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30 Mar 12 NTLG TOFA Working Group

Last Tuesday 20 March 2012, Tony Frost FTIA and Andrew Hirst FTIA (Greenwoods & Freehills) and Peter Bourke FTIA (BDO) attended a meeting of the NTLG TOFA Working Group. A number of issues were discussed at the meeting, including:/p>

  • The ATO's TR 2011/D7 and the professional bodies' joint submission in relation to the same. The ATO noted that the submission was being considered and the ruling would be finalised by 30 June 2012.
  • The ATO provided members with an update on the TOFA compliance plan (i.e. issue of TOFA questionnaires).
  • Members undertook further discussion/analysis of ongoing NTLG issues including the treatment of borrowing costs under a facility agreement, and FRE 9 and arrangements reflected in accounting provisions (in relation to which the ATO noted that the current law seemed to produce an outcome at odds with the policy intention and that the ATO intends to refer the issue to Treasury).

Members who seek further information in relation to the above are encouraged to contact us at TaxPolicy.

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