In media release No 2010/145, issued 29 June 2010, the Assistant Treasurer, Senator Nick Sherry, announced that further changes would be made to the income tax law relating to the Taxation of Financial Arrangements (TOFA) Stages 3 & 4 provisions to provide certainty and clarity on the operation of the law.
Details of the changes are included in the media release and the attachment to the media release.
The amendments will generally apply from the commencement of Division 230 of the ITAA 1997. This means that application will most commonly be for income years commencing on or after 1 July 2010, but will be for income years commencing on or after 1 July 2009 for those taxpayers which have elected to apply Division 230 early.
The Assistant Treasurer said that consultation on the exposure draft legislation relating to these amendments will take place in the near future.