Tax Laws Amendment (2011 Measures No. 7) Act 2011 (147 of 2011)
Schedule 3 TOFA and PAYG instalments
Part 2 Application of amendments
2 Definitions
In this Part:
amended instalment income definition means section 45-120 in Schedule 1 to the Taxation Administration Act 1953 as amended by this Schedule.
first TOFA year means the first income year commencing on or after 1 July 2010 for which:
(a) either or both of the following applies:
(i) a gain (or gains) from a financial arrangement is included in your assessable income under Division 230 of the Income Tax Assessment Act 1997;
(ii) a loss (or losses) from a financial arrangement is allowable to you as a deduction under that Division; and
(b) at least one gain or loss referred to in paragraph (a) is from a financial arrangement other than a qualifying security.