This paper provides a progress report on the TOFA rules in Div 230 of the Tax Act which have substantially reshaped the way that many taxpayers have to recognise financial transactions for tax purposes.
Topics covered include:
- TOFA overview
- where the law is at now and current TOFA issues
- ATO compliance activities – focus areas of ATO review
- risk management
- was TOFA a good idea and what can be done to improve it?