05 May 099 TOFA: Securitisation vehicles and foreign currency rulesTax Laws Amendment (Taxation of Financial Arrangements) Act 2009 received Royal Assent on 26 March 2009. Included in the Act is a measure that will exempt certain securitisation vehicles from the foreign currency rules with effect from 1 July 2003. For more information, including ATO administrative treatment, go here.
Other changes in the Act will apply to financial arrangements that a taxpayer starts to hold in an income year commencing on or after 1 July 2010. However, taxpayers may elect for it to apply to them a year earlier; to financial arrangements they start to have in income years commencing on or after 1 July 2009.
For more information about TOFA, go here and here.