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Taxation of financial arrangements: what's next for financial institutions? seminar paper

Published on 28 Oct 04 by VICTORIAN DIVISION, THE TAX INSTITUTE

This seminar paper covers the following topics:

  • how will banks & other financial institutions be affected by the next stage of TOFA?
  • what are the unlegislated TOFA recommendations of the Ralph RBT and are they still 'right'?
  • how should TOFA rules link to financial accounting developments, e.g. AASB 139?
  • how should hedging transactions be treated?

Author profile:

Tony FROST
Tony Frost FTIA has been a Director with the Sydney office of Greenwoods & Freehills since 2003. Tony has more than 20 years experience in tax, with a focus on financial services and financial transactions. Tony has advised clients on a wide range of tax matters, including innovative financial products, structured finance, mergers and acquisitions, cross-border dealings, transfer pricing, tax audits and negotiations with the Australian Taxation Office. Prior to joining the firm in 2003, Tony had been a Tax Partner for seven years with one of the major international accounting firms. Earlier in his career, Tony spent five years with Westpac Banking Corporation. He has over 20 years experience in tax and has advised clients on a wide range of issues, but with an emphasis on financial products and financial institutions. Tony has had significant involvement in the tax reform process via industry and professional bodies. In particular, Tony has written or coordinated many submissions over the last 18 years for the banking industry, including on the TOFA reforms. Tony lectures on the taxation of financial transactions in the Masters of Law course at the University of Sydney and is a regular speaker and writer on this subject for the Taxation Institute and other organisations.
Current at 11 February 2009
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