Taxation of Financial Arrangements (TOFA) Stages 3 and 4

The Assistant Treasurer Chris Bowen MP has announced the release of an exposure draft bill and related explanatory material dealing with Taxation of Financial Arrangements (TOFA) Stages 3 and 4.

The TOFA Stages 3 and 4 reforms will modernise the taxation of financial arrangements through new and more coherent tax timing rules, relating to:

  • accruals/realisation
  • fair value
  • retranslation
  • use of financial reports, and;
  • hedging. 

Submissions close on 17 October 2008

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