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TOFA - A new world of economic substance? presentation


At its essence, TOFA attempts to systematically align the tax treatment of financial arrangements towards their economic substance rather than their legal form.

This presentation examines:

  • how do the economic substance provisions work in practice?
  • when does the economic substance approach not apply in practice, i.e. what might be the limits of this economic substance approach?

Issues considered include:

  • economic substance under accounting principles
  • interactions with other parts of the Act that impose non-economic substance-based approaches
  • impact of tax character on substance-based analyses
  • deliberate design features in Div 230 that move away from economic substance
  • consideration of the synthetic disposal and non-disposal rules.

Author profile:

Phillip COLE
Phillip is an Executive Manager in the Group Taxation team at Commonwealth Bank of Australia. He has 15 years experience working within the internal tax functions of financial institutions. His experience covers the spectrum of tax issues affecting financial institutions with a particular focus on domestic issues, including retail, leasing, corporate and financial markets issues. Prior to corporate life, he spent seven years in chartered accounting.
Current at 17 December 2007 Current at 17 December 2007 Click here to expand/collapse more articles by Phillip COLE.


This was presented at 2013 Financial Services Tax Conference .

Get a 20% discount when you buy all the items from this event.

Individual sessions

Topical tax treaty issues for the financial sector

Author(s):  Richard J VANN

Materials from this session:

Emerging regional issues (funds management)

Author(s):  Daryl CHOO,  Brian CHAMBERS

Materials from this session:

Australian Taxation Office audits, risk identification, dispute

Author(s):  Ashley KING,  Andrew MCLOUGHLIN

Materials from this session:

GST and RITCs on trustee services

Author(s):  Amelia O'Rourke,  Bill PACKWOOD

Materials from this session:

New R&D regime in financial services

Author(s):  Jamie MUNDY

Materials from this session:

The promoter penalty regime - How the ATO ia applying it in practice

Author(s):  Bruce COLLINS,  Nathan FIRTH

Materials from this session:

Further details about this event:


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