Published on 01 Jun 09
by "THE TAX SPECIALIST" JOURNAL ARTICLE
With the gaining of Royal Assent the long awaited TOFA rules are now a reality. Most business taxpayers will need to make choices on how the rules will apply to them and what options they have. This article explores some of the practical implications of the legislation and in particular addresses the issues relevant to non-financial institution taxpayers. An understanding of these implications should assist taxpayers with their understanding of the rules and their potential application. There are still a number of uncertainties with the legislation but the best way to ascertain their impact is the practical application to real situations.