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26 Sep 14 Board of Taxation - TOFA Deregulation Review

On 22 September 2014, Aldrin De Zilva CTA (Deloitte), Cory Hillier CTA (King & Wood Mallesons) and Tax Counsel Thilini Wickramasuriya ATI attended a meeting with the Board of Taxation and the ATO to discuss the Board’s TOFA deregulation review. The Law Council was also in attendance. The Tax Institute favoured reforming the TOFA regime to ensure that individuals and smaller entities are excluded, links to the accounting treatment are strengthened, and elections are easier to apply. The Tax Institute noted that, while TOFA reform is important, Treasury resources should be allocated to announced but unenacted measures as a priority, particularly those with retrospective effect. The Board will collate comments from this and other consultation meetings and report to government. Members who seek further information in relation to the above should contact us at Tax Policy.