TOFA elections

The taxation of financial arrangements (TOFA) rules include a number of elections (choices).

The links below take you to information you can use to make the following elections available under the TOFA rules:

• the election for the TOFA rules to apply
• the tax-timing method elections
  • fair value
  • foreign exchange retranslation
  • hedging
  • reliance on financial reports.
   
• the election for portfolio treatment of fees, discounts and premiums.

For each election, you will find:

• a link to an election form for making it
• an explanation of  
  • what the election is
  • when it must be made by
  • how it can be made.
   

The early-start election and transitional election for existing financial arrangements can no longer be made - if you previously made any of these elections, you should keep a copy with your tax records.

TOFA elections are complex and cannot be revoked. Before making any TOFA elections carefully consider your circumstances and seek professional assistance if necessary.