Taxing financial instruments: Convergence of law and accounting

Australian School of Taxation
Publication Type:
Journal Article
Journal of the Australasian Tax Teachers Association, 2005, 1 (1), pp. 46 - 65
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The purpose of this article is to seek to identify trends which highlight the essential elements in the taxation of financial arrangements. To this end, the article reviews the existing taxation regime for financial instruments under Australian common law, and also examines the recommendations emanating from the reviews of the taxation of financial arrangements in Australia. The existing common law regime and the statutory proposals are compared and contrasted to highlight the distinctions between them. The article also has regard to accounting standards which may be of relevance. Additionally, some overseas regimes are reviewed for the guidance they may provide in relation to developing a model for taxing financial instruments
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