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Taxation of Financial Arrangements and the financial reports methodology


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.

Author profiles

Aldrin De Zilva CTA
Aldrin is the Head of Projects and Infrastructure at Greenwoods & Herbert Smith Freehills and has over 20 years experience in a specialist taxation role. He acts predominantly for large multinational and Australian listed companies and has significant experience in advising both vendors and purchasers in multi-billion dollar infrastructure projects. As well as providing taxation advice, Aldrin has been the instructing solicitor on a number of matters before the Federal Court and High Court of Australia. Aldrin has been recognised as one of Australia’s leading tax controversy advisers by the International Tax Review and is heavily involved in consultations regarding taxation law reforms, including assisting the Board of Taxation. Aldrin is a Senior Fellow at the University of Melbourne and lectures in the Masters of Taxation program. - Current at 24 January 2017
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Andrew works for BDO Kendalls.
Current at May 2009 - Current at 19 May 2009


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