In a press release dated 14 December 2013, the then Assistant Treasurer stated that a review of the Taxation of Financial Arrangements (TOFA) regime in the ITAA 1997 would be conducted by Treasury in the second half of 2014. The Board of Taxation is currently providing input into this process from a Ministerial Advisory Council perspective and has been liaising with Treasury, the ATO and the private sector in relation to the scope of this TOFA review.
The Board says it is focussed, amongst other things, on understanding the costs incurred by business in complying with the TOFA regime in its current form. A short survey has been prepared to help provide the Board with a more informed view of ongoing TOFA-related compliance costs. The survey can be found and completed on the Board’s Deregulation page.
The Board asks that the survey be completed by Friday, 18 July 2014. For more information regarding the survey, please contact Jayde Thompson of the Board of Taxation Secretariat on (02) 6263 4363 or email jayde.thompson@treasury.gov.au.
[LTN 132, 11/7/14]