26 Jul 11 Exposure Draft - TOFA and PAYG amendments
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.