About TOFAThe TOFA rules modernise the tax treatment of gains and losses on financial arrangements. The key provisions of the TOFA rules are found in Division 230 of the ITAA 1997, which generally provides for: methods of calculating gains and losses from financial arrangements, being accruals, realisation, fair value, re-translation, hedging and reliance on financial reports, and the time when the gains and losses from financial arrangements will be brought to account.
Clink this link for essential information on the See Taxation of financial arrangements (TOFA) on the ATO website. TOFA worksheetA basic worksheet for dissection purposes is provided for the Partnership and Trust returns and a slightly different dissection worksheet has been created for the Fund and the SMSF returns. IntegrationAmounts entered at the fields in the worksheet will integrate to the following labels: T, U and S in the Company return M and N in the Partnerships and Trusts returns. H and I in the Fund and SMSF returns.
Back to Supporting schedules and worksheets CCH References23-000 Taxation of financial arrangements - TOFA 23-020 Overview of Div 230 23-030 Financial arrangements 23-035 Gains and losses from financial arrangements 23-040 Recognition of gains and losses |