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National Tax Liaison Group (NTLG) Finance & Investment sub-committee

26 Nov 10 National Tax Liaison Group (NTLG) Finance & Investment sub-committee

Tamera Lang ATIA and Tony Frost FTIA also represented the Taxation Institute at the NTLG Finance & Investment meeting on Thursday 25 November 2010. Committee members were advised that the  proposed tax determination on limited recourse debt has been delayed, and is now on target to be released in draft format in February 2011. The ATO provided an update on compliance activities in the large business sector. The ATO has commenced work on TOFA implementation reviews, with a particular focus on taxpayers that elected into the regime early and the impact of any transitional balancing adjustments. Whilst this work is currently focussed in the financial services sector, it will be rolled out to other corporate taxpayers in the near future. The ATO has been examining the performance of foreign banks, particularly disparities between accounting performance and taxable income. Work is also continuing on reviewing OBU activities and debt buy-backs. Finally, the ATO gave some information on the revamped international dealings schedule, which was piloted in 2010 and will be compulsory for some taxpayers in 2011. The ATO will shortly publish instructions to accompany the new form.