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On 25 July 2011, Treasury released exposure draft legislation and accompanying explanatory materials in relation to the TOFA related announced amendments that:

  • ensure that the TOFA Stages 3 & 4 provisions interact appropriately with the pay as you go instalments provisions to lower compliance costs for taxpayers (announced by the former Assistant Treasurer on 29 June 2010); and
  • give the Commissioner of Taxation the power to extend the time for taxpayers to notify the Commissioner about making a transitional election to apply the TOFA Stages 3 and 4 provisions to existing financial arrangements (announced by the Assistant Treasurer on 29 November 2010).

The closing date for submissions is Monday 15 August 2011.


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