Now that TOFA applies – what changes for SME’s?
Published on 23 Nov 2010
| Took place at Kooyong Lawn Tennis Club, Melbourne
Now that many taxpayers are subject to the new Division 230 and the Taxation of Financial Arrangement Rules, this event focused on how the TOFA rules impact on the most common transactions for small to medium sized enterprises. The event identifed what doesn't change, what does, and where there are potential opportunities.
This event covered the following:
- does TOFA apply to you/ your clients?
- if not why not?
- 10 simple transactions and how the TOFA rules apply to them (ie. foreign currency bank accounts, selling products in a foreign currency and borrowing in foreign currency)
- what elections can be made under the TOFA rules and by when do such elections need to be made?