Australian Bankers’ Association welcomes

TOFA announcement

Sydney, 29 June 2010: The Australian Bankers’ Association (ABA) has today welcomed the announcement  by the Assistant Treasurer, Senator Nick Sherry, of refinements to the Taxation of Financial Arrangements (TOFA) regime.

Steven Münchenberg, Chief Executive of the ABA, said: “The TOFA amendments will deliver compliance benefits and enhanced certainty, and follow lengthy and detailed consultation with ABA member banks by Treasury and the Tax Office.”

“TOFA aims to simplify the tax treatment of complex financial instruments and transactions and this will have benefits for taxpayers and the Australian Tax Office (ATO).”
 
The ABA looks forward to consultation on the exposure draft legislation and will continue to work closely with the Government to ensure that the benefits of TOFA can be fully realised.

For further information: 

Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
 
ENDS