TOFA related amendments to ease transition and to ensure appropriate interaction with the pay as you go instalments provisions

This consultation process has now been completed. Submissions available
Date
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Consultation Type
Exposure Draft

Key Documents

The exposure draft legislation and accompanying explanatory materials are in relation to the TOFA related announced amendments that:

  • ensure that the TOFA Stages 3 & 4 provisions interact appropriately with the pay as you go instalments provisions to lower compliance costs for taxpayers (announced by the former Assistant Treasurer on 29 June 2010); and
  • give the Commissioner of Taxation the power to extend the time for taxpayers to notify the Commissioner about making a transitional election to apply the TOFA Stages 3 and 4 provisions to existing financial arrangements (announced by the Assistant Treasurer on 29 November 2010).
This consultation forms part of the Taxation of Financial Arrangements (TOFA) initiative.