In a press release dated 14th December 2013, the then Assistant Treasurer stated that a review of the Taxation of Financial Arrangements (TOFA) regime in the Income Tax Assessment Act 1997 would be conducted by Treasury in the second half of 2014. The Board of Taxation (the Board) is currently providing input into this process from a Ministerial Advisory Council perspective and has been liaising with Treasury, the ATO and the private sector in relation to the scope of this TOFA review.
The Board is focussed, amongst other things, on understanding the costs incurred by business in complying with the TOFA regime in its current form. A short survey has been prepared to help provide the Board with a more informed view of ongoing TOFA-related compliance costs. The survey can be found on the Board’s Deregulation page. The Board would very much appreciate your assistance in completing this TOFA survey by Friday 18th July 2014. For more information regarding the survey, please contact Jayde Thompson of the Board of Taxation Secretariat on 02 6263 4363 or firstname.lastname@example.org