• 16. 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 2011-12 income year the fund:

    • made an assessable gain or deductible loss under the TOFA rules (unless it was made only because the fund held a qualifying security)
    • had an assessable or deductible amount from a transitional balancing adjustment as a result of making the transitional election for existing financial arrangements.

    Print X in the No box if during the 2011-12 income year the fund:

    • satisifies both of the following:
      • did not make an assessable gain or deductible loss under the TOFA rules
      • did not have an assessable or deductible amount from a transitional balancing adjustment as a result of making the transitional election for existing financial arrangements, or
       
    • had an assessable gain or deductible loss under the TOFA rules only because the fund held a qualifying security to which the TOFA rules apply.
    Further Information

     For more information on when the TOFA rules apply to funds, see General information on page 86 or Guide to the taxation of financial arrangements (TOFA) rules.

    End of further information
    Last modified: 08 Jun 2012QC 25835