Miscellaneous 2009

Taxation of Financial Arrangements and the financial reports methodology

Source: Taxation In Australia Journal Article

Published Date: 1 May 2009

The long-awaited TOFA provisions have finally been enacted. These provisions provide two default methods and four elective methods for calculating gains and losses from financial arrangements. This article discusses the “reliance on financial reports method” of calculating gains and losses and how it may result in additional work and compliance costs for entities rather than delivering the reduction in administrative and compliance costs as asserted in the Explanatory Memorandum.

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Miscellaneous 2009

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