which will streamline tax accounting and administration for financial institutions.

Consultation on the interaction of TOFA and consolidation wound up recently. Another round of consultation will occur before I introduce the legislation in the Spring sittings. I will be calling for submissions on the latest draft of the legislation, I would encourage those of you with an interest to become involved.

I do want to provide you with one warning, this is the last round of consultation. TOFA has been in the pipeline for 15 years, it will be introduced into parliament this year. There comes a time to draw a line and get on with the job. Soon the time for consultation will be over, and the legislation will be introduced.

In recent months I have consulted with the sector about the start date for TOFA, and I have accepted some of the arguments for flexibility in its administration and implementation.

Accordingly, I am announcing today that I have agreed to a soft start date of 1 July 2009 and a hard start date of 1 July 2010."

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