This workshop paper covers:
- is the very wide definition of a 'financial agreement' workable?
- are the exceptions and carve-outs adequate?
- alternative approaches?
- comparison to the financial accounting definition of a 'financial instrument'
- the New Zealand experience
- character rules: is the deemed revenue treatment appropriate?
This paper was also presented at the 'Taxation of Financial Arrangements' seminars held in Melbourne on 9 March 2006 and Sydney on 22 March 2006.