Item 16 - Taxation of Financial arrangements (TOFA)

The key provisions of the TOFA rules are found in Division 230 of the ITAA 1997, which generally provides for:

Methods of taking gains and losses from financial arrangements, being accruals and realisation, fair value, foreign exchange retranslation, hedging and reliance on financial reports and balancing adjustment, into account.
The time when the gains and losses from financial arrangements will be brought to account.

Item 16 comprises:

Label H - Total TOFA gains

Show at this label the fund's total assessable TOFA gains from financial arrangements. The TOFA worksheet (tof) is provided at this label for dissection and record-keeping purposes. Refer to Taxation of financial arrangements worksheet (tof).

Refer to Total TOFA Gains on the ATO website.

CCH References

23-000 Taxation of financial arrangements - TOFA

23-035 Interaction of Div 230 with other tax provisions

Label I - Total TOFA Losses

Show at this label the fund's total deductible TOFA losses from financial arrangements. The TOFA worksheet (tof) is provided at this label for dissection and record-keeping purposes. Refer to Taxation of financial arrangements worksheet (tof).

Refer to Total TOFA Losses on the ATO website.

CCH References

23-000 Taxation of financial arrangements - TOFA

23-035 Interaction of Div 230 with other tax provisions