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
