The Institute of Chartered Accountants in Australia (ICAA) and the Taxation Institute of Australia, has written to the Minister for Revenue and Assistant Treasurer, Senator Helen Coonan, seeking an update on the progress on Taxation of Financial Arrangements (TOFA) Stages 3 & 4.
On 21 November 2003, the Minister announced that the commencement date of TOFA Stage 3 (reforms to commodity hedging taxation arrangements ) would be deferred to a date to be advised, with that date occuring after consultation, whilst TOFA Stage 4 (relating to tax timing rules, disposal rules and synthetic arrangements) was due to commence on 1 July 2004.