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  • 15 Taxation of financial arrangements (TOFA)

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    G Did you make a gain, loss or transitional balancing adjustment from a financial arrangement subject to the TOFA rules?

    Print X in the appropriate box at G.

    Print X in the Yes box only if during the 2010 income year the fund elected for the TOFA rules to apply to it early, and:

    • made a gain or loss under the TOFA rules, or
    • had an assessable or deductible amount from a transitional balancing adjustment, as a result of making the transitional election for existing financial arrangements.

    For more information on when the TOFA rules apply to funds, see What's new, or Guide to taxation of financial arrangements (TOFA).

    H Total TOFA gains

    Show at H the fund's total TOFA gains from financial arrangements. Include TOFA gains shown at the following labels:

    • Section B: Income - C Gross interest
    • Section B: Income - D1 Gross foreign income
    • Section B: Income - J Unfranked dividend amount
    • Section B: Income - S Other income.

    I Total TOFA losses

    Show at I the fund's total TOFA losses from financial arrangements. Include TOFA losses shown at the following labels:

    • Section C: Deductions - A Interest expenses within Australia
    • Section C: Deductions - B Interest expenses overseas
    • Section C: Deductions - L Other deductions
    • Section B: Income - D Net foreign income.

    J TOFA transitional balancing adjustment

    Show at J the fund's assessable or deductible amount from a transitional balancing adjustment for the income year, as a result of making the transitional election for existing financial arrangements.

    If the balancing adjustment is a deductible amount, print L in the Loss box.

    Last modified: 13 Feb 2019QC 22855