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TOFA - Implications for SMEs

Published on 22 May 2007 | Took place at City West Function Centre, West Perth , WA

The TOFA rules have significant implications for many SME’s. Issues to be discussed at this seminar included:
- the scope of the legislation - how wide is the definition of ‘financial arrangement’ and what taxpayers will be impacted?
- examine the exclusions from the proposed rules
- a practical application of the proposed rules
- update on issues such as FX denominated bank accounts and short term foreign exchange gains/losses.

Individual sessions

Taxation of financial arrangements implications for SMEs

Author(s):  Neil WARD

The TOFA rules will have significant implications for many SMEs. Issues discussed in this paper include:

  • the scope of the legislation - how wide is the definition of “financial arrangement” and what taxpayers will be impacted?
  • a practical application of the proposed rules
  • update on issues such as:
    • FX denominated bank accounts
    • short term foreign exchange gains/losses
    • at call loans
  • the continuing interaction of pre TOFA rules, existing TOFA rules and the proposed rules.
This was also presented by Fiona Cahill at the 'TOFA - Implications for SMEs' seminar held in Perth on 22 May 2007.
Materials from this session: