Taxation of Financial Arrangements - minor amendments to ease the transition into Stages 3 and 4

In the 2011-12 Budget the government announced that it will amend the Taxation of Financial Arrangements (TOFA) Stages 3 and 4 transitional election provisions to give the Commissioner of Taxation a discretion to allow taxpayers further time, under certain circumstances, for the notification of the transitional election to apply the TOFA Stages 3 and 4 rules to their existing financial arrangements.

The amendments will apply from the start of the income year in which the TOFA Stages 3 and 4 rules start to apply to the taxpayer.

The government will also make regulations to allow taxpayers additional time to comply with certain tax hedging documentation requirements. Affected taxpayers will be given until 30 June 2011 to comply with tax hedging documentation requirements relating to the tax allocation of gains and losses.

Media release

Assistant Treasurer's media release number 019/2010 - Easing the Transition into Taxation of Financial Arrangements (TOFA) Stages 3 and 4.

More information For more information, refer to Budget Measures 2011-12.