Taxing Financial Arrangements: Harmonising tax and accounting?

Fisher, RK

Taxing Financial Arrangements: Harmonising tax and accounting?

Fisher, RK

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Publisher:: Atax, UNSW
Publication Type:: Journal Article
Citation:: eJournal of Tax Research, 2006, 4 (2), pp. 132 - 152
Issue Date:: 2006-01

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Field	Value	Language
dc.contributor.author	Fisher, RK	en_US
dc.date.issued	2006-01	en_US
dc.identifier.citation	eJournal of Tax Research, 2006, 4 (2), pp. 132 - 152	en_US
dc.identifier.issn	1448-2398	en_US
dc.identifier.uri	http://hdl.handle.net/10453/865
dc.description.abstract	This paper comments critically on the proposed provisions governing the Taxation of Financial Arrangements (TOFA). It describes the tortuous consultation process and the somewhat piecemeal introduction of aspects of the taxation of financial arrangements legislation that have come in. It critiques the approach taken in the Exposure Draft and identifies a number of anomalies. The article regrets that the revenue authorities have been reluctant to link tax outcomes more directly to accounting outcomes in relation to taxing financial arrangements. The article notes the breadth of impact on a range of taxpayers that the Exposure Draft will have. The article accepts that some of the provisions appear to be moving in the right direction, but notes that there is still a need for modification and fine tuning before the legislation can be fairly regarded as final.	en_US
dc.publisher	Atax, UNSW	en_US
dc.relation.ispartof	eJournal of Tax Research	en_US
dc.title	Taxing Financial Arrangements: Harmonising tax and accounting?	en_US
dc.type	Journal Article
utslib.citation.volume	2	en_US
utslib.citation.volume	4	en_US
utslib.for	1801 Law	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Law
utslib.copyright.status	open_access
pubs.consider-herdc	false	en_US
pubs.issue	2	en_US
pubs.volume	4	en_US

Abstract:

This paper comments critically on the proposed provisions governing the Taxation of Financial Arrangements (TOFA). It describes the tortuous consultation process and the somewhat piecemeal introduction of aspects of the taxation of financial arrangements legislation that have come in. It critiques the approach taken in the Exposure Draft and identifies a number of anomalies. The article regrets that the revenue authorities have been reluctant to link tax outcomes more directly to accounting outcomes in relation to taxing financial arrangements. The article notes the breadth of impact on a range of taxpayers that the Exposure Draft will have. The article accepts that some of the provisions appear to be moving in the right direction, but notes that there is still a need for modification and fine tuning before the legislation can be fairly regarded as final.

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http://hdl.handle.net/10453/865