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The ATO reminds that the new Taxation of financial arrangements (TOFA) rules must be applied by 31 December balancers from 1 January 2011, unless they made an early start election. If a taxpayer has not elected to apply the TOFA rules early, it can still make a transitional election for existing financial arrangements. This election must be made and notified to the Commissioner generally by 15 July 2011.

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