The 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.
See Taxation of financial arrangements (TOFA) on the ATO website.
A 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.
Amounts 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.
23-000 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
Small business entity eligibility tests worksheet (sbe)
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